Goldman Sachs Dumps XRP ETFs While Quietly Moving Into Hyperliquid

Goldman Sachs has reportedly exited its entire U.S. spot XRP ETF position worth roughly $154 million — but the bigger story may be where some of that capital is now moving.

According to a recent SEC 13F filing first highlighted by U.Today, the Wall Street giant closed positions tied to XRP ETF products from Bitwise, Grayscale, Franklin Templeton, and 21Shares during Q1 2026.

At the same time, Goldman also reduced its exposure to Ethereum ETFs by roughly 70%, fully exited Solana ETF positions, and maintained more than $700 million in Bitcoin ETF exposure.

But one new position stood out.

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Wall Street Is Starting to Bet on Crypto Infrastructure

Goldman reportedly initiated a position in Hyperliquid Strategies Inc. (PURR), purchasing roughly 654,630 shares valued around $3.33 million. The company itself reportedly holds approximately 20 million HYPE tokens tied to the growing Hyperliquid ecosystem.

The shift reflects a broader trend beginning to emerge across institutional crypto markets: large firms increasingly appear more interested in infrastructure, trading rails, and treasury vehicles than direct exposure to certain altcoins themselves.

In other words, Wall Street may be starting to prefer owning the systems around crypto rather than simply betting on token prices alone.

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XRP ETF Demand Keeps Growing Anyway

Despite Goldman’s exit, XRP ETF inflows have continued climbing.

According to SoSoValue data cited in the report, XRP ETFs attracted roughly $60.5 million in net inflows over the past week alone, including nearly $11 million during the latest trading day. Since the beginning of April, total inflows have reportedly reached $176.3 million.

Meanwhile, total assets under management across XRP ETF products have climbed to roughly $1.18 billion, representing around 1.33% of XRP’s total market capitalization while XRP trades near $1.43.

That resilience is notable.

Historically, large institutional exits often triggered broader panic across crypto markets. Instead, XRP ETF demand appears to have absorbed Goldman’s departure relatively smoothly — suggesting the market may now be less dependent on individual institutional players than previous cycles.

Crypto’s Institutional Era Is Starting to Change

The filing also highlights how institutional crypto strategies are evolving.

Earlier cycles focused heavily on direct token exposure and speculative upside. Increasingly, however, institutions appear to be rotating toward infrastructure plays tied to trading, settlement, tokenization, and blockchain-based financial systems.

That shift helps explain why companies connected to stablecoins, trading rails, and decentralized financial infrastructure are attracting growing institutional attention.

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And Hyperliquid itself is rapidly becoming one of the dominant players in that category. According to recent industry metrics, the platform now reportedly controls roughly 90% of decentralized perpetual futures daily active users — a staggering level of market concentration as onchain derivatives activity continues growing.

And increasingly, the biggest bets on crypto may no longer be about tokens alone — but about the infrastructure quietly being built underneath them.