A wave of altcoin ETFs are about to be listed.

It took nearly a decade for Bitcoin spot ETFs to be approved, while altcoin spot ETFs took only six months. In November 2025, an incredible change occurred on Wall Street: Solana, XRP, and Dogecoin—altcoins once considered "speculative toys" by mainstream financial institutions—collectively listed on the New York Stock Exchange and Nasdaq within just a few weeks, becoming regulated ETF products. This shift was primarily due to the "General Listing Standard" approved by the U.S. Securities and Exchange Commission (SEC) in September 2025, which opened a fast track for crypto assets that meet certain conditions, allowing them to be listed and traded without undergoing rigorous individual approval processes. On September 17, 2025, the SEC approved the proposed revisions to the "Common Listing Standards" put forward by the three major exchanges. Crypto assets meeting certain conditions can now be listed directly without individual approval. The core eligibility criteria include: either the asset has at least six months of trading history in a CFTC-regulated futures market, and the exchange has a monitoring agreement with that market; or there is already an ETF precedent holding at least 40% exposure to the asset. Solana, XRP, and Dogecoin all happen to meet these criteria. The concentrated listing of altcoin ETFs is reshaping the landscape and valuation logic of the entire crypto market. The launch of ETFs has exacerbated the liquidity stratification within the crypto market. The first tier consists of ETF assets such as BTC, ETH, SOL, XRP, and DOGE. These assets have compliant fiat currency access, allowing registered investment advisors and pension funds to allocate them without barriers, enjoying a "compliance premium" and lower liquidity risk. The second tier comprises non-ETF assets, including other Layer 1 and DeFi tokens. Lacking ETF access, these assets will continue to rely on retail funds and on-chain liquidity, facing the risk of marginalization. This differentiation is driving the crypto market's valuation logic from speculation-driven to a multi-polar valuation based on compliant access and institutional allocation. As Bitcoin plummeted from its early 2025 high of $126,000 to around $80,000 by the end of November, the entire crypto market was shrouded in a downward shadow. However, this hasn't stopped the listing of altcoin ETFs. In the next 6-12 months, the market may see more assets (such as Avalanche and Chainlink) attempting to replicate this path. ETFs will become the most important watershed distinguishing between "core assets" and "fringe assets." A market once driven by speculation and narrative is evolving towards a new order anchored by compliance channels and institutional allocation. This process is irreversible.