New US altcoin ETFs show mixed results. Solana and XRP lead with strong, steady inflows exceeding $620 million each, attracting investors daily. Hedera sees moderate success with $77 million, while Litecoin and Dogecoin lag with weak inflows. Data suggests only Solana and XRP may gain long-term traction as more crypto ETFs are expected in coming months.
Since the end of October, new crypto ETFs tracking popular altcoins have been launched in the US. XRP (Ripple), Solana, Dogecoin, Litecoin, and Hedera have all performed very differently.
Bitcoin ETFs in the US have demonstrated how listing on traditional stock exchanges can attract new investor groups. Despite a current period of weakness, Bitcoin ETFs have attracted over $57 billion in capital since their launch in January 2024, which has noticeably boosted the price of BTC. Many well-known altcoins are hoping for similar effects; in recent weeks, Solana, XRP (Ripple), Litecoin, Hedera, and Dogecoin have all made their ETF debuts. Time for an interim assessment:
The Solana ETF launched by Bitwise at the end of October got off to a dream start with $70 million in capital inflows; there are now six SOL ETFs listed. SoSo ‘s data shows that the Solana ETFs have attracted capital every single trading day so far, even when a flash crash caught the crypto markets off guard. Overall, the Solana ETFs have now reached $621 million in capital inflows – a thoroughly positive result.
Among the new crypto ETFs, only XRP has generated similar interest to Solana. On its debut day, November 13th, XRP ETFs set a record with a trading volume of over $59 million among the more than 850 ETFs from all asset classes that debuted this year. Incidentally, Solana ranks second in this ETF ranking with a trading volume of $58 million on its first trading day. As of today, the four XRP ETFs have recorded a combined capital inflow of $622 million, as documented by data from SoSo. The XRP ETFs have also remained unaffected by setbacks in the crypto markets and have continued to accumulate capital on every trading day so far.
– For Hedera (HBAR), the Canary ETF has remained the sole holding since its market launch at the end of October. The roughly $77 million in capital inflows for the Hedera ETF after approximately four weeks represent a respectable success, nothing more and nothing less.
This becomes particularly clear when comparing it to Canary’s Litecoin ETF. It launched on the same day as the Hedera ETF, but Litecoin has only attracted around 7 million US dollars in capital inflows as an ETF so far, which doesn’t exactly speak to LTC’s attractiveness on traditional stock exchanges.
The situation with the first spot ETF for Dogecoin (DOGE) is also sobering. The world’s most famous meme coin has been tradable as an ETF since Monday and has only seen an inflow of $1.8 million in capital since then . While Dogecoin ETFs surpass Litecoin in terms of growth, they still lag behind Hedera.
In summary, there are strong indications that only the new ETFs for Solana and XRP will establish themselves sustainably on the stock exchanges, leading to an indirect battle for investor favor. CoinShares points out an interesting detail in its latest weekly report:
While monitoring crypto ETFs and similar financial products worldwide, the report reveals that Solana experienced a capital outflow of $156 million last week, while XRP enjoyed a gain of nearly $90 million. Observers point to the institutional recognition that XRP, backed by Ripple, is receiving, while Solana is being scrutinized for its technological challenges.
More than 100 additional crypto ETFs are expected to launch on the US market in the next six months, according to Bloomberg specialists . These include Chainlink (LINK) and numerous ETFs with a mixed portfolio and/or leverage.
Based on recent experience, it’s safe to predict that even well-known crypto ETFs are not guaranteed success. Hedera, Litecoin, and Dogecoin have already learned this the hard way. However, XRP and Solana, with their respective ETFs, are on a path that could have a positive impact on their price trajectories in the medium and long term, provided the inflows of capital continue.
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