The Current Situation of the Altcoin ETF Boom: A Overview of Encryption ETF Applications from 2025 to Present

With the more crypto-friendly U.S. government coming to power and SEC Chairman Gary Gensler leaving, asset managers are now launching a broader range of exchange-traded funds (ETFs) covering altcoins, memes and even NFTs. This article is based on an article written by Coingecko and compiled, compiled and contributed by Felix, PANews. (Synopsis: The world's first "Solana spot ETF" was approved and opened for staking by Canada, and SOL rebounded nearly 20% in a week) (Background supplement: The first "2x XRP leveraged" fund in the United States is launched, analysts: Ripple spot ETF approval is only a matter of time) Key takeaways BTC and ETH spot ETFs have attracted billions of dollars in institutional inflows, legitimizing cryptocurrencies in TradFi. Asset managers are actively applying to cover ETFs such as Solana, XRP, Litecoin, Cardano and others. MEMECOIN ETFs such as doge, trump, bonk and pengu have also submitted applications. Bloomberg and Polymarket estimate that assets such as SOL, XRP and LTC have a 75% to 90% chance of approval, while SUI, APT and meme-based funds have a very low chance of approval. The crypto space is divided. From mobility to perceptions of L1 supremacy, opinions vary. But if there's one thing that unites all crypto enthusiasts, it's the hope that cryptocurrencies will be accepted by the mainstream. Between 2024 and 2025, with cryptocurrency ETFs approved and rapidly expanding, the dream of cryptocurrency being accepted by the mainstream took a huge step forward. For the first time, investors are able to invest directly in a variety of digital assets through a traditional brokerage account, without going through a complex crypto wallet or exchange. Institutional investors, previously hesitant over regulatory uncertainty, poured billions of dollars into the weeks following the launch of the Bitcoin and Ethereum ETFs. The impact was immediate. The price of Bitcoin soared to new all-time highs, and the Ethereum ETF was quickly approved. These ETFs provide traditional financial participants with easier access to investment and deeper market liquidity. This also sets a precedent for regulatory approvals for other cryptocurrency ETFs. Now, with Gary Gensler stepping down as SEC Chairman and the U.S. being governed by a more crypto-friendly government, asset managers are taking the opportunity to apply for more altcoin ETFs such as Solana and Ripple, and even Dogecoin (Dogecoin), BONK and Trump Memecoin memecoin。 This article provides a comprehensive overview of the current state of the cryptocurrency ETF craze. Bitcoin ETFs lay the groundwork for the market Bitcoin has long been a symbol of cryptocurrencies, and in 2024, Bitcoin officially entered the mainstream financial system with the approval of the first spot Bitcoin ETFs in the United States. Although Bitcoin futures ETFs have been around since 2021, the launch of spot ETFs was a watershed moment as investors were able to hold actual Bitcoin assets directly, rather than derivative contracts. In just a few days of being listed for trading, spot Bitcoin ETFs have attracted billions of dollars in inflows. This inflow has greatly boosted Bitcoin's liquidity and cemented its position as a legal asset class alongside traditional commodities such as gold. With multiple asset managers launching competitive Bitcoin ETFs, the market quickly became a battleground for investors. While BlackRock's iShares Bitcoin Trust dominated the early inflows, companies such as Fidelity, ARK Invest, and VanEck also gained significant participation. As of 2025, several large asset managers have launched spot Bitcoin ETFs. Here are the details of the main funds and their Bitcoin holdings. Source: Blockworks Bitcoin ETF Tracker Key differences between futures Bitcoin ETFs and spot Bitcoin ETFs: Futures Bitcoin ETFs (e.g. BITO): Hold Bitcoin futures contracts on the Chicago Mercantile Exchange instead of actual Bitcoin. Due to contract rollovers, tracking errors are prone to occur. Spot Bitcoin ETFs (e.g. IBIT): Hold Bitcoin directly and accurately track the market price of Bitcoin. After the success of the Ethereum ETF in the Bitcoin ETF, the next major milestone in the cryptocurrency ETF space is the launch of the Ethereum ETF. While Bitcoin is often seen as "digital gold," Ethereum is the backbone of the DeFi and smart contract ecosystem. Initially, regulators were hesitant to approve an Ethereum ETF. With the US SEC approving spot Bitcoin ETFs in early 2024, Ethereum's path has become clearer. By May 2024, several Ethereum futures ETFs received regulatory approvals, marking another watershed moment in cryptocurrency adoption. Spot Ethereum ETFs were approved in July 2024. In the months leading up to approval, the price of Ethereum broke through the $4,000 mark, in line with Bitcoin's rally earlier this year. As of 2025, the Ethereum spot ETF co-holds a significant amount of Ether, making it one of the largest institutional investment vehicles for the asset. Source: Blockworks Ethereum ETF Tracker At the time of writing, nearly 3 million ETH is held by ETFs, and institutional participation in ETH is at a new high. Altcoin ETF season is just around the corner With spot Bitcoin and Ethereum ETFs firmly growing, asset managers have set their sights on the broader cryptocurrency ecosystem. Encouraged by the SEC's increasingly open attitude towards cryptocurrencies and the improving regulatory structure of the market, asset managers have applied for a number of altcoin ETFs. The proposals aim to attract investors to invest in popular tokens such as Litecoin, XRP, Solana, Dogecoin, Cardano, etc. Although the US has not yet approved any altcoin ETFs, several are already under active scrutiny and regulatory attitudes are changing. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will quickly follow. This is very similar to the domino effect that occurred when Bitcoin and Ethereum were approved. Solana (SOL) ETF Solana has soared in popularity over the past year as one of the most popular altcoin ETF candidates. With a strong DeFi ecosystem, Solana is seen as Ethereum's strongest competitor in the smart contract space. However, a key regulatory hurdle remains: whether Solana is considered a security. Ongoing litigation and classification debates could delay the SEC's decision. Nevertheless, the infrastructure is already taking shape – the DTCC (depository and clearing institution) has listed two Solana futures ETFs (solz, solt), while the Chicago Mercantile Exchange...