Bitcoin’s share of investor holdings has steadily climbed through months of volatility, now nearing 31%. XRP is riding ETF optimism to a portfolio comeback, while Solana’s narrative has cooled, and so has its weight in user wallets.
According to Bybit’s latest report on crypto holders’ asset allocation, Bitcoin (BTC) now accounts for 30.95% of investor portfolios, up from 25.4% in November 2024 and marking its highest concentration since the exchange began tracking the metric.
The surge comes despite turbulent price action earlier this year, underscoring Bitcoin’s role as the market’s bedrock asset. Meanwhile, Ripple (XRP) has quietly claimed the third-largest spot among non-stablecoin holdings, overtaking Solana (SOL) as market participants position for a potential SEC-approved exchange-traded fund.
SOL, once a darling of the altcoin rally, has seen its allocation plummet by 35% since last October.
Behind the shift: what’s driving the allocation toward BTC and XRP?
The jump in BTC allocation reflects a deliberate pivot, particularly from institutional desks—toward perceived resilience. Bybit’s report shows institutions now hold Bitcoin at nearly 3x the concentration of retail investors, with BTC making up roughly 40% of their portfolios compared to retail’s 11.64%.
This divergence highlights Bitcoin’s dual role: a speculative asset for retail investors and a macro hedge for institutions. The resilience is even more notable when paired with Ethereum’s underperformance. Despite ETH’s May rebound, investors still hold $4 in BTC for every $1 in ETH—a ratio that has remained largely unchanged since late 2024.
XRP’s rise appears less driven by momentum trading and more by positioning. XRP holdings doubled from 1.29% to 2.42% since November 2024, as both retail and institutional investors anticipate regulatory clarity.
Bybit flags XRP as the third-largest non-stablecoin holding as of May 2025, surpassing Solana, whose allocation collapsed during the same period. With a 90% probability of spot ETF approval priced in on Polymarket, XRP has become a speculative proxy for upcoming institutional access.
The capital rotation away from SOL and into XRP reflects this dynamic. Institutions appear to be front-running the SEC, wagering that Ripple’s legal clarity offers a strategic edge over Solana’s less defined regulatory standing.
Beyond Bitcoin and XRP, capital is consolidating into a narrow set of majors. Ethereum, while still trailing its November peak of 11.12%, saw its allocation more than double in May from an April low of 3.89%.
