XRP Spot ETF hút hơn 1 tỷ USD: Thiếu những nhà xây dựng hệ sinh thái có thể hỗ trợ tăng trưởng?

【Coin Circle】Since its launch in November 2025, the XRP spot ETF has seen inflows exceeding $1 billion. However, some market participants remain cautious about whether this momentum can be sustained.

Brian Huang, co-founder of investment platform Glider, raised a sharp question: “What truly determines a project’s prospects is still growth potential and how many builders in the ecosystem are genuinely developing. When I look at the developers highlighted in a16z’s portfolio, XRP has never appeared.”

Huang’s concern hits the mark. He believes that infrastructure and applications are the engines driving ecosystem development and enhancing token value. “Projects without builder participation will see their growth space severely constrained. Most major institutions don’t take Ripple-affiliated XRP seriously, and some institutional investors even lump it together with meme coins. The institutions managing mainstream crypto ETFs may simply be unwilling to allocate XRP positions.”

This commentary reflects market concerns about the current state of XRP’s ecosystem development—whether the substantial ETF inflows can find sufficient technological innovation and application scenarios to support long-term value may be the focus worth observing going forward.