Growing Momentum: “Over 100 New ETFs Could Arrive in Six Months”

Balchunas emphasized that investor appetite for spot altcoin ETFs has strengthened significantly. While the immediate calendar includes five confirmed listings, he noted that this movement represents only an initial step. Market expectations point to more than 100 additional spot crypto ETFs potentially launching over the next half-year.

This projection aligns with the broader trend that followed the approval of spot Bitcoin and Ethereum ETFs in the United States, which opened the door for increased competition and interest within the altcoin segment.

The Five Altcoin Spot ETFs Set to Launch Soon

According to Balchunas, the spot ETFs preparing to go live in the coming days include:

• Grayscale Dogecoin Trust (GDOG)

• Grayscale XRP Trust (GXRP)

• Franklin XRP ETF (XRPZ)

• Bitwise DOGE ETF (BWOW)

• Grayscale Chainlink Trust (GLNK)

Each of these investment products is designed to expand institutional access to their respective assets, while introducing new channels of liquidity. The inclusion of high-volume cryptocurrencies such as DOGE, XRP, and LINK underscores the increasing willingness of traditional financial institutions to engage with well-established altcoin markets.

Potential Market Impact of the Altcoin ETF Wave

The arrival of multiple spot altcoin ETFs may introduce short-term volatility, particularly in the underlying assets. Increased institutional participation—especially from large entities seeking regulated exposure—could influence liquidity flows and price dynamics in the near term.

Many analysts view the expansion of altcoin ETFs as a potential foundation for the next stage of crypto market growth. However, they also note that the pace of this evolution will depend on regulatory timelines and overall investor sentiment.

What Is Crypto ETF?

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Bitwise’s Solana ETF Close Behind

XRPC’s impressive entrance narrowly outperformed Bitwise’s Solana-focused ETF, BSOL, which recorded $57 million in first-day volume. The tight competition between these two products underscores the growing rivalry among leading altcoin-based ETFs. Their early success positions XRP and Solana as the two dominant players in the digital asset ETF landscape heading into 2025.

Notably, the third-ranked fund of the year trailed these leaders by roughly $20 million in opening-day activity. This gap signals a heightened appetite for large-cap altcoins, particularly XRP and Solana, among both retail and institutional participants.

Institutional Demand for Altcoins Gains Strength

The strong debut of the XRPC ETF highlights an important trend: institutional capital is increasingly expanding beyond bitcoin and ether to include other major digital assets. While XRP’s spot price did not immediately react with a major surge, the fund’s volume clearly reflects rising demand for regulated, accessible investment vehicles tied to alternative blockchain networks.

The spot ETF format enables a broader pool of investors to gain exposure to assets like XRP, which has long been integrated into real-world payment systems. This easier access could amplify interest in the XRP Ledger’s scalability and cross-border settlement capabilities.

Can XRPC Maintain Its Momentum?

Despite the record-setting launch, questions remain about whether XRPC can sustain this pace in the coming weeks. Market observers are watching closely to see if opening-day enthusiasm translates into consistent inflows and long-term investor engagement.

The long-debated value proposition of XRP—centered on high-throughput transactions and practical payment utility—may play a decisive role in shaping the ETF’s performance over time. As institutions continue to evaluate blockchain-based settlement solutions, these fundamentals could support ongoing demand.

Looking ahead, the evolving competition between XRP- and Solana-focused ETFs is set to become one of the defining storylines of 2025. Their performance will offer valuable insights into how quickly institutional adoption of alternative digital assets is accelerating.

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The BlackRock Effect on Bitcoin ETFs

BlackRock’s iShares Bitcoin Trust ETF dominated the ETF landscape throughout 2025, drawing $28.1 billion in investments — making it the only fund with net positive inflows this year. Collectively, Bitcoin spot ETFs have recorded $26.9 billion in total inflows.

However, K33’s head of research Vetle Lunde highlighted that without BlackRock’s influence, Bitcoin ETFs would have experienced a $1.27 billion net outflow. This underlines how crucial the firm’s involvement has been in sustaining Bitcoin’s bullish momentum throughout the year.

Supporting this view, Geoff Kendrick, global head of digital assets research at Standard Chartered, emphasized that inflows from spot Bitcoin ETFs have been the primary driver behind Bitcoin’s price strength in 2025.

“No BlackRock, No Party” for Altcoin ETFs

With $13.5 trillion in assets under management as of Q3 2025, BlackRock remains the world’s largest asset manager. Yet, its absence from the next wave of altcoin ETFs could significantly limit potential inflows and investor enthusiasm.

Vetle Lunde summarized this sentiment bluntly in a post on X: “No BlackRock, no party.” While this may create an opportunity for competitors, Lunde noted that overall capital flows are likely to remain constrained without BlackRock’s participation.

