The XRP spot ETF has attracted over $1 billion in funds, but some institutional investors remain pessimistic and view it as a meme coin.

According to Mars Finance, since its listing in 2025, the XRP spot ETF has attracted over $1 billion in funds. However, some analysts predict that this surge may be unsustainable. Brian Huang, co-founder of the investment platform Glider, stated, "The core of investment lies in growth potential and which builders are developing on the blockchain. When we examine the builder focus in the a16z investment landscape, XRP doesn't even make the list." Huang's skepticism stems from the lack of XRP ecosystem builders. "The infrastructure and applications created by builders drive ecosystem development and increase the value of the underlying token," Huang explained. "Without builders, XRP's growth will be extremely limited. Most large institutions don't even consider Ripple-linked XRP a serious project. Institutional investors holding the vast majority of crypto ETFs may be unwilling to hold XRP, viewing it as a meme coin."