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Since November last year, the XRP ETF has attracted over $1.2 billion in net inflows, defying the trend and reversing the overall downturn in the cryptocurrency market. Bitwise Chief Investment Officer Matt Hougan pointed out that this demand "exceeded my expectations," but he also warned that the real test lies in the product-market fit. Unlike platforms like Ethereum and Solana that rely on stablecoins and DeFi, XRP's primary use case remains cross-border payments. Hougan stated that the future success of XRP depends on the execution in 2026, especially if the Clarity Act is passed and Ripple promotes its real-world application. He warned that otherwise, the demand for ETFs could disappear.