Bitcoin (BTC -0.36%) price has rallied a whopping 144% since its spot exchange-traded fund (ETF) was approved on Jan. 10, 2024.
The approval of eleven Spot Bitcoin ETFs from the US Securities and Exchange Commission (SEC) resulted in billions of dollars flowing into BTC, helping push its price to an all-time high (ATH) of $112,000 in May 2025.
With a cumulative total net-inflow of $45.3 billion, these Bitcoin ETFs are currently holding over $130 billion in net assets, as per SoSo Value.
This Bitcoin ETF race is being led by BlackRock’s (BLK -1.66%) iShares Bitcoin Trust (IBIT), which is the largest Bitcoin ETF on the market with $70 billion in total assets. This much capital has been attracted by IBIT faster than any other ETF. It took IBIT a mere 341 days after its debut, which is “5x faster” than the previous record held by State Street’s gold ETF (GLD), which was 1,691 days.
With this “unprecedented” growth, BlackRock remains the largest Bitcoin Spot ETF and is followed by Fidelity’s FBTC, which comes in second with $20 billion.
Besides the $2 trillion market cap Bitcoin, the SEC has also approved Ethereum (ETH -3.96%) Spot ETFs, which began trading in July 2024. During this period, Ether ETFs have only captured $3.86 billion in net inflows while their total net assets stand at $10.7 bln.
This lackluster interest in ETH ETFs is also evident in its price, which is currently down 28.5% since the approval. Trading just above $2,500, ETH has yet to hit a new ATH this cycle, still down 48.4% from the $4,880 peak it hit in Nov. 2021.
However, lately, ETH has been finally seeing some bids with no outflows recorded since May 15, according to data from Farside. While this is unlike Bitcoin ETFs, which have been registering outflows during this period, Ethereum ETFs’ inflows are rather small compared to Bitcoin’s, which had its second-highest monthly flows ever in May at $6 billion.
For Ethereum, this still marks a big moment as investors show optimism toward US regulators enabling staking services on ETH funds. This comes after the SEC said that it no longer sees certain activities as securities.
The SEC’s Division of Corporation Finance published a staff statement, in which it noted that node operators and validators, delegates, custodians, nominators, and entities who stake tokens on their own, with a third party, or on behalf of the token’s owner would not be considered “the offer and sale of securities’ rather be treated similar to mining.
This statement can potentially open the door to staking services enabled in Ethereum ETF products, in turn, unlocking millions and possibly even billions in value.
Seeing the massive success these two exchange-traded funds have had, ETF issuers have filed applications for other altcoins as well. What started with Bitcoin and Ethereum is now being continued with other cryptocurrencies as issuers await regulatory approval for them. So, let’s check out these top assets with pending ETF applications.
Solana (SOL -4.25%) Takes the Lead in the Altcoin ETF Race
The asset with the highest expected odds of approval is Ethereum competitor Solana. With a 90% probability on Polymarket of getting the green light from the SEC, Solana leads this race of upcoming Spot ETF approvals.
Multiple issuers, including Fidelity, Bitwise, 21Shares, VanEck, Franklin Templeton, Canary Capital, and Grayscale, have active S‑1 filings. S-1 is the initial registration form for new securities required by the SEC for US-based companies before they go public.
Reportedly, the regulatory agency has asked prospective Solana ETF issuers to submit their amended S-forms within the next week, a historical signal that approval may be near. The agency has told issuers that it would make comments on the applications within 30 days of their submission.
The issuers are required to update language surrounding in-kind redemptions as well as how they will approach staking. The agency is reportedly open to including staking as part of Solana ETFs.
In the light of this progress, Bloomberg ETF analysts Eric Balchunas and James Seyffart are calling for a potential altcoin ETF summer with “Solana likely leading the way.” In their note, the analysts noted that it is likely that regulators will green-light new ETFs, starting with Solana and staking ones. They wrote:
“ETFs that track broad crypto indexes may be approved by the SEC within the next month. The agency also may act early on spot Solana and staking ETF filings in response to Rex-Osprey’s attempt (to) use regulatory and legal workarounds to launch Solana and Ether staking products. Seven issuers have filed for spot Solana ETFs.”
ETF provider REX Shares filed for Solana and Ethereum staking ETFs last month. These products are structured as C-Corps for tax purposes. Being 40-act funds, they have a unique structure and do not go through the usual ETF process. Spot exposure to ETH and SOL in these funds is gained through the Cayman subsidiary.
So, the SEC and its crypto task force are now working with issuers and industry participants to handle 19b-4 filings before their final deadline, which isn’t until October. The analysts also give Solana ETFs a 90% chance of approval.
Another factor that makes the approval imminent is the launch of SOL futures by CME earlier this year. In a move similar to Bitcoin and Ethereum, whose futures markets were also launched prior to their ETF approval, CME’s futures launch will help the SEC approve the products.
Solana is a high-performance L1 designed for speed and scalability. Driven by meme coin mania, it gained huge adoption this cycle.
