Since the approval of the first batch of Bitcoin spot ETFs in the U.S. at the beginning of 2024 (such as BlackRock's IBIT), traditional investors have gained a compliant pathway to access crypto assets, pushing digital assets into the mainstream. Following this, Ethereum spot ETFs officially launched in the U.S. in July 2024, providing a regulatory entry point for the DeFi and smart contract ecosystem.
Asset management giants like BlackRock and Grayscale have accumulated billions in market size through their ETFs, while Robinhood has launched staking services for Ethereum (ETH) and Solana (SOL) to further extend the ecosystem.
In 2025, the SEC introduced new guidelines for crypto ETF filings, clarifying requirements for asset valuation, custody, and conflict disclosure, significantly simplifying the listing path for token funds and allowing a 75-day no-objection listing process. This shift reflects a regulatory transition from "suppression" to "structural acceptance," providing a regulatory foundation for the next batch of coin ETFs.
Industry rumors suggest that there are over 70 applications in the queue, including mainstream coins like Ripple (XRP), Litecoin (LTC), and SOL, as well as various altcoins such as Cardano (ADA), Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX) actively waiting for SEC approval.
According to Bloomberg analysts' predictions, the approval probability for multiple altcoin spot ETFs has risen to 90-95%, with XRP, Solana (SOL), and Litecoin (LTC) leading the group, while Cardano (ADA) and Polkadot (DOT) have also entered the second tier.
With Grayscale's approval of a multi-asset ETF (including BTC, ETH, SOL, XRP, ADA), investors can gain exposure to multiple mainstream coin asset allocations through a single ETF, reducing operational complexity. This not only enhances the efficiency of capital inflow but also marks a leap in the maturity of crypto asset ETF products.
BlackRock is not satisfied with just BTC/ETH combination products and is considering including assets like Cardano, Polkadot, and Solana, while exploring NFT and tokenization mechanisms. Meanwhile, Trump Media has also submitted a BTC+ETH ETF application, reflecting the strategic considerations of political factions regarding crypto asset allocation.
These trends indicate that traditional asset management institutions are moving from "holding coins" to "packaging and selling," with multi-asset funds, staking yield mechanisms, and innovative structures providing them with differentiated competitive advantages.
Liquidity and valuation recovery: The influx of massive funds into ETFs enhances the liquidity of altcoins, compresses bid-ask spreads, and boosts price performance.
Lower barriers for investor access: Traditional brokerage channels support ETFs, allowing retail and institutional investors to enter without building their own wallets, increasing their willingness to invest.
The institutionalization process of digital assets: ETF participation promotes the maturation of asset custody and trading compliance, benefiting the stabilization of regulatory frameworks and enhancing ecosystem security.
Market maturity and cycle reconstruction: ETFs open the door to diversified investments in altcoins, potentially establishing a new norm of "coin rotation + asset rebalancing" in the future.
Policy uncertainty remains: Although the SEC's attitude has improved, it remains highly vigilant regarding compliance details and fraud risks, and reviews may still be delayed or rejected.
Complex structure of single-coin funds: The liquidity and valuation mechanisms of BAT (beyond Bitcoin and Ethereum) ETFs have not been fully validated.
Insufficient education and risk warnings: The complexity and volatility of products may have adverse effects on retail investors.
Bubble expectations and regulatory backlash: Abuse of Dogecoin/meme-type ETFs or overheated investments could trigger policy reversals.
Summary: The second wave of crypto ETFs has begun.
Looking back at the first round of Bitcoin and Ethereum ETF layouts, the established regulatory foundation is stimulating a broader wave of altcoin ETFs, which is not only an important signal of the deep integration of traditional asset management and digital assets but also reflects the increasing recognition of crypto assets within the mainstream financial ecosystem.
In the future, the three major product lines of BTC/ETH/BTC+ALT are expected to advance in parallel, and the competition among mainstream asset management institutions in asset diversification, tokenization, and product innovation will determine who can capture a broader market mindset and capital entry in the next phase.
Related: Bitfinex: Bitcoin (BTC) "vertical acceleration" temporarily shelved.
Original article: “Institutions Rush into Crypto ETFs: After Bitcoin (BTC) and Ethereum (ETH), Who is the Next Star?”
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