The first half of 2025 witnessed significant shifts in crypto asset holding structures. Among the notable changes was that XRP’s holder ratio was cut in half. However, it continued to outperform Solana in overall market share.
Despite the drop in holders, investor sentiment toward XRP remained positive, as reflected in the latest on-chain data from June.
According to Bybit’s “25H1 Asset Allocation Report,” the percentage of XRP holders nearly doubled from October 2024 to May 2025, rising from 1.29% to 2.42%.
However, when isolating the period within H1 2025, the ratio declined from 5% to 2.42%. These contrasting figures highlight how conclusions may vary depending on the timeframe.
The number of XRP holders has shown significant volatility, closely tracking fluctuations in XRP’s price. Consequently, while the long-term trend indicates growth, short-term figures may experience sharp declines.
In comparison, Solana’s holder ratio fell from 2.72% in November 2024 to 1.76% in May 2025. Bybit attributed part of this decline to investor rotation from SOL to XRP amid growing optimism over the potential approval of an XRP spot ETF.
“The crypto investing industry view is that Ripple Spot ETF approval is likely ahead of such approval for a Solana Spot ETF. As such, we’ve observed partial capital allocation on the part of institutions from SOL to XRP,” the report stated.
On a broader scale, retail investors appear to have shifted away from Bitcoin in favor of altcoins perceived to offer higher upside potential, particularly XRP.
Bybit’s analysis showed that between November 2024 and May 2025, Bitcoin holdings among retail traders declined, while institutional Bitcoin holdings remained steady.
“Based on further analysis, it’s likely that retail traders disposed of their Bitcoin holdings in order to purchase altcoins, such as XRP, and are holding more stablecoins than usual,” the report noted.
Further supporting this trend, BeInCrypto recently reported that the number of XRP whale wallets surpassed 2,700 in June, marking a 12-year high. The increase signals growing confidence from large-scale investors.
These developments suggest XRP is emerging as a rare case, attracting sustained interest from both retail and institutional segments.
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