XRP's Surpassing of Bitcoin, Ethereum, and Solana in ETF Inflows Amid Thailand's 0% Capital Gains Tax Policy

In the rapidly evolving landscape of cryptocurrency investment, XRP has emerged as a standout performer in 2025, outpacing Bitcoin, Ethereum, and Solana in ETF inflows. This shift is not merely a function of market sentiment but is deeply rooted in institutional capital reallocation and regulatory-driven market dynamics, particularly in Thailand, where a 0% capital gains tax on crypto transactions has catalyzed a surge in institutional interest.

Institutional Capital Reallocation: XRP ETFs Outperform Major Competitors

Data from Q3 2025 reveals a striking trend: XRP ETFs attracted a record $164 million in inflows, far exceeding Bitcoin's $151 million outflow and Ethereum's $97 million inflow. Solana ETFs, while showing robust growth with $58 million in inflows, still lag behind XRP's performance according to reports. This divergence is driven by institutional players such as Grayscale and Franklin Templeton, whose XRP ETFs captured $67.4 million and $62.6 million, respectively. These figures underscore a strategic reallocation of capital toward XRP, fueled by its unique utility in cross-border payments and the competitive fee structures of its ETFs ranging from 0.19% to 0.50%.

The institutional appetite for XRP is further amplified by its post-SEC litigation clarity in the U.S., which has stabilized market projections and enhanced its appeal as a regulated asset. Meanwhile, Thailand's 0% capital gains tax policy, introduced in late 2025, has created a regulatory environment that incentivizes both local and international investors to deploy capital into crypto assets. This policy, combined with XRP's role in Ripple's OTC brokerage and stablecoin ecosystem, positions it as a bridging asset for institutional portfolios.

Regulatory-Driven Market Shifts: Thailand's Pro-Crypto Framework

Thailand's regulatory approach has been pivotal in reshaping global crypto investment flows. The Thai Securities and Exchange Commission (SEC) announced in October 2025 its intention to expand crypto ETF offerings beyond Bitcoin, incorporating a basket of tokens including XRP, Ethereum, and Solana. This move reflects a deliberate effort to diversify investment options and align with global trends, such as the U.S. SEC's anticipated approval of XRP ETFs by October 2025.

The Thai SEC's draft rules, set for implementation by early 2026, emphasize investor protection while enabling institutional access to crypto ETFs. These include custody standards, listing requirements, and market surveillance protocols according to reports. By offering a tax-exempt environment for crypto profits traded on licensed exchanges, Thailand has positioned itself as a regional hub for digital assets, attracting firms like ONEAM and MFC to launch foreign Bitcoin ETFs for institutional investors. Analysts project that this regulatory clarity will deepen market liquidity and accelerate the adoption of crypto financial services, such as staking and custody solutions.

Comparative Regulatory Frameworks: U.S. and Thailand

While Thailand's pro-crypto policies are reshaping regional dynamics, the U.S. regulatory landscape has also played a critical role in XRP's institutional adoption. The SEC's approval of in-kind creation/redemption mechanisms for crypto ETFs, alongside legislative efforts like the GENIUS and CLARITY Acts, has enabled the launch of 76 spot and futures crypto ETPs managing $156 billion in assets. These developments mirror Thailand's approach, demonstrating how regulatory certainty can drive institutional confidence and market growth.

However, Thailand's 0% tax policy provides a distinct advantage, particularly for XRP, which benefits from its real-world utility in cross-border payments. Ripple's legal victory over the SEC and its expansion of RLUSD-a dollar-pegged stablecoin- further enhance XRP's appeal in jurisdictions seeking to balance innovation with compliance. This dual regulatory tailwind-favorable tax policies in Thailand and U.S. legal clarity- has created a unique confluence of factors propelling XRP ETFs ahead of their peers.

Future Outlook: XRP's Path to Sustained Institutional Adoption

Despite XRP's recent outperformance, challenges remain. Price volatility with XRP dipping below $2.00 amid whale sales, and 41.5% of its supply at a loss, highlights the asset's exposure to market cycles. However, institutional strategies are increasingly focused on leveraging XRP's utility rather than speculative trading. For instance, Bitwise's 0.34% fee waiver for the first $500 million in assets and Franklin Templeton's XRPZ ETF with a 0.19% fee structure are designed to attract long-term capital according to analysts.

Analysts project that post-SEC approval in the U.S. and Thailand's regulatory rollout could push XRP ETF inflows to $422 million or more, with bullish price forecasts reaching $6.00–$8.00 within six months. These projections hinge on the continued alignment of regulatory frameworks, institutional demand, and XRP's role in global payment networks.

Conclusion

XRP's surpassing of Bitcoin, Ethereum, and Solana in ETF inflows is a testament to the power of regulatory-driven market shifts and institutional capital reallocation. Thailand's 0% capital gains tax policy, coupled with its proactive expansion of crypto ETFs, has created a fertile ground for XRP's adoption. As both Thailand and the U.S. refine their regulatory frameworks, the convergence of tax incentives, institutional strategies, and real-world utility will likely cement XRP's position as a cornerstone of the next phase of crypto investment.