Franklin Templeton's XRP Spot ETF holdings have just surpassed 100 million coins. What does this number mean? In the long run, once a coin is approved through the ETF, it is indeed very difficult to drop to zero - institutional backing equates to providing it with fundamental credit.

But there is a detail that is easy to overlook: not all ETFs are created equal. The amount of funds from large institutions and small institutions is simply not on the same level.

The list of coins that have now been approved for ETF is not short - XRP, SOL, LTC, HBAR, LINK, and DOGE are all included. However, the only two that are actually held by multiple large institutions are SOL and XRP. What does this indicate? The investment logic of institutions is very clear - they choose stable options from the top ten mainstream coins by market capitalization. Although risk appetite has increased somewhat, they are essentially still pursuing certainty rather than betting on emerging opportunities.