Analysts Still See Promise in Altcoin ETFs

Despite concerns, some analysts remain optimistic about the prospects for altcoin-based ETFs. Ryan Lee, chief analyst at Bitget Exchange, projected that the first Solana staking ETF could attract as much as $6 billion within its first year.

Similarly, JPMorgan analysts expect a Solana ETF to bring in between $3 billion and $6 billion, while an XRP ETF could draw $4 billion to $8 billion in new investments.

For context, Bitcoin ETFs captured roughly 6% of BTC’s total market capitalization during their first six months, while Ether ETFs reached around 3% in the same period — setting a benchmark for future altcoin products.

What is BlackRock?

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Canary Capital’s LTC and HBAR ETF Initiative

On October 27, Canary Capital submitted Form 8-A filings for Litecoin and Hedera to the U.S. Securities and Exchange Commission. This filing represents a required step for ETF products to be listed and traded on Nasdaq. Analysts suggest that the filing strengthens the possibility of a launch later this week.

Following the submission, the market reacted quickly. Hedera (HBAR) rose by 5%, while Litecoin (LTC) increased by 2.3%. This movement is seen as a strong signal that institutional investors are returning to the altcoin market. In addition, the SEC’s efforts to accelerate ETF processes may boost expectations for more crypto-focused financial products in 2025.

Bitwise Continues the Trend with Solana ETF

Bitwise Asset Management recently completed a Form 8-A filing for its Solana Staking ETF (BSOL). This move indicates that altcoin-based products could become more widespread following Ethereum ETF approvals. The company plans to list the ETF on the New York Stock Exchange Arca (NYSE Arca).

Experts say these steps could signify a significant expansion in the crypto ETF market. At the same time, the SEC’s historically cautious approach to altcoin products means the process must be monitored carefully. However, these developments could accelerate institutional capital inflows into crypto assets.

Market Expectations and Regulatory Process

Inclusion of major altcoins like LTC, HBAR, and SOL in ETF products could mark a new phase for the crypto market. This may increase market volume while reducing volatility. Additionally, wider adoption of ETFs can contribute to a more mature regulatory framework.

Market analysts predict that these filings could result in spot altcoin ETFs officially trading by the fourth quarter of 2025. Nonetheless, SEC review timelines could extend, as seen in previous cases.

Canary Capital and Bitwise’s actions indicate that the crypto finance market is on the verge of a significant transformation. Investors continue to closely follow every development regarding new ETF approvals.

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155 ETP Filings Tracking 35 Different Crypto Assets

According to Balchunas, there are currently 155 ETP filings tracking 35 unique cryptocurrencies. The list excludes already-approved ETF for Bitcoin and Ethereum, focusing solely on pending applications awaiting regulatory clearance.

The absence of Bitcoin and Ethereum at the top of the filing list might seem surprising, but the reason is simple — many of their ETF products have already launched across multiple markets. As a result, the new filings are now concentrated on altcoins, reflecting growing interest in diversifying crypto exposure.

Solana and Bitcoin Lead the ETF Filing Race

Interestingly, Solana and Bitcoin are tied for first place with 23 filings each, followed by XRP (20) and Ethereum (16). Multi-asset or “basket” ETPs — which track a mix of cryptocurrencies — account for another 10 filings.

Other major contenders include Litecoin (5), Avalanche (4), Dogecoin (4), Polkadot (4), and Chainlink (3). Meanwhile, emerging projects such as Aptos, ONDO, HBAR, SUI, and SEI have also drawn multiple filings, highlighting a broadening institutional appetite beyond the most established names.

Institutional Demand on the Rise

The surge in filings underscores how traditional financial institutions are increasingly positioning themselves in the crypto ecosystem. ETF and ETP allow investors to gain exposure to digital assets within regulated environments — without the need to directly hold or manage cryptocurrencies.

Experts note that if regulatory uncertainty eases and the U.S. Securities and Exchange Commission (SEC) accelerates approvals, the crypto ETP sector could experience record growth in the coming year.

“A Full-On Land Rush” for Crypto ETF

Eric Balchunas described the current pace of filings as a “full-on land rush,” emphasizing that the race among issuers is intensifying. He believes more than 200 crypto ETPs could be live by 2026, as demand for regulated crypto investment vehicles continues to climb.

This trend marks a key turning point at the intersection of traditional finance and blockchain technology. As tokenization and institutional adoption expand, ETPs are poised to become a central pillar of the next phase of global digital finance.

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BlackRock Pushes for ETF Rule Changes 

Global asset manager BlackRock is taking another major step in the crypto market. The company submitted applications to the U.S. Securities and Exchange Commission (SEC) to revise its iShares Bitcoin ETF (IBIT) and iShares Ethereum ETF (ETHA). The amendments aim to bring both funds under Nasdaq’s general listing standards rather than the original application terms. 

