Recently, there has been an unprecedented wave of cryptocurrency ETF applications in the United States. As of now, the U.S. SEC is reviewing ETF applications for various digital assets, including Bitcoin, Ethereum, Solana, XRP, and Litecoin, with dozens of institutions involved. Meanwhile, not only traditional asset management giants like BlackRock, VanEck, Grayscale, Bitwise, and CoinShares are actively submitting applications, but even new forces combining politics and business are eager to try—such as Trump Media, which has submitted a Bitcoin + Ethereum ETF application, promoting the concept of "sovereign Bitcoin reserves."
This wave is not only a celebration within the digital asset industry but also a comprehensive reconstruction of the significance of the cryptocurrency asset ecosystem in the traditional financial sector.
- Diversified Asset Allocation: From Bitcoin to Altcoins
In the past, the main battleground for cryptocurrency ETFs was primarily Bitcoin (BTC) and Ethereum (ETH). However, since 2025, the situation has changed significantly: CoinShares was the first to apply for the first spot ETF for Solana in the U.S., planning to incorporate a staking yield mechanism; Ripple (XRP), Litecoin, and Hedera have also submitted application materials one after another. This round of asset coverage expansion means that products are gradually transitioning from "digital gold" to a broader "digital asset basket," also widening the investment dimensions for both institutions and retail investors.
- Warming Policy and Regulatory Environment, Resonating Market Confidence
One of the driving forces behind this ETF boom is the significant improvement in policy signals:
In this context, cryptocurrency assets are gradually shaking off regulatory shadows, moving towards structural legalization and institutionalization.
- Capital Flow and Market Signals: Why Are Participants Quietly Accelerating?
In May, the asset size of cryptocurrency funds climbed to about $167 billion, with a net inflow of $7 billion in a single month, the highest since the end of 2024. During the same period, amid global market instability, Bitcoin rose by more than 15%, outperforming the MSCI World Index and gold, attracting funds for hedging and risk aversion strategies.
The market value of traditional gold ETFs has already been surpassed by cryptocurrency ETFs. State Street predicts that by the end of this year, the total market value of U.S. cryptocurrency ETFs will exceed that of precious metal ETFs, becoming the third-largest asset class after stocks and bonds. This means that an increasing amount of household wealth and institutional assets is being redirected towards digital asset allocation.
Historical experience shows that the approval of cryptocurrency ETFs or anticipated approval progress can act as market catalysts. Galaxy Digital predicts that if Bitcoin receives ETF approval, it could rise by about 74% within a year. Bloomberg analysts are also optimistic, expecting that spot ETFs for major assets, including Solana and XRP, will be listed in the second half of this year. This makes the scenario of "rising first, then approving" possible again.
- Risks and Challenges: Hidden Concerns Behind the Boom
Despite the active applications, the SEC has indeed delayed approvals for Solana/XRP until July or even later, indicating that the regulatory system remains cautious. Sudden political changes or market fluctuations could lead to an imbalance in the pace.
At the beginning of June, some analyses pointed out that if Bitcoin falls below $90,000, about half of the companies holding digital assets would face loss pressure. If the ETF boom accelerates, a reversal could trigger leverage withdrawal risks.
As more issuers enter the market, product homogeneity may intensify. How to stand out among numerous ETFs will depend on whether management fees, liquidity structure, staking yields, and asset compliance are superior.
- Outlook and Logical Path: How Will Cryptocurrency ETFs Change the Ecological Landscape?
The ETF format allows tokens like Bitcoin, Ethereum, and even Solana to be directly accessed through traditional brokers, pension funds, and mutual funds. There is no need to open a wallet or engage with cryptocurrency exchanges.
ETFs make the securitization path smoother, and future financial models may integrate traditional stocks, bonds, and digital assets, achieving truly diversified global allocation.
Once ETF approvals are granted, their compliance, custody, auditing, and other mechanisms will become templates for the entire cryptocurrency industry, helping to promote the standardization of a broader digital asset ecosystem.
Solana ETFs with staking yields, combination ETFs covering multiple currencies, and even tokenized bond products may emerge rapidly before 2026.
Conclusion: The Transformation Has Begun, Investors Need to Discern the Rhythm
The "surge in cryptocurrency ETF applications" reflects a structural transformation: from the previous "self-entertainment in the crypto circle" to gradually moving towards "capital market game rules." In just half a year, ETF assets have reached a scale of hundreds of billions of dollars, and regulatory boundaries are being reshaped.
Related: SRM will establish a $210 million TRX treasury and be renamed Tron Inc., with Justin Sun serving as an advisor.
Original article: “The Surge in Cryptocurrency ETF Applications Sparks Market Structural Shift and Investment Tilt”
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