Sudden Shift in Sentiment: Institutions Reduce Bitcoin ETF Holdings and Shift Focus to XRP and SOL. What Signal Does This Send?

While retail investors are still closely watching whether Bitcoin can hold the $66,000 level, the trillion-dollar asset management giants are quietly “rebalancing” their portfolios. The latest February 12 13F filings and ETF capital flow data show that the crypto market is undergoing a structural reallocation: institutions are not retreating, but are “reducing Bitcoin holdings and increasing XRP and Solana positions” to seek alpha.

Bitcoin ETF Cold Snap: $275 Million Outflow in a Single Day

According to data from Trader T and Gate Market, on February 11, Bitcoin spot ETFs experienced a net outflow of as much as $275.81 million. This not only broke the brief signs of recovery but also revealed a fundamental shift in institutional sentiment.

The outflows show a “full withdrawal” pattern:

• BlackRock IBIT outflow of $72.92 million;
• Fidelity FBTC outflow of $92.6 million;
• Ark ARKB outflow of $70.51 million;
• Even Grayscale GBTC was not spared, with a $17.91 million outflow.

Simultaneously, the large-scale ETF fund outflows have put pressure on Bitcoin prices in Gate’s trading hub. As of this morning, BTC/USDT briefly dropped below $66,000, touching a low of $65,984.7, a 24-hour decline of 5.01%. Although it rebounded slightly to around $68,000, the pattern of capital fleeing is now clear.

Goldman Sachs Leads “Rebalancing”: Invests $152 Million in XRP

The real blockbuster comes from Wall Street.

In Goldman Sachs’ latest Q4 2025 13F filing, the investment bank made a strategic large-scale reduction in Bitcoin-related assets:

• Reduced IBIT holdings by about 39%, from 34 million shares in Q3 to 20.7 million shares;
• Simultaneously cut holdings in Fidelity FBTC and some Ethereum ETFs.

However, this is not an exit from crypto but a shift in focus.

The same filing shows that Goldman Sachs has established ETF positions based on altcoins for the first time:

• Purchased 6.95 million shares of XRP ETF, worth approximately $152 million;
• Bought 8.24 million shares of Solana ETF, worth about $104 million.

This “reducing BTC / increasing XRP and SOL” move is the clearest signal from Wall Street’s top-tier asset allocation rotation so far. Goldman Sachs is not alone; CoinShares’ latest weekly report also confirms this trend: Bitcoin saw a $264 million outflow last week, while XRP experienced an inflow of $63.1 million, making it the most attractive digital asset for capital inflow.

XRP and Solana: Preferred Choices in the “Dehydration” Phase of Institutions

Why are institutions abandoning the most consensus-driven Bitcoin at this time and shifting to XRP and Solana?

First, the ETF product lineup has improved. With XRP and Solana spot ETFs circulating in the US, traditional institutions can gain compliant exposure without directly holding tokens. Data shows that ETFs linked to XRP have seen net inflows of $1.23 billion since launch, with nearly $10 million flowing in just last week.

Second, fundamental differences are emerging.

• XRP is evolving from a simple payment token into a backbone for institutional finance infrastructure. Ripple recently partnered with asset management giant Aviva Investors (managing $345 billion) to pilot tokenized funds on the XRP Ledger— a significant breakthrough for traditional finance adoption.
• Solana continues to lead in on-chain activity and USDC minting volume. Yesterday, the USDC Treasury minted an additional 250 million USDC on Solana, indicating stablecoin issuers’ confidence in Solana’s liquidity ecosystem.

Price and Capital “Scissors”: Why ETF Buying Cannot Support the Price?

This raises the most perplexing point in the current market: despite institutional buying, why are XRP and Solana prices still retreating?

As of Gate’s close on February 12:

• XRP at $1.38, down about 20% from the four-week high of $2.00. Despite continuous ETF inflows, prices remain in a narrow range of $1.30–$1.40.
• Solana at $81.44, facing strong resistance at $85. The four-hour chart shows liquidity converging.

The core issue lies in macro liquidity. CoinShares notes that although funds are flowing out of Bitcoin into XRP, the total assets under management across the industry have fallen to $129.8 billion, the lowest since March 2025. This implies:

1. Size gap: Only part of the Bitcoin outflows are flowing into altcoin ETFs; a large portion of capital has exited the crypto market entirely.
2. Hedging demand: Record ETF trading volume of $63.1 billion accompanied by falling prices suggests distributional selling and hedging rather than accumulation.
3. Lag effect: ETF subscriptions by institutions are often cash-based, requiring market makers 24–48 hours to purchase spot tokens, causing a delay in capital transmission.

Technical Levels Determine Short-term Direction, but Institutions Are Planning for H2 2026

For traders, tonight’s close is crucial.

Gate analysts suggest:

• XRP’s short-term lifeline is at $1.30. As long as this support holds, the daily bullish flag pattern remains valid, with a target price of $1.81. RSI has entered oversold territory, often a sign of whale accumulation.
• Solana needs to quickly reclaim the $88 level; otherwise, it may retest the fair value gap at $83.

Institutions are not making mistakes—they are front-running.

Ripple CEO Brad Garlinghouse stated at “XRP Community Day” that a potential merger and acquisition could restart in H2 2026, and the company’s efforts are focused on enhancing XRP’s utility and liquidity. This internal project signal resonates with the capital flow trends on Wall Street.

Summary

The market always moves amid divergence. When Bitcoin ETF inflows slow, it does not mean the end of the bull market but rather a shift in the leading wave.

For traders on Gate, tracking 13F holdings changes is no longer a “rearview mirror” exercise but a necessary pre-emptive step. Goldman Sachs’ $152 million investment in XRP and on-chain whales quietly absorbing liquidity near $1.30 indicate that when everyone recognizes the trend, it’s often already halfway through.

Log in to Gate now to view real-time order flow for XRP/USDT and SOL/USDT, and seize the advantage in this institution-led structural rotation.