Hotcoin Research | 山寨币 ETF 热潮：市场数据、机遇与风险

一、引言

2025 年第四季度，美国市场见证了山寨币交易所交易基金（ETF）的集中推出，多只单一资产现货 ETF 相继获批上市，在加密货币市场中形成了罕见的“批量发行”现象。比特币（BTC）和以太坊（ETH）现货 ETF 的成功推出，不仅为机构资本进入加密资产市场开辟了合规渠道，也为机构层面建立了清晰的监管模板和审批路径。这反过来又直接加速了山寨币 ETF 的申请和审批进程。

随着美国证券交易委员会不断完善其加密货币 ETF 审批框架，以及资产管理公司积极布局，2025 年第四季度成为山寨币 ETF 集中上市的关键时期。追踪 XRP、SOL、DOGE、LTC、HBAR 和 LINK 等资产的产品陆续在交易所上市，而包括 AVAX 和 AAVE 在内的下一批产品也迅速推进审批流程。山寨币 ETF 的快速扩张不仅反映了加密货币市场加速机构化的趋势，也标志着市场结构正从核心资产主导向更加多元化和多层次的成熟阶段转变。

在此背景下，本报告系统地回顾了山寨币 ETF 的发展轨迹，考察了BTC 和 ETH ETF 的示范效应、批量上市的动态以及当前正在申请上市的资产池。报告进一步分析了已上市山寨币 ETF 的资金流动、交易活动、管理资产规模和价格表现。基于这些分析，报告指出了影响山寨币 ETF 格局的关键机遇和风险，并展望了未来的发展趋势，为散户和机构投资者提供了一个清晰、结构化且实用的框架，以帮助他们在这一新兴领域做出明智的决策。

二、山寨币 ETF 概述

1. 比特币和以太坊 ETF 的示范效应

Over the past few years, the most significant milestone in integrating crypto assets into traditional finance has been the approval of Bitcoin (BTC) and Ethereum (ETH) spot ETFs in the United States. Following the launch of Bitcoin ETFs, substantial institutional capital flowed into the market quickly, significantly increasing overall participation. Ethereum ETFs soon followed, further expanding compliant access to crypto assets for both institutional and retail investors.

This “gate-opening” effect fundamentally reshaped market structure. Investor risk tolerance increased, institutional incentives to allocate to digital assets strengthened, asset managers actively expanded product boundaries, and regulators gradually gained review experience and confidence in approvals. Against this backdrop, applications for altcoin ETFs emerged rapidly, with multiple asset managers positioning single-asset and multi-asset ETFs linked to assets such as XRP, DOGE, LTC, HBAR, SUI, LINK, and others.

Source: https://x.com/Minh_BNB10000/status/1999307817430462471?s=20

Another key driver was the gradual regulatory adjustment by the U.S. Securities and Exchange Commission. In September 2025, the SEC formally approved revised Generic Listing Standards for Commodity Trust Shares, providing clearer eligibility criteria for crypto ETFs and significantly shortening approval timelines. Assets meeting baseline requirements no longer need to undergo lengthy case-by-case reviews, with the typical approval cycle reduced from approximately 240 days to around 60 to 75 days. This institutional shift laid the groundwork for batch applications and the concentrated listing of altcoin ETFs.

In addition, the U.S. government shutdown in November 2025 created a temporary regulatory vacuum. Under specific legal provisions, including Section 8(a) of the Securities Act of 1933, certain fund registration statements without delay clauses could become effective automatically, indirectly creating a tacit fast-track mechanism for listings. Together, these factors contributed directly to the recent wave of concentrated altcoin ETF launches.

2. The Wave of Batch Listings of Altcoin ETFs

Since the second half of 2025, the pace of approval and listing of altcoin ETFs in the United States has accelerated markedly, exhibiting a pattern of queued listings with phased batch approvals. This shift reflects both regulatory streamlining and growing institutional readiness to launch diversified crypto-linked products.

