Crypto ETF Filings Rise to 92, with Solana and XRP Leading the Pack

Crypto ETF filings have surged to 92, with Solana and XRP leading applications. Eight applications are seeking approval for Solana funds, while seven are tied to XRP. Grayscale and 21Shares are among the most active ETF filers, seeking approval for Ether staking funds. BlackRock's iShares Bitcoin Trust fund has accumulated $58.28 billion in net inflows since launch, while its iShares Ethereum Trust fund has recorded $13.12 billion. The rapid growth in filings suggests an expansion of available crypto ETFs beyond Bitcoin and Ether.

The crypto market has seen a significant surge in exchange-traded fund (ETF) filings, with a total of 92 crypto ETFs currently awaiting review from the U.S. Securities and Exchange Commission (SEC). According to recent data from Bloomberg Intelligence, the submission rate for new applications has intensified over recent months, which could bring in capital into the crypto market and potentially mark the beginning of an altseason rally [1].

Among the 92 pending ETF applications, Solana and XRP are leading the race. Solana currently has eight pending ETF applications, followed closely by XRP with seven. The majority of these applications face final deadlines in October. This growth is supported by the increasing institutional interest in these digital assets [1].

Industry giants such as Grayscale and 21Shares are among the most active filers, seeking approval for Ethereum staking funds. Grayscale is also working to convert five existing trusts into ETF structures, including those for Litecoin, Solana, Dogecoin, XRP, and Avalanche. 21Shares recently filed for a spot ETF with the SEC, which would track the CF SEI-Dollar Reference Rate in USD [1].

The surge in crypto ETF filings is not limited to Solana and XRP. The current pipeline encompasses proposals targeting various altcoins, complemented by three ETFs tied to Bitcoin and Ethereum. This expansion of available crypto ETFs beyond Bitcoin and Ether suggests a broader acceptance and interest in the crypto market by institutional investors [1].

The rapid growth in filings also reflects a shift in market dynamics. According to Andrew Jacobson, VP and Global Head of Legal at 21Shares, the focus has moved toward product innovation, specifically those integrating DeFi capabilities to TradFi audiences. Ray Youssef, CEO of NoOnes, expects major cryptocurrencies like SOL, XRP, and BNB to attract structured capital investments due to their established infrastructure and real-world adoption potential [1].

Despite the growing number of filings, the spot price of XRP has dropped by 9% in the last two weeks, despite major firms filing for a spot XRP ETF following its legal clarity. The immediate cause of this drop is attributed to fears of Federal Reserve action, which prompted significant cash outflows from crypto investment products [2].

On the other hand, Bitcoin and Ethereum ETFs have seen robust inflows. BlackRock's iShares Bitcoin Trust fund has accumulated $58.28 billion in net inflows since launch, while its iShares Ethereum Trust fund has recorded $13.12 billion. The surge in Ethereum ETF inflows reflects growing investor confidence in the digital asset's potential for long-term growth [3].

In summary, the surge in crypto ETF filings to 92, with Solana and XRP leading the applications, indicates a maturing crypto market with increasing institutional interest. However, the price of XRP has been affected by market-wide fears, while Bitcoin and Ethereum ETFs continue to attract significant inflows.

References:

[1] https://finance.yahoo.com/news/92-crypto-etfs-now-await-130056606.html
[2] https://coinedition.com/xrp-futures-cme-cross-1-billion-but-spot-price-drops/
[3] https://www.ainvest.com/news/bitcoin-etfs-record-81-4-million-inflows-market-activity-ethereum-etfs-surge-307-2-million-inflows-2508/