According to Nasdaq filings, the proposed changes are expected to take effect in the first quarter of 2026. In addition, the exchange requested that the SEC waive the five-day pre-filing notice period, which would accelerate the listing process for crypto ETFs. 

SEC Approves New General Listing Standards for Crypto ETFs 

On October 1, the SEC officially approved new General Listing Standards for crypto exchange-traded funds. With this rule in place, exchanges such as Nasdaq, NYSE, and Cboe can now list commodity-based trust shares—including those tied to digital assets—without filing a 19b-4 form. 

This regulatory shift shortens the ETF approval timeline from 240 days to just 75 days. Furthermore, the SEC withdrew all delay notices on altcoin ETF applications, including those tied to Solana, XRP, HBAR, and Litecoin. Analysts suggest this signals progress toward the approval of the first altcoin ETFs under the Securities Act of 1933. 

Meanwhile, the Cboe BZX Exchange has also filed for amendments to ETFs from Fidelity, VanEck, and 21Shares, further expanding the scope of crypto ETF accessibility. 

IBIT Overtakes Deribit as Top BTC Options Platform 

According to Bloomberg, BlackRock’s Bitcoin ETF (IBIT) has overtaken Deribit to become the largest BTC options platform. This milestone follows the SEC’s earlier approval of IBIT options, which enabled greater institutional participation. 

Last week, $23 billion worth of crypto options expired, with IBIT’s open interest on Nasdaq reaching $38 billion compared to Deribit’s $32 billion. This marks a clear paradigm shift as Wall Street deepens its involvement in the crypto derivatives market. 

Currently, BlackRock’s Bitcoin ETF manages $87.71 billion in assets, making it the largest Bitcoin ETF worldwide. Meanwhile, Bitcoin (BTC) is trading above $114,100, reflecting continued investor demand. 

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All Eyes on the SEC For Altcoin ETFs

For crypto investors, the launch of altcoin ETFs has long been one of the most anticipated developments. Despite the SEC’s historical hesitations and strict regulatory stance, industry experts suggest the agency may finally be prepared to give approval to certain well-established projects.

Seyffart’s List of Altcoin ETF Candidates

According to Seyffart, several altcoins appear to meet the SEC’s listing standards. These include Chainlink (LINK), Stellar (XLM), Bitcoin Cash (BCH), Avalanche (AVAX), Litecoin (LTC) and Polkadot (DOT). Each of these projects has proven technical foundations and sufficient trading activity to make the cut.

In addition, long-standing names such as XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE) and Shiba Inu (SHIB) stand out thanks to their deep liquidity and well-developed derivatives markets, which strengthen their positions as strong contenders.

The Strongest Trio: XRP, Solana, and Cardano

Among all the potential candidates, Seyffart singled outXRP, Solana, and Cardano as the most likely to secure SEC approval first. Their market maturity, high liquidity, and strong investor interest put them ahead of the pack.

As he emphasized: “The probability of a spot ETF launch is highest for XRP, Solana, and Cardano.”

Ethereum ETFs and the Role of Staking

Seyffart also touched upon Ethereum-based ETFs. He argued that if staking is officially allowed within these products, demand could rise sharply, creating a significant shift in investor appetite for ETH ETFs.

Signs of an “Altcoin Season”

The Bloomberg analyst further noted that the crypto market is already in the midst of an “altcoin season.” However, he warned that this cycle is not identical to previous ones and stressed that altcoin ETFs are unlikely to generate the same level of market impact as Bitcoin ETFs did.

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Grayscale’s fund is based on the CoinDesk Large Cap Index, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano. With an asset pool of approximately $755 million, GDLC offers investors broad exposure to major cryptocurrencies. 

Meanwhile, 85% of the fund’s assets are already represented by SEC-approved spot ETFs. This ratio indicates compliance with regulatory standards. Additionally, NYSE Arca has provided a structure compliant with Rule 8.500-E, which is required for the ETF to be listed. 

What Does GDLC ETF Approval Mean? 

Grayscale had previously made a significant step by converting its Bitcoin Trust fund into an ETF. Now, with GDLC, it aims to launch a second ETF focused on altcoins. This development allows for the diversification of spot ETFs and broader investor participation in the market. 

The suspension of approval by the SEC suggests a detailed review process before the fund can gain permanent ETF status. The commission will make a final decision after internal discussions. During this process, the fund’s structure and risk distribution will be reassessed. 

Experts highlight that most assets in GDLC are already included in approved ETFs. This fact is one of the strongest arguments supporting Grayscale’s application. Moreover, this development opens the path for Solana, Cardano, and XRP in the spot ETF space. According to Bloomberg analysts, the SEC is now more likely to give the green light to altcoin ETFs. 

