U.S. exchange-traded funds tied to Solana (SOL) and XRP (XRP) are attracting investors despite falling crypto prices, though the two products are drawing very different types of buyers.

Solana ETFs are seeing stronger participation from institutional crypto investors, while XRP funds appear to rely more heavily on retail demand, according to a new report from Bloomberg Intelligence analysts James Seyffart and Sharoon Francis.

“Early Solana ETF demand is being driven largely by industry-native capital rather than broader institutional adoption,” the analysts wrote about Solana ETFs.

About 49% of assets in U.S. spot Solana ETFs were identifiable through 13F filings as of Dec. 31, a regulatory disclosure required for large institutional…