A senior executive at Coinbase Asset Management has highlighted a significant gap in institutional conviction for assets beyond Bitcoin and Ether, stating that after Solana, there is a “very wide gap” to other tokens like XRP. The comments come just as a new U.S. spot XRP ETF shattered all 2025 launch records, creating a sharp contrast between expert commentary and real-time market demand.
The Established “Top Three”
According to Anthony Bassili, president of Coinbase Asset Management, the institutional investment community has a clear, tiered hierarchy for building a crypto portfolio. “There’s a very, very clear view… the right first portfolio is Bitcoin. The next is Bitcoin, Ethereum,” Bassili stated during a recent conference.
He noted that Solana () is “maybe” cementing itself as the third asset on institutional radar. However, after that, he claims the market is “very unsure” which asset will capture the fourth position, indicating a steep drop-off in investor consensus and a “very wide gap” in interest between Solana and XRP ().
XRP’s Record-Breaking ETF Debut
Bassili’s comments on investor uncertainty were immediately challenged by extraordinary market data. On Thursday, the newly launched Canary Capital spot XRP ETF () had the most successful ETF debut of 2025, not just in crypto but across all U.S. financial markets.
The fund recorded a staggering $58 million in trading volume on its first day, with some reports indicating total inflows approached $250 million. This debut surpassed the previous 2025 record holder, the Bitwise Solana ETF (), demonstrating a massive, pent-up institutional and retail demand for a regulated XRP product that directly contradicts the “wide gap” narrative.
Execution vs. “Network Velocity”
While questioning its rank in investor portfolios, Bassili acknowledged that Ripple, the company behind XRP, is “taking all the right steps.” He pointed to its recent strategic acquisitions of a custodian, a stablecoin orchestration layer, and a broker-dealer as signs of mature execution.
However, he tempered this by adding that investors need to see more than just corporate maneuvers; they need to see “network velocity.” Bassili argued that for XRP to solidify its position, “you actually need to see them being a part of the liquidity ecosystem.” This suggests that, from Coinbase’s institutional perspective, on-chain utility and deep, organic liquidity are the true metrics that will ultimately decide the market’s “fourth asset.”
This dichotomy between an institutional executive’s cautious analysis and the explosive, real-money demand for the XRP ETF highlights a critical disconnect. While institutional gatekeepers are still debating XRP’s “product-market fit,” a significant and newly-unlocked segment of the market has just voted with its capital, indicating the race for the market’s fourth-largest asset is far from settled.
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