Has a New Era Started in Crypto ETF Processes? 

The suspension of Grayscale GDLC ETF is not just about one company’s process but has the potential to affect the direction of the entire sector. Institutional investors, in particular, find it easier to enter the crypto market with approved products. 

At the same time, interest in crypto asset ETFs may increase following the SEC’s decision. Such developments are crucial for investors in terms of both trust and accessibility. Ultimately, Grayscale’s application has become a test case for the market. The SEC’s decision will directly influence other altcoin-focused ETF applications as well. 

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The SEC’s review process is not limited to market protection and compliance; it also includes an examination of Solana’s staking models, investor rights, and fraud risks. Franklin Templeton is required to resubmit their application addressing these issues. According to analysts, regulation of the staking mechanism could yield positive outcomes. 

XRP ETF: Spot ETF Excitement in Canada 

The delay in the XRP ETF application is influenced by the ongoing legal battle between Ripple and the SEC. A court ruling expected around August 15, 2025 (US time) will directly impact the ETF process. According to the market platform Polymarket, the approval probability for the XRP ETF is about 88%. If no issues arise on-chain, XRP ETF approval in the US could happen by the end of 2025. 

The legal dispute began in December 2020 when the SEC sued Ripple, alleging XRP was sold as an unregistered security. Ripple argues XRP is a digital asset, not a security. In a landmark interim ruling in July 2023, the court decided that XRP sold to individual investors on exchanges cannot be considered a security. This decision was a turning point favoring Ripple and led to a short-term price surge. However, the court sided with the SEC on institutional sales. The case is ongoing, with a final verdict expected on August 15, 2025. 

Meanwhile, developments in Canada have taken a different pace. Purpose Investments received approval from the Ontario Securities Commission on June 16, 2025. The first spot XRP ETF will begin trading on the Toronto Stock Exchange on June 18. Following this news, XRP price increased by about 7%. 

Solana ETF: Preparing for the “Altcoin Summer” with 90% Approval Expectation 

Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance the Solana ETF will be approved before the end of 2025. This high likelihood is supported by the SEC’s request for staking-related information and the presence of Solana futures traded on CME. 

Analysts also point out that the “Altcoin ETF summer” is approaching. Following Solana, ETFs for other altcoins, especially Ethereum, may also reach approval stages. 

Summary 

• The SEC extended Franklin Templeton’s Solana and XRP ETF applications until the end of fall 2025. 
• The XRP ETF application progresses alongside the Ripple-SEC lawsuit; Polymarket estimates an 88% approval chance. 
• Canada will start trading the spot XRP ETF on June 18, causing XRP’s price to rise by 7%. 
• Solana ETF approval prospects are very strong, with analysts predicting a 90% chance. 

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The U.S. Securities and Exchange Commission (SEC) has postponed decisions on Bitwise Dogecoin ETF, Grayscale Hedera Trust, and VanEck Avalanche ETF applications. These delays are occurring despite the agency’s new chairman, Paul Atkins, promising a more crypto-friendly approach. 

The SEC explained the postponement by stating, “The commencement of proceedings does not indicate that the Commission has reached any conclusions on the matters at hand.” Additionally, the agency encourages stakeholders to comment on the proposed rule changes. This, combined with requests for Solana ETF issuers to update their S-1 filings, indicates an increasingly complex approval process. Firms like VanEck and 21Shares are particularly concerned about the SEC not applying the “first-filer advantage.” The SEC emphasized that “the Commission has not reached any conclusions” and is “awaiting public comments from relevant parties.” 

Market Reactions and Future Expectations 

The SEC’s delay caused significant value drops in altcoins like Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX). AVAX fell about 12.5%, HBAR 11.5%, and DOGE 10%. These developments have created short-term uncertainty among crypto investors. 

The review process for the Dogecoin ETF began on June 11, 2025. The Hedera ETF process officially started on June 12. The final decision on the Avalanche ETF is expected to be postponed until mid-July, specifically July 15, 2025. 

However, Bloomberg analyst Eric Balchunas stated that the likelihood of approval for assets like Solana is increasing by the end of 2025. On the other hand, the decision process for Dogecoin, Hedera, and Avalanche will proceed more cautiously. ETF issuers like VanEck and 21Shares are worried because the SEC is not applying the “first-filer priority” principle. They argue this hinders market competition and innovation. They also request new regulations from the Commission to make registration disclosures fairer and more transparent. 

The SEC thoroughly examines the potential for market manipulation, liquidity risks, and the reliability of custody solutions for each ETF application. The delays in altcoin ETFs following Bitcoin ETF approvals indicate that each crypto asset’s unique risk profile is evaluated separately. 

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