Solana ETF

In October 2025, the Solana (SOL) ETF successfully passed regulatory review and was listed on major exchanges, including the NYSE. This marked the first truly representative spot altcoin ETF to trade in the U.S. market, setting an important precedent for subsequent listings.

Hedera ETF

During the same period, multiple Hedera (HBAR) ETF applications entered the regulatory review process. Asset managers including Canary Capital completed amendments to their HBAR ETF registration statements, with approval and listing expected in the following weeks, reinforcing the momentum of batch submissions.

XRP ETF

In November 2025, the XRP ETF became the second altcoin spot ETF to receive concentrated approval and to be listed rapidly. Products launched by Canary Capital, Grayscale, and 21Shares were listed on venues including NYSE Arca and attracted notable capital inflows shortly after launch, signaling strong market demand.

DOGE ETF

Also in November 2025, the Dogecoin (DOGE) ETF received regulatory approval for listing. While approached cautiously, this approval represented a symbolic regulatory acknowledgment of meme-based crypto assets within the ETF framework.

LTC ETF

The Litecoin (LTC) ETF was also approved in November. Although initial capital inflows were relatively limited, its approval laid important groundwork for ETF applications tied to other long-established altcoins, further broadening the eligible asset universe.

LINK ETF

Following XRP, SOL, DOGE, and LTC, the Chainlink (LINK) ETF officially launched in early December. The product attracted tens of millions of dollars in capital on its first trading day, highlighting investor interest in infrastructure-oriented assets with strong ecosystem fundamentals and real-world utility.

SUI ETF

On December 5, the SEC approved the first two-times leveraged SUI ETF (TXXS), issued by 21Shares and listed on Nasdaq. This approval underscored regulatory openness to more complex altcoin-linked ETF structures, extending beyond plain-vanilla spot products.

3. Altcoin ETFs Currently Under Review

Beyond the altcoin ETFs already listed, a substantial pipeline of potential products remains under review by the U.S. Securities and Exchange Commission, which is driving the next phase of market expansion.

High-profile assets under review

AVAX ETF
Avalanche, as a major smart-contract platform with both regulatory traction and market depth, has entered an accelerated review process and is widely viewed as one of the most likely candidates for near-term approval.

BNB ETF
ETF applications related to BNB are being advanced by asset managers, including VanEck, REX Shares, and Osprey Funds, and have entered the SEC review process. This development suggests that BNB could become the first Binance-ecosystem-related ETF approved in the U.S., marking a notable expansion of the ETF asset universe.

Other potential assets
ETF filings for ADA (Cardano), DOT (Polkadot), INJ (Injective), SEI, Aptos, and AAVE have also entered the regulatory queue. According to Bloomberg Intelligence analyst James Seyffart, the SEC is currently reviewing dozens of asset-based ETF applications, with altcoin-related products accounting for a significant and growing share.

Multi-asset and structured ETFs

In parallel, some institutions are exploring more complex product structures, including multi-asset basket ETFs, staking-yield ETFs, and meme-themed ETFs. If approved, these structures would further expand the boundaries of compliant altcoin investment, moving beyond single-asset spot exposure.

Outlook

Overall, the approval pace of U.S. altcoin ETFs is expected to remain elevated over the next six to twelve months. Existing ETFs linked to XRP, SOL, DOGE, LTC, HBAR, and LINK represent only the first wave, while a broader set of assets continues to queue for approval. Together, these pipelines point to a structural and sustained trend, rather than a one-off regulatory event.

III. Performance Review of Listed Altcoin ETFs

The debut of spot altcoin ETFs has emerged as a key focal point of the crypto market. While overall market sentiment toward significant crypto assets has remained relatively subdued, several altcoin ETFs have nonetheless attracted meaningful capital interest, indicating selective institutional engagement rather than broad-based risk appetite.

