Goldman Sachs becomes the largest holder of XRP spot ETFs, analysts say "super fans" may constitute the main investment group

Analyst data shows that Goldman Sachs has become one of the largest holders of the XRP spot ETF. At the same time, there are many unidentified investors in the market, referred to by analysts as "super fans" of XRP.

Bloomberg analyst James Seyffart stated that the XRP ETF investors visible through regulatory filings currently represent only a small portion, as the vast majority of investors do not need to submit 13F disclosure documents. Data shows that the top 30 holders of the XRP spot ETF collectively hold about $211 million in fund shares. Overall, these ETF products have attracted over $1 billion in inflows by the end of 2025. Another Bloomberg analyst, Eric Balchunas, believes that this funding is likely to come primarily from XRP's core supporters rather than ordinary retail investors.