New Altcoin ETFs Roll Out in the U.S.
The final week of October marked a significant turning point with the official entry of Solana, Litecoin, and Hedera ETFs into the U.S. market. These new products offer traditional investors access to altcoins without the need for direct crypto custody. Two of the debut offerings, Canary Capital’s LTCC (Litecoin) and HBR (Hedera), became the first ETFs to track the spot prices of their respective networks. They were joined by the Bitwise Solana Staking ETF (BSOL), which quickly garnered attention due to Solana’s consistent performance among the top blockchains. Momentum continued into November with the arrival of the first U.S. XRP ETF, signaling a rapid acceleration of regulatory approvals for altcoin-focused ETFs, a development that once seemed unlikely.
#ETFs are rolling out fast in the US. Solana, Litecoin and Hedera ETFs are live. Dogecoin ETF expected Nov 24. pic.twitter.com/Y2b0aFz1wH
— Eric Balchunas (@EricBalchunas) October 26, 2024
ETF Filings Accelerate Following Government Reopening
The reopening of the U.S. federal government has spurred a surge in ETF applications and approvals that were previously on hold. According to Bloomberg analyst Eric Balchunas, a substantial number of additional listings are anticipated, with issuers actively seeking to establish an early market presence. Balchunas forecasts the launch of two Solana ETFs on November 19: the Canary SOL Spot ETF (SOLC) and the Fidelity Solana ETF (FSOL), with the latter reportedly set to launch with a 0.25% fee. Fidelity's entry is particularly significant as it positions itself as the largest asset manager in the Solana ETF sector, while BlackRock has yet to enter this space. Concurrently, VanEck's Solana ETF (VSOL) began trading this week, and Bitwise’s VSOL has already accumulated approximately $450 million, leading the category in total assets.
Litecoin Price Stabilizes Near $95 Amidst