Regulators Nearer as Crypto ETF Tickers Signal Possible Green Light

The Depository Trust & Clearing Corporation (DTCC) has listed three new cryptocurrency exchange-traded fund (ETF) products, including Fidelity’s Solana ETF (FSOL), Canary’s XRP ETF (XRPC), and Canary’s Hedera ETF (HBR). The inclusion of these ETFs on the DTCC website is seen by market analysts as a procedural step that may signal the U.S. Securities and Exchange Commission (SEC) is nearing a decision on their approval. However, experts emphasize that the DTCC listing does not equate to regulatory approval and that the SEC retains final authority over the ETFs' launch.

Industry analysts, including Eric Balchunas, a senior ETF analyst at Bloomberg, have noted that DTCC lists securities in preparation for a potential market launch. According to Balchunas, while the addition of a ticker on DTCC is a significant step, “how many tickers are added that never launched, probably almost none.” The odds of approval for the XRP and Solana ETFs are assessed at 95%, while the HBAR ETF is given a 90% chance of approval. A definitive decision on these products is expected by October 2025, with the SEC extending review periods for several applications to accommodate additional considerations.

The recent DTCC listing has generated substantial interest within the crypto market, particularly as prices for XRP, Solana (SOL), and Hedera (HBAR) have shown positive momentum. XRP has recently traded above $3, while Solana has seen a 4% gain in the last 24 hours, and HBAR has surged over 25% in a week. These price movements are attributed to broader macroeconomic factors, including a weaker labor market and signs of cooling inflation in the U.S., which have raised expectations of rate cuts from the Federal Reserve. The overall crypto market cap has once again surpassed $4 trillion, reinforcing bullish sentiment in the sector.

The regulatory timeline for these ETFs is tight and highly anticipated. Canary’s XRP ETF is subject to a final SEC decision by October 23, 2025, with similar deadlines set for other applicants, including Grayscale and WisdomTree. The clustering of these deadlines has led to speculation that the SEC may announce approvals in batches, mirroring its approach with Bitcoin and Ethereum ETFs in the past. However, the regulatory path remains complex, especially for altcoin ETFs, which face additional scrutiny compared to their Bitcoin counterparts.

Whale activity in the XRP market has, however, shown mixed signals. Despite the price breakthrough above $3, large holders have been selling. Santiment data indicates that wallets holding between 10 million and 100 million XRP tokens sold 40 million coins in the past 24 hours, reducing their total holdings to approximately 7.74 billion tokens. This selling pressure suggests that while retail investors are showing renewed interest, institutional or large investors are taking a more cautious approach.

Analysts are closely watching whether XRP can sustain its current price level above $3 and potentially retest its July 2025 peak of $3.65. Technical indicators suggest a breakout above a key logarithmic trendline, which could set the stage for further upward movement, provided the token holds its current support level. The outcome of the SEC’s review in October will be a critical determinant for both the ETFs' launch and the broader market sentiment toward altcoin exposure in U.S. investment portfolios.