The cryptocurrency market has long outgrown the niche financial spot it was given by TradFi, with BTC and several altcoins surging in popularity among various types of investors with the launch of exchange-traded funds tracking their performance.
Ripple’s XRP joined the list on Thursday when Canary Capital’s XRPC launched on the Nasdaq after clearing out a few hurdles. The demand for it, as well as the recently released Bitwise SOL ETF, is more than evident, especially on their respective first days of trading. The question now is which ETF is coming next?
Market Dynamics and Future ETF Launches
Eric Balchunas, the senior ETF expert at Bloomberg, recently outlined the latest SEC guidance for exchange-traded fund issuers. 2025 has been the year with the most ETFs launched ever, with September and October breaking all records. Balchunas believes the new guidance will only accelerate the effectiveness of filings, aiming to clear some backlog.
As such, he guessed that some of the many cryptocurrency-based ETF applications that didn’t follow Canary Capital’s path to submit an 8-A filing with the watchdog will try to do so soon.
In terms of which financial vehicle will be the next to see the light of day, Balchunas noted that Bitwise’s XRP ETF should have the upper hand.
SEC put out some guidance where it looks like issuers can sort of speed up the effectiveness of filings in an effort to clear out some backlog. My guess is some of those crypto etfs that didn’t do the 8a thing will try and push out as soon as they can. Bitwise XRP is due next up… pic.twitter.com/vY3ja5Xk1I
— Eric Balchunas (@EricBalchunas) November 14, 2025
Demonstrated Investor Demand for Crypto ETFs
Recall that the Solana staking ETF launched by Bitwise in late October broke the first-day trading volume for the year with $56 million. However, the XRPC debut was even more impressive, with the trading volume surging to almost $60 million.
Balchunas outlined this significant demand and noted that the difference with the third place is quite substantial, as its trading volume on the first day was more than $20 million lower.
Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL's $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) November 13, 2025