Currently, only Bitcoin and Ethereum ETFs have been approved. However, the SEC’s recent approach to new applications signals a more favorable stance, potentially paving the way for further approvals. As a result, investors may soon gain direct access to altcoin projects like Solana or XRP via spot ETFs for the first time. 

Dogecoin and Cardano ETF Applications Are Strong Contenders 

According to Seyffart, the SEC is taking a positive approach toward these applications. ETF applications for Dogecoin, Cardano, Polkadot, Avalanche, and Hedera are estimated to have a 90% approval likelihood. If realized, these developments could mark a turning point for the traditional financial world. 

With the SEC becoming more receptive, ETF applications are not only coming from crypto investment firms but also from established Wall Street institutions like Fidelity and Franklin Templeton. 

Impact of Spot ETFs on Crypto Prices 

The approval of a Solana ETF would likely have a major impact on the market. Brian Rudick from Upexi notes that while some low-volume altcoins attract limited interest, large-scale projects like Solana could see strong fund inflows. This development could directly drive token prices higher. 

Previously, Bitcoin’s price doubled after BlackRock’s spot ETF filing, showing that similar effects could occur with altcoins. The launch of new spot ETFs could thus present critical opportunities for investors. 

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