XRP spot ETF has performed remarkably since its launch in November last year—raising over $1 billion in funds. However, behind this rapid influx of capital lies an awkward reality: institutional investors generally remain indifferent, and some even categorize it as a Meme coin.

Brian Huang, co-founder of the trading platform Glider, publicly questioned that a truly valuable project should be judged by its ecosystem development and core builders. Looking at the investment portfolios of top institutions like a16z, the presence of the XRP ecosystem is almost hard to find. This reflects a reality: although XRP has attracted significant funding, there is a severe lack of ecosystem developers and legitimate projects.

More worth pondering is that institutions holding large positions in crypto ETFs have attitudes toward XRP similar to their views on Dogecoin and SHIB—both are seen as purely speculative assets rather than long-term investments. This creates a contradiction: retail investors keep pouring into ETFs to chase gains, while institutions view this round of hype as a short-term emotional trading volume.

This contrast reveals a current dilemma in the market. XRP has been entangled in controversy for years, and now its ecosystem development has failed to keep pace with the funding frenzy. Whether the $1 billion can be retained long-term is a question. Once the hype subsides, a pullback pressure will follow.

The crypto market’s hot-cold switch is always so rapid. It’s fine to watch the excitement, but don’t blindly follow short-term price fluctuations—institutions’冷态度 often reflect deeper fundamental considerations.