Crypto ETFs for XRP, SOL, and DOGE? The race heats up

The crypto Exchange-Traded Fund (ETF) race is heating up after the major success of Bitcoin spot ETF launch in the US. In a latest post, Nate Geraci, president of The ETF Store, suggested that the applications for Solana (SOL), Ripple’s XRP, HBAR, and even Cardano (ADA) or Avalanche (AVAX) ETFs are now in the mix.

Major financial players Grayscale are exploring altcoin ETFs, signaling a massive shift beyond Bitcoin and Ethereum. It hints that institutional investors are eyeing diverse exposure to the crypto market and this has led the altcoins to set up the pace ahead.

Which Crypto ETF would be next?

Nate Geraci in an X post, stated that there are currently spot ETF filings for crypto index fund up-listings from Grayscale and Bitwise. This includes SOL, XRP, HBAR and at least one issuer has also tried ADA or AVAX ETFs, he added. Eric Balchunas in a reply joked that December 31 might be the best date to file for a Dogecoin (DOGE) ETF. 

Bitcoin ETFs have hit a staggering $100 billion in total assets under management, just 10 months after their January debut. However, going after Solana ETF looks like a smart choice as its blockchain is scalable, fast, and low on fees. VanEck recently filed a spot ETF for SOL to tap into its growing ecosystem.

Ripple’s XRP has finally gained clarity after its legal win. This has boosted Bitwise’s confidence in its long-term potential. XRP price jumped by more than 103% in the last 24 hours. XRP is trading at an average price of $1.11, with a trading volume of $6.86 million. 

Solana also witnessed a good run as its price spiked by 45% in the last 30 days. SOL is trading at an average price of $241.33 at press time. Dogecoin has seen a much better growth in the recent times. DOGE price skyrocketed by 167% in the past 30 days, marking a major comeback for the biggest meme coin.

Meanwhile, HBAR caught attention with its robust distributed ledger technology. Canary Capital recently filed an S-1 registration, aiming to bring HBAR to the ETF spotlight. Geraci speculates issuers could target Cardano, which is known for secure, scalable PoS consensus, while, Avalanche (AVAX) stands out with sub-second finality and multi-chain architecture.

Bitcoin ETFs boom

The 12 Bitcoin ETFs from heavyweights like BlackRock and Fidelity saw a $773 million net inflow on Wednesday alone, riding on Bitcoin’s climb toward $100K. This marks one of the most successful fund category launches ever. These funds had hit $100 billion in total AUM.

BTC surged by over 4% in the last 24 hours to record a high of $97,892. Inflows into Bitcoin ETFs since November 5 when Trump won the US Presidential election turned out to be $5.8 billion. Optimism around the President-elect’s pro-crypto stance is key. His transition team is considering creating a White House position for digital-asset policy, which will be a US first.

Bitcoin’s 129% rally in 2024 has outperformed stocks, gold, and most other assets. With ETFs now mainstream, Bitcoin’s institutional and retail appeal is stronger than ever.

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