1. XRP Spot ETFs

Source: https://sosovalue.com/assets/etf

XRP spot ETFs have been launched by multiple asset managers, including Canary Capital, Grayscale, Franklin Templeton, and Bitwise. This has positioned XRP as one of the altcoin ETF categories with the highest issuance count and the most active institutional participation.

Since launch, XRP ETFs have attracted exceptionally strong capital. Cumulative net inflows have reached approximately USD 970 million, with total assets under management exceeding USD 929 million across all XRP-related funds. Since going live on November 13, XRP ETFs have recorded net inflows across multiple consecutive trading days, including approximately USD 756 million in cumulative inflows over the most recent eleven trading sessions.

Among all listed altcoin ETFs, XRP ETFs currently rank among the most popular institutional investment vehicles. Supported by multiple issuers, sustained inflows, and relatively large AUM, XRP ETFs have emerged as the preferred entry point for institutional allocation to altcoins.

2. SOL Spot ETFs

Source: https://sosovalue.com/assets/etf

Solana ETFs were jointly launched by several asset managers. Since listing, SOL ETFs have accumulated approximately USD 672 million in net inflows, with total assets under management reaching around USD 928 million. This positions Solana ETFs among the largest altcoin ETFs by scale and highlights their strong capacity to absorb capital sustainably.

Unlike XRP, however, capital inflows into Solana ETFs have followed a more phased and measured pattern. A substantial portion of capital entered on the first trading day, followed by a steadier and more moderate pace of inflows in subsequent weeks rather than sharp, momentum-driven surges. This pattern suggests that investors are positioning SOL ETFs primarily for longer-term allocation, rather than short-term trading or arbitrage activity.

Overall, the performance of Solana ETFs underscores the ability of altcoin ETFs to attract institutional capital and reflects a “patient allocation” mindset among investors. Although SOL ETFs lead peers in scale, the partial disconnect between price performance and fund inflows suggests that short-term volatility risks remain, even as longer-term positioning continues to build.

3. HBAR Spot ETFs

Source: https://sosovalue.com/assets/etf

Hedera (HBAR) ETFs have also entered the market and attracted a moderate but stable level of investor attention. Early-launched HBAR ETFs have recorded approximately USD 82 million in net inflows, positioning them as mid-sized altcoin ETF products. Compared with XRP and SOL ETFs, HBAR ETFs have attracted relatively smaller absolute capital allocations.

HBAR ETFs have exhibited consistent weekly net inflows, despite individual weekly contributions remaining modest. Importantly, there has been no meaningful capital outflow, underscoring a relatively stable investor base. This stability appears closely linked to Hedera’s ecosystem fundamentals and real-world enterprise use cases. However, despite steady fund inflows, HBAR’s token price has remained sensitive to broader market conditions, declining by nearly twenty percent since the ETF launch, reflecting the continued influence of overall crypto market weakness.

4. LTC Spot ETFs

Source: https://sosovalue.com/assets/etf

As one of the earliest cryptocurrencies, Litecoin (LTC) saw its spot ETF successfully launched in late October 2025 by institutions such as Canary Capital, placing it among the first batch of approved altcoin ETFs. Despite its long-standing market presence and active trading history, LTC ETFs have attracted significantly less capital and investor attention compared with leading altcoin ETFs such as XRP and SOL.

According to SoSoValue data, as of mid-November 2025, LTC ETFs (commonly referred to as LTCC) recorded cumulative net inflows of approximately USD 7.67 million, with several trading days registering zero net inflows. In contrast to the hundreds of millions of dollars flowing into XRP ETFs and the tens to hundreds of millions allocated to SOL ETFs, LTC’s capital absorption has remained notably weak. As a result, LTC ETFs have struggled to establish themselves as a core component of altcoin ETF allocation strategies, despite their early approval status.

