SEC Slammed With 70+ Crypto ETF Filings as XRP, Solana Lead Altcoin Charge

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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April 21, 2025

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The U.S. crypto ETF space is heating up in 2025, with Bloomberg analyst Eric Balchunas revealing that more than 70 cryptocurrency exchange-traded funds (ETFs) are currently awaiting review by the Securities and Exchange Commission (SEC).

The lineup features a broad range of digital assets beyond Bitcoin, including XRP, Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), and various crypto derivatives.

According to Balchunas, spot ETF applications for XRP and Solana are among the most popular in the current wave, with 10 institutions applying for XRP-based ETFs and 6 for Solana.

These numbers suggest rising institutional interest in diversifying crypto exposure beyond just Bitcoin and Ethereum.

The surge in applications shows growing market demand and a shifting regulatory landscape in the U.S.

Unlike the European market, where crypto ETPs such as Solana are already widely available, U.S. financial institutions and investors operate under a distinct set of conditions and strategic approaches.

Bitcoin ETF Inflows Show Resilient Market Sentiment

The latest push for broader ETF products comes at a time when existing U.S.-based Bitcoin ETFs are showing renewed strength.

On April 21, the 11 Bitcoin-tracking ETFs recorded a combined $381.3 million in net inflows, marking the strongest day of inflows since January 30. The ARK 21Shares Bitcoin ETF (ARKB) led the charge with $116.1 million in net inflows.

The rebound in ETF flows follows a relatively quiet period and coincides with a strong performance in crypto markets over the Easter weekend. In late January, the sector witnessed a record daily inflow of $588.1 million after Bitcoin’s price surged past six figures.

This momentum may be fueling optimism among issuers that appetite for diversified crypto ETFs—especially those tracking altcoins—will only grow.

U.S. Market Dynamics Differ Sharply from Europe

Laurent Kssis, CEO of CEC Capital and a veteran in the crypto ETP market, told CryptoNews the volume of applications for altcoin ETFs shows there is a difference between European and U.S. market dynamics.

“While the European market may appear saturated for certain crypto ETPs like Solana, the U.S. market dynamics are fundamentally different,” Kssis told Cryptonews.

“Institutional allocation strategies in the U.S. typically begin with Bitcoin as the gateway exposure, but diversification follows a distinct pattern from European markets.”

Kssis emphasized that the maturation of the U.S. crypto ETF market will likely mirror trends seen in other asset classes.

As the market evolves, investor strategies will naturally expand beyond Bitcoin to include a broader set of digital assets, particularly as products with robust liquidity, secure custody solutions, and regulatory clarity become available.

“The high number of applications—particularly for SOL and XRP—indicates issuers see clear demand despite existing European products,” he added. “Institutional demand isn’t just about new tokens; it’s about well-structured products that meet professional investment standards.”

As the SEC continues to assess the growing list of applications, market participants will be watching closely to see which products gain approval—and how they might reshape the future of crypto investing in the U.S.

ETFs Face Headwinds Amid Trump’s Escalating Trade War Rhetoric

Recent weeks, however, have been challenging for Bitcoin ETFs, as investor sentiment was dampened by U.S. President Donald Trump’s escalating trade war rhetoric.

Bitcoin dipped below $100,000 in early February and hit a yearly low of $74,773 on April 7 following widespread tariffs and a downturn in traditional markets.

Other major ETF players also saw renewed inflows on April 21. The Fidelity Wise Origin Bitcoin Fund (FBTC) secured $87.6 million, while Grayscale’s Bitcoin Trust (GBTC) and its Mini Trust ETF (BTC) brought in a combined $69.1 million.