## How Did Altcoin ETFs Suddenly Get Listed En Masse? You Need to Understand the Underlying System Logic

Have you noticed recently that XRP, DOGE, LTC, HBAR—once minor players—suddenly have their own spot ETFs? Major institutions like Grayscale and 21Shares are rushing to issue them, making NYSE Arca bustling with activity. The wave of altcoin ETF listings is no coincidence.

**From "Waiting in Line for Ten Years" to "Approval in Three Months," Why Did the System Suddenly Open Up?**

To understand this phenomenon, you first need to know about two key systemic changes that took effect simultaneously in November.

The first turning point occurred on September 17, 2025. The SEC officially approved the general listing standards proposed by Nasdaq, NYSE Arca, and Cboe BZX—simply put, opening a "fast-track system" for altcoin ETFs. In the past, any coin applying for an ETF had to go through individual approval by exchanges, with cycles often exceeding 240 days. Now, meeting just one of two conditions allows automatic entry into the approval process:

- Having at least 6 months of trading history in CFTC-regulated futures markets
- Having an ETF already listed with exposure reaching over 40%

What was the result? The approval cycle shrank from over 240 days to 60-75 days, a 3-4 times efficiency boost. On October 3, REX-Osprey capitalized on this momentum, submitting 21 ETF filings at once. The era of altcoin ETFs has truly arrived.

But the good times didn't last long. In October, the US government automatically shut down, severely reducing SEC review staff, and over 130 crypto ETF applications (including Dogecoin, Litecoin, Solana, etc.) were put on hold.

**After the Automatic Shutdown Ended, SEC Chose a "Retaliatory Cleanup"**

Once the shutdown ended, the SEC aimed to quickly demonstrate efficiency, releasing two major documents in November. The second, most critical one—issued on November 14—was the 8(a) clause details.

This clause changed the game: as long as the SEC does not issue a stop order within 20 days after the S-1 effective filing, the ETF is automatically approved. In other words, what used to require multiple SEC approvals to list now operates under a "deemed approved" mechanism. Efficiency increased by over 12 times.

The combined effect of these two systemic benefits, plus the backlog caused by the automatic shutdown, led to the集中 release of over 130 pending applications in November—altcoin ETFs' explosion was unstoppable.

**After the First Batch of Products Landed, Does the Market Really Buy In?**

Solana ETF was the earliest to launch and is currently the most successful. Since going live on October 28, six institutions have issued SOL spot ETFs, including Bitwise and Grayscale. Data shows SOL ETFs have had continuous net inflows for 21 days, with a total scale exceeding $600 million. The first net outflow appeared on November 26, with a single-day net outflow of over $8 million.

Currently, SOL is priced at $127.12, which is relatively resilient in this market rally.

Other products are less impressive. LTC and HBAR spot ETFs, issued by Canary, launched simultaneously on October 29, but their scales are much smaller than SOL. LTC has a total net inflow of only $7.26 million, and HBAR just $7.95 million. Although there was initial capital inflow in the first few days, recent activity has almost dried up. LTC is priced at $78.29, HBAR at $0.11.

XRP's performance is between the two. Since launching on November 13, four issuers have accumulated net inflows of $64.39 million. XRP is currently priced at $1.92. ETFs for DOGE and AVAX are also under review; DOGE is at $0.13, AVAX at $12.22.

**But There Is a Harsh Reality Behind This**

The overall market environment in November was not optimistic. Although BTC briefly stabilized on November 22, it then hovered within a weak rebound zone. Currently, BTC is at $89.23K, with only a 0.77% increase in 24 hours. Risk appetite has yet to recover, and the emergence of altcoin ETFs has not brought the expected price recovery for these assets.

**What Is the True Significance?**

Don’t just focus on short-term price movements. The deeper significance of the mass listing of altcoin ETFs is that the US regulatory system has, for the first time, treated "cryptocurrency assets" as a standardized, scalable asset class, integrating them into the formal financial system pipeline.

This means that more crypto assets will enter the traditional financial markets via ETFs in the future. But ultimately, prices are still determined by macro liquidity, asset fundamentals, and market sentiment—ETFs just open a door; the real buying power depends on market voices.