Its token, SOL, is the world’s 6th-largest crypto asset with a market cap of $76 billion. As of writing, SOL is trading at $144.40, down 50.6% from its ATH of $293.3 that was hit in Jan. 2025.
Click here to learn all about investing in Solana (SOL).
Ripple (XRP -2.67%) Rides Legal Wins Toward ETF Approval
Yet another asset with close to a 90% chance of having its ETFs approved this year is XRP. The 4th largest cryptocurrency has a market cap of $125.7 billion, and as of writing this, the digital asset is trading at $2.14. While the price has yet to make a new ATH and is currently down 37.3% since the $3.40 peak hit in Jan. 2018, XRP has been securing a lot of wins lately.
This includes a resolution proposed in the SEC lawsuit against Ripple, effectively removing one of the biggest legal headwinds, pending judicial sign-off.
Ripple has been fighting the agency for several years now, only to recently reach a $50 million settlement. The agreement faced a temporary hurdle when Judge Analisa Torres rejected a joint motion to amend the final judgment. With no court order finalizing the settlement yet, the case is still technically open.
This week, Ripple and the SEC have filed a joint request again, asking the judge to end the injunction imposed by the court and approve the settlement in an attempt to conclude the legal battle.
In other news, Ripple CEO Brad Garlinghouse believes XRP could capture a 14% share of the global payments sector within the next five years. He said:
“SWIFT today has two components: messaging and liquidity. Liquidity is owned by banks. I think less about the messaging and more about liquidity. If you’re driving all the liquidity, it’s good for XRP.”
Amidst all this, the likes of Bitwise, Franklin Templeton, Canary Capital, 21Shares, WisdomTree, Grayscale, and CoinShares have filed for Spot XRP ETFs.
XRP, much like Solana, already has derivatives-based ETFs, and this paves the way for their spot ETF approval. “I would just be absolutely and utterly stunned if the SEC does something to not allow a spot XRP or spot Solana ETF to launch,” said Bloomberg’s Seyffart, who, along with Balchunas, has given XRP ETFs an 85% chance of approval.
Nate Geraci, president of The ETF Store, meanwhile ,believes that Grayscale’s multi-asset fund may get approval before Solana ETFs. Grayscale’s Digital Large Cap (GDLC) Fund is a basket of assets, covering BTC, ETH, XRP (XRP -2.67%), SOL, and ADA (ADA -4.15%), and holding about $800 million in AUM.
It is speculated that a successful ETF approval will send XRP on a parabolic rally. XRP is among the dinosaur coins, aka veteran crypto assets, which have been here for many cycles now, and enjoyed a strong rally after President Donald Trump won the election, surpassing $3.30 in January 2025.
Given how popular XRP is among retail and the interest seen in corporations like Wellgistics, Webus, and VivoPower to accumulate the asset as part of their corporate treasuries, the token can certainly make new highs this time.
Click here to learn all about investing in Ripple (XRP).
Litecoin’s (LTC -1.51%) Bitcoin Likeness May Secure Its Early Approval
With 77% odds on Polymarket, Litecoin is the third most likely asset to get its pending ETF application approved by the end of 2025. Bloomberg analysts, however, have given Litecoin ETFs much higher odds, 90%, the same as Solana Spot ETF.
Litecoin Spot ETF applications are filed by Canary Capital, CoinShares, and Grayscale. Interestingly, last month, when the SEC postponed the approval of Solana and XRP ETFs, the regulator left the Litecoin ETF ruling window alone. The market naturally interpreted it as a potential positive signal.
While the SEC has until October to decide the fate of the three ETF proposals, the approvals are anticipated to be early.
Projected to be one of the earliest altcoin ETF approvals, Litecoin is supported by favorable fundamentals, mature infrastructure, and similarity to Bitcoin. The SEC also acknowledges LTC as being “highly similar to Bitcoin”, which significantly strengthens its position as an asset likely to get an ETF.
Litecoin was launched in 2011 by Charlie Lee as a faster and cheaper alternative to Bitcoin. Designed to be the “silver to Bitcoin’s gold,” it uses the Scrypt hashing algorithm instead of SHA-256, which is used by Bitcoin. The block time of the Litecoin network is 2.5 minutes compared to Bitcoin’s 10 minutes, while following the same halving schedule as the largest cryptocurrency. Miners are currently earning 6.25 LTC per block.
The SegWit and Lightning Network compatible asset is used for peer-to-peer payments as well as a testing ground for Bitcoin-like upgrades such as the MimbleWimble privacy extension.
Maintained by the Litecoin Foundation, LTC is often seen as a reliable ‘legacy altcoin’ for institutions; however, the $6.37 billion market cap coin has been facing grave hurdles in adoption and expansion.
Litecoin USD (LTC -1.51%)
When it comes to price, LTC is currently trading around $83.9, down a whopping 80% from its $410 ATH that was achieved in May 2021.
Click here to learn all about investing in Litecoin (LTC).
ETF Mania Expands Beyond Blue-Chips
As the race for new crypto ETFs heats up, more and more asset managers are joining in and filing applications for more digital assets. This means, besides the above-mentioned three coins, there are other altcoins that are awaiting a decision from the SEC.
This includes Cardano (ADA -4.15%), Avalanche (AVAX -6%), and Polkadot (DOT -3.53%), each having a 75% chance of getting an ETF approval. Sui (SUI -5.75%), Hedera (HBAR -4.02%), and TRON (TRX -0.65%) are also potential candidates.
“We are under the assumption that most, if not all (filings for crypto ETFs) will be approved this year, some possibly earlier than others,” is what Seyffart sees happening.
A basket of several crypto assets can be particularly interesting and popular by allowing investors to gain exposure to different coins without having to make a choice.
Geraci of ETF Store is of the view that the SEC is “about to open floodgates on crypto ETFs.” This, according to him, is the “last step before all major brokerages offer direct spot crypto trading.”
Meanwhile, senior Bloomberg ETF analyst Balchunas has said there’s a “really good chance” that we get an ETF that actively trades meme coins. But that could take some time, and before that, “we’ll get a slew of active crypto ETFs.” He added:
“The return dispersion (and lack of sell side coverage) ripe for active. Could produce next star manager. Who knows.”
Interestingly, the analysts see the odds of a Dogecoin (DOGE -2.25%) getting an ETF at 80%. The likes of Bitwise, Grayscale, and 21Shares have filed for a spot Dogecoin ETF.
This original meme coin has not just been existing but thriving in the market for over a decade now. With a market cap of $26.3 billion, DOGE is the world’s largest meme coin, which is trading at $0.1757, 76% off its $0.73 peak from four years ago.
Dogecoin USD (DOGE -2.25%)
The SEC’s decision on the proposed Dogecoin ETF will decide the fate of more meme coins getting regulatory greenlight. And with the odds of Doge ETF looking strong, there’s now a growing optimism in the market that the entire meme coin category could see its share of ETF approvals in a not-so-distant future.
The meme coin mania has been particularly powerful this cycle, being the most profitable and popular narrative of 2024. So, it won’t be surprising to see ETF issuers tapping into this massive market and capturing all that demand.
Rex Shares and Osprey funds have already submitted filings for Bonk (BONK) and Official Trump (TRUMP) ETFs besides DOGE.
Regulatory Shift Powering the ETF Wave & Crypto Progress
In total, there are close to 100 ETF applications being filed, with many of them currently under the SEC’s review.
This wave of altcoin ETFs has hit the market amidst the promise of regulatory clarity and friendly policies from the Trump Administration. Interestingly, both Bitcoin and Ethereum Spot ETFs were approved under former President Joe Biden and ex-SEC Chair Gary Gensler, both of whom took an aggressive enforcement approach to regulate the cryptocurrency industry.
But as Trump promised on his campaign trail, the SEC has withdrawn more than a dozen rules the regulator proposed under the previous administration.
The new SEC Chair, Paul Atkins, has also promised his support to the sector with a “firm regulatory foundation… through a rational, coherent, and principled approach.”
During the recent fifth roundtable of this year exploring crypto regulation, Atkins noted the heavy-handed approach taken by the prior administration through the courts and that the SEC’s policies on staking needed congressional approval to have lasting authority. He also called self-custody a “foundational American value.”
Sworn into office as the 34th Chairman of the SEC on April 21, 2025, Atkins is now directing SEC staff to provide guidance or exemptions to enable DeFi platforms to operate with fewer barriers.
With the roundtables, the SEC has covered trading, custody, tokenization, DeFi, and securities definitions, reinforcing the regulator’s shift from hostile actions to legislation supporting emerging technologies.
Final Thought: ETF Offerings Likely to Expand
The ETF revolution is transforming the crypto market at a rapid pace. It all began with Bitcoin’s ETF approval, which made it a legitimate asset class and ignited a rally to set the gold standard. While Ethereum lags in price performance, regulatory momentum around staking could be its catalyst.
Now, altcoins like Solana, Ripple, and Litecoin are poised to ride this next wave. While “nothing will compare to Bitcoin,” even a fraction of traction can help altcoins rally like crazy. After all, Bitcoin is the world’s largest crypto asset with a $2 trillion market cap and about $50 billion in 24-hour trading volume. No other asset comes close to that.
As these altcoins secure approvals, meme coins won’t be far behind, triggering a frenzy that not only brings euphoria back but also reshapes portfolio strategies.
Overall, backed by a supportive SEC and shifting political winds, crypto is entering its next stage of evolution. And while Bitcoin is likely to continue to dominate the space, the ETF effect can have altcoins get their moment in the limelight too, pointing to a bright and green future ahead for the crypto industry!
Click here to learn all about the best cryptocurrency ETFs to invest in.