Context and Impact
Bybit has observed a significant decline in stablecoin holdings among its users, dropping from 42.7% in April to 25% in August 2025. This shift represents billions of dollars moving into higher-volatility assets like Solana (SOL), Ripple (XRP), and decentralized exchange (DEX) tokens, whose collective weighting quadrupled during this period. The rotation reflects a growing appetite for risk and yield among institutional treasuries and asset managers, driven by regulatory progress, technical improvements, and the pursuit of higher returns.
XRP benefited from its inclusion in the Nasdaq Crypto US Settlement Price Index and clearer regulatory guidance, while Solana’s scalability and low transaction costs attracted both developers and capital. Additionally, growing interest in real-world asset (RWA) tokenization and Layer 2 solutions contributed to the diversification away from stablecoins. This trend signals a broader market shift toward growth-oriented assets, altering liquidity dynamics and risk exposure across spot and derivatives markets.
Derivatives and Positioning
The move toward volatile assets is accompanied by rising derivatives activity. The CME Group plans to launch options on Solana and futures on XRP on October 13, 2025, pending regulatory approval. Solana futures have already seen substantial traction, with over 540,000 contracts traded since March 2025, averaging $437.4 million in daily volume and $895 million in open interest. These products offer institutional investors new tools for hedging and speculation, further validating SOL and XRP as mainstream assets.
However, the rotation away from stablecoins increases portfolio volatility and leverage risks. For treasury managers and custodians, this necessitates tighter liquidity management and risk controls, as reduced stablecoin reserves can impact the ability to execute large conversions without affecting market prices. The growing institutional allocation to altcoins also strengthens the correlation between price movements and capital flows, potentially amplifying market swings.
Looking Ahead
The upcoming launch of CME’s Solana and XRP derivatives will be a critical test of sustained institutional interest. If adoption continues, these products could further solidify SOL and XRP’s role in diversified portfolios while providing new avenues for risk management. For now, Bybit’s data underscores a bold pivot toward growth assets, reflecting evolving strategies in crypto investment and treasury management.
