The question of which crypto will have ETF approval next is at the forefront of the digital asset industry. As regulatory momentum builds, investors and institutions are closely watching which cryptocurrencies are poised to join Bitcoin and Ethereum with their own exchange-traded funds (ETFs). This article breaks down the latest developments, key contenders, and the potential impact on the crypto market.
As of November 2025, the crypto market is witnessing a significant shift with the potential approval of new spot ETFs beyond Bitcoin and Ethereum. According to recent reports, XRP is leading the conversation. The US Securities and Exchange Commission (SEC) has received multiple filings for spot XRP ETFs, and industry analysts expect a decision within weeks. Notably, the US Depository Trust & Clearing Corporation (DTCC) listed nine new spot XRP ETFs from major asset managers, including Bitwise, Franklin Templeton, and 21Shares, signaling strong institutional interest.
Meanwhile, Hedera (HBAR) has also entered the ETF arena. The recently launched Canary HBAR ETF has attracted over $71 million in inflows within two weeks, reflecting growing demand among institutional investors. Solana continues to see positive momentum, with the Bitwise and Grayscale Solana ETFs accumulating over $575 million in assets since their October 2025 debut.
Regulatory clarity is a crucial factor in determining which crypto will have ETF approval. The end of the US government shutdown in November 2025 has accelerated the SEC’s review process. Industry experts, such as Nate Geraci of NovaDius Wealth Management, highlight that the approval of a spot XRP ETF could mark a turning point for the broader crypto sector, potentially increasing mainstream adoption and liquidity.
Recent amendments to ETF filings, including the removal of delaying clauses by issuers like Canary Capital, have triggered automatic approval countdowns under US securities law. If the SEC does not intervene within the required period, these ETFs could launch automatically. Bloomberg ETF analyst Eric Balchunas notes that the expedited process for XRP ETFs suggests regulatory readiness.
Market data supports these developments. On November 10, 2025, XRP surged by over 10%, reaching its highest price in two weeks, while HBAR’s price climbed 88% from its yearly low, driven by ETF inflows and new data integrations with platforms like Google Cloud BigQuery.
The introduction of new crypto ETFs is reshaping institutional strategies. Before spot ETFs, companies like Strategy and Metaplanet offered indirect crypto exposure through their corporate treasuries. Now, regulated ETFs provide a more direct and cost-effective route for investors, challenging the relevance of these treasury models.
According to CoinShares, altcoin ETFs are experiencing robust inflows despite recent outflows from Bitcoin and Ethereum funds. Solana saw $118 million in weekly inflows, while HBAR and XRP ETFs are attracting significant assets. This trend indicates a diversification of institutional interest beyond the two largest cryptocurrencies.
However, analysts caution that the rise of ETFs also introduces new risks. Companies holding large crypto reserves may face pressure if their market value falls below the value of their holdings, making them potential takeover targets. The market’s ability to absorb large-scale liquidations will be tested as ETF adoption grows.
It’s important to note that ETF approval does not guarantee price appreciation or eliminate risks. Regulatory decisions can be delayed or reversed, and market sentiment may shift rapidly. Investors should remain aware of the evolving landscape and rely on verified data from official sources.
Additionally, while ETFs offer easier access to crypto assets, they may not provide the same benefits as holding tokens directly, such as participation in staking or governance.
The landscape of which crypto will have ETF is evolving quickly. As new products launch and regulations adapt, staying informed is essential. Bitget provides a secure and user-friendly platform for trading and managing digital assets, while Bitget Wallet offers seamless access to Web3 features. Explore the latest market insights and prepare for the next wave of crypto ETF opportunities with Bitget.