5. DOGE Spot ETFs

Source: https://sosovalue.com/assets/etf

Dogecoin (DOGE) is one of the most emblematic meme-based crypto assets and has long been viewed as predominantly sentiment-driven. With the SEC’s approval in November 2025 of DOGE ETF products issued by Rex-Osprey and other managers, DOGE became one of the most symbolically significant meme-coin ETFs to reach the U.S. market, marking an important regulatory precedent rather than a demand-driven milestone.

According to the latest SoSoValue data, DOGE spot ETFs have recorded cumulative net inflows of approximately USD 2.05 million, indicating extremely limited capital allocation. Trading activity has also remained subdued. While first-day trading volumes briefly reached several million dollars, overall liquidity has been uneven and sporadic, with limited follow-through in subsequent sessions. This trading pattern suggests that institutional investors remain hesitant to allocate meaningful capital to DOGE ETFs, reinforcing the view that regulatory approval has not translated into sustained institutional demand.

6. LINK Spot ETFs

Source: https://sosovalue.com/assets/etf

The first U.S. spot ETF tracking Chainlink (LINK), the Grayscale Chainlink Trust ETF (GLNK), was officially listed on the New York Stock Exchange on December 2, 2024 (U.S. Eastern Time). Since launch, LINK ETFs have attracted approximately USD 52 million in net inflows, with total assets under management reaching around USD 76 million.

Capital interest in LINK ETFs is partly driven by Chainlink’s established role in blockchain data and oracle infrastructure, which has encouraged some long-term institutional investors to adopt a strategic, infrastructure-oriented allocation approach. While LINK’s spot price has remained influenced by broader market volatility, ETF inflows appear to provide a more stable base of structural demand over time, distinguishing LINK from more sentiment-driven altcoin ETF products.

7. Summary of Listed Altcoin ETF Performance

Based on the performance of currently listed products, the U.S. spot altcoin ETF market exhibits clear and persistent differentiation:

• Capital has been heavily concentrated in XRP and Solana ETFs. These products benefit from multiple issuers, rapid capital accumulation, and significant assets under management, positioning them as the core anchors of the altcoin ETF market.
• Mid-sized asset ETFs such as HBAR and LINK have delivered relatively stable performance, reflecting a balance between ecosystem fundamentals and institutional recognition. However, they remain structurally unable to compete with top-tier assets in terms of capital scale and market influence.
• LTC and DOGE ETFs appear increasingly marginalized, characterized by limited capital, low trading volume, and insufficient price support. As a result, overall market attention toward these products has remained weak.
• Price performance across altcoin ETFs has generally remained under pressure following listing, indicating that broader market sentiment and macro conditions continue to exert significant influence. To date, ETF capital inflows have not translated into sustained price appreciation.

In summary, while altcoin ETFs have not yet reached the depth or scale of Bitcoin and Ethereum ETFs, they have already demonstrated clear trends toward segmented allocation, longer-term capital participation, and rising institutional involvement. Taken together, these dynamics point to the early-stage formation of a new, institutionalized investment layer within the altcoin market, rather than a short-lived speculative cycle.

IV. Opportunities and Risks of Altcoin ETFs

As U.S. spot altcoin ETFs continue to receive approval and roll out in rapid succession, the market is entering a new phase of institutionalized crypto investment. While the absolute scale of altcoin ETFs remains smaller than that of Bitcoin and Ethereum ETFs, their development potential and signaling effects should not be underestimated, particularly in shaping future capital allocation behavior.

1. From Institutionalization to Differentiation: Structural Opportunities for Altcoin ETFs

(1) Realization of regulatory dividends

The successful launch of Bitcoin and Ethereum spot ETFs has established a compliant pathway for altcoin products. In 2025, the U.S. Securities and Exchange Commission revised its generic ETF listing standards and introduced institutional mechanisms, including expedited review channels and provisions under Section 8(a) of the Securities Act of 1933. These changes have enabled altcoin ETFs to access public markets more efficiently, shortening approval timelines and expanding product diversity. Overall, institutional entry barriers have been materially reduced, creating durable regulatory tailwinds for the issuance of altcoin ETFs.

(2) Opportunities from institutional capital reallocation

Market data from November 2025 shows that while Bitcoin and Ethereum spot ETFs experienced notable net outflows, altcoin ETFs attracted approximately USD 1.3 billion in net inflows, primarily into XRP- and Solana-related products. This divergence suggests that institutions are actively reassessing altcoin exposure, even amid broader market uncertainty.

More importantly, this capital rotation is not driven purely by speculative sentiment but reflects selective institutional preferences for assets with clearer fundamentals, more defined regulatory trajectories, and more substantial ecosystem value. For example, XRP ETFs have gained traction due to their cross-border payment use case and a relatively well-defined regulatory pathway, while Solana ETFs incorporate yield-oriented features, such as staking, increasing their appeal to institutions pursuing longer-term allocation strategies.

Taken together, the rotation of capital from BTC and ETH into altcoin ETFs signals not only greater diversification in allocation preferences but also a growing institutional acceptance of select altcoins as long-term value assets, rather than short-term tactical trades.

(3) ETFs as compliant access points for retail and institutional investors

Altcoin ETFs provide retail investors with a simplified and compliant avenue for gaining exposure to on-chain assets, without the need to manage wallets or private keys or rely directly on centralized exchanges. Compared with self-custody, ETF structures offer more controlled operational and compliance risk profiles, lowering the barrier to participation.

For institutional investors, ETFs function as mature, regulation-aligned entry vehicles that can be integrated into traditional investment frameworks, including pension funds, hedge funds, and discretionary wealth management portfolios. This significantly expands the potential capital base for exposure to altcoins.

In addition, the presence of ETFs enhances market transparency and visibility, allowing altcoin exposure to move beyond decentralized venues and over-the-counter liquidity channels into mainstream portfolio construction frameworks, reinforcing their role in institutional asset allocation.

2. Core Risks: Market, Regulatory, and Technical Challenges

Despite these opportunities, altcoin ETFs face multiple risks stemming from both asset-specific characteristics and broader macro and regulatory conditions.

(1) Ongoing regulatory uncertainty

Although approval mechanisms have improved, the SEC continues to adopt a cautious stance toward altcoin ETFs. Legal classification, asset definitions, and evolving compliance requirements may all affect the long-term operation and liquidity of these products. The distinction between securities and commodities remains a central issue, and any regulatory reversal or adverse judicial ruling could lead to product adjustments or delistings.

In addition, while accelerated approvals have supported rapid listings, the use of “automatic effectiveness” mechanisms has raised concerns that some products may still require post-listing compliance refinements, introducing uncertainty around price behavior and capital allocation.

(2) Market depth and liquidity constraints

Compared with the deep liquidity of BTC and ETH markets, many altcoins continue to suffer from limited market depth. Large ETF inflows may create a meaningful market impact, while redemption pressure during downturns can exacerbate liquidity stress.

For example, despite strong inflows into Solana ETFs, SOL prices have remained under pressure, highlighting that pricing dynamics are influenced not only by capital flows but also by market sentiment and liquidity conditions. For more marginal assets such as DOGE and LTC, weaker capital absorption and shallower markets increase the risk of slippage during periods of volatility.

(3) Market saturation and product competition

As the number of altcoin ETFs expands rapidly, capital may become fragmented across multiple products, limiting the scale and price impact of individual ETFs. Currently, more than one hundred crypto-related ETF filings are reportedly under SEC review, with altcoins accounting for a growing share.

An oversupply of products could dilute investor attention. If fee competition becomes the dominant strategy, product quality and long-term investment value may be compromised, to the detriment of long-term holders.

(4) Volatility and price risk

Altcoins are inherently more volatile than BTC and ETH. Even with compliant ETF access, price fluctuations can remain severe. As observed with several altcoin ETFs, capital inflows do not guarantee sustained price appreciation.

Macroeconomic sentiment, liquidity tightening, and forced liquidations can all trigger sharp drawdowns. These risks pose particular challenges for investors with lower risk tolerance, especially in products with higher retail participation, where sentiment-driven behavior may be amplified.

(5) Technical and operational risks

As financial products, ETFs rely on custodial infrastructure, clearing mechanisms, and underlying asset security. Smart contract risks, custodial risks, and thin order books, which can lead to wider bid-ask spreads, can all affect ETF operations.

Smaller altcoin ETFs are particularly exposed to “liquidity island” risks. If growth in ETF scale slows, these vulnerabilities may surface rapidly and disrupt normal trading dynamics.

V. Outlook and Conclusion on Altcoin ETF Trends

Looking ahead, the development of altcoin ETFs is set to exert a lasting influence on the structure of the crypto asset market. As regulatory dividends are gradually realized, compliance frameworks become clearer, and institutional allocation interest strengthens, this segment is transitioning from early experimentation toward structural maturity.

• From a regulatory perspective, the SEC has implemented notable adjustments to crypto ETF approval rules by introducing generic listing standards and significantly shortening review timelines, reducing approval cycles from several hundred days to approximately seventy-five days. These reforms improve regulatory signaling and predictability, shifting the approval process from case-by-case discretion toward scalable implementation. As a result, assets such as SOL, XRP, LTC, and HBAR have been able to enter the ETF pipeline more efficiently, and additional altcoin ETFs are likely to receive approval in the coming quarters.
• From a market sentiment standpoint, industry participants and analysts broadly expect approval probabilities for major altcoin ETFs to remain high. Bloomberg ETF analysts estimate approval probabilities above ninety percent for spot ETFs linked to assets such as Solana, XRP, and Litecoin, with some products viewed as highly likely to launch within months. This cautious optimism reflects regulatory recognition of improving compliance standards, transparency, and market maturity, which may attract incremental institutional and long-term capital.
• At the international level, altcoin ETF development is advancing across multiple regions. Canada, Europe, and parts of Asia already host crypto ETFs or similar products, each operating under distinct regulatory frameworks and product designs. These markets provide operational and regulatory reference points for the United States, while also enabling global investors to compare cross-market digital asset allocation strategies. Support for crypto index ETFs in countries such as France and Germany, alongside altcoin-linked derivatives in parts of Asia, further enriches the global data environment and strategic toolkit.
• Within the market itself, a trend toward layered allocation strategies is becoming increasingly evident. Core assets such as BTC, ETH, XRP, and SOL continue to anchor institutional and compliant portfolios, while mid- and small-cap altcoin ETFs linked to assets such as DOT, ADA, AVAX, and INJ may appeal to investors seeking differentiated exposure and higher risk-adjusted returns. As product offerings expand, investors are increasingly prioritizing ecosystem depth, liquidity resilience, and long-term fundamentals over short-term momentum.

Despite this constructive outlook, altcoin ETFs remain exposed to cyclical and structural risks. Regulatory recalibration, liquidity variability, and macroeconomic conditions affecting broader risk asset pricing may lead to performance divergence across products and asset classes. This reinforces the importance of disciplined risk management and dynamic portfolio adjustment, with close attention to policy developments, market sentiment, and capital flow dynamics.

In conclusion, altcoin ETFs represent a natural convergence of traditional finance and the crypto market. Their continued expansion aligns with evolving investor demand and regulatory adaptation. By the first half of 2026, as regulatory experience accumulates and approval processes are further optimized, dozens, and potentially hundreds, of altcoin ETF products submitted by asset managers are expected to enter the market, forming a more mature, diversified, and tiered ETF ecosystem.

For retail investors, altcoin ETFs offer compliant and accessible exposure to digital assets. For the broader market, they mark a structural shift toward institutionalization, diversification, and professionalization. The altcoin ETF wave has clearly begun, and the balance between opportunity and risk will ultimately depend on rational participation, selective exposure, and structured allocation strategies.

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