Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
Four new crypto ETFs will begin trading this week across Nasdaq and the NYSE, led by Solana, Litecoin, and Hedera.
The big headline is Solana, which will see two ETFs go live:
The Bitwise ETF will track 100% spot SOL and is designed to participate in staking, meaning it could compound yield through validator rewards over time.
The Litecoin and Hedera ETFs, both from Canary Capital, also begin trading Tuesday.
This is the first wave of altcoin ETFs to reach U.S. markets after the Bitcoin ETF launch in January and Ethereum ETF rollout in July.
🗣️ What They’re Saying
“Confirmed. The Exchange has just posted listing notices for Bitwise Solana, Canary Litecoin and Canary HBAR to launch TOMORROW and grayscale Solana to convert the day after. Assuming there’s not some last min SEC intervention, looks like this is happening.” – Eric Balchunas, Senior ETF Analyst for Bloomberg
SOL is now a top-5 crypto by market cap, trading near $200, and continues to dominate usage metrics with higher daily transactions than Ethereum.
And the Solana ETF unlocks new access to SOL for retirement accounts, wealth advisors, and institutional portfolios that can’t touch crypto directly.
It deepens liquidity and puts Solana in the same regulated bucket as BTC and ETH, something nearly unthinkable during the FTX collapse just two years ago.
That means inflows and diversification buying is incoming.
But, with that said, there is one key difference between these SOL ETFs and BTC & ETH – BlackRock isn’t at the table (yet).
BlackRock’s IBIT (BTC) and ETHA (ETH) are the dominant players in their respective categories of ETFs.
IBIT has seen $65B in net inflows. The next biggest is FBTC at $12B (so 5x bigger).
Similarly, ETHA has seen $14.2B in net inflows. The next biggest is Fidelity’s FETH at $2.69B (also ~5x bigger).
So while there is reason to celebrate these new ETFs, especially for SOL – take them with a grain of salt.
And pop the champagne when BlackRock announces their SOL ETF…
Here’s a rundown of major token, protocol and airdrop news from the day:
Here is the list of other notable headlines from the day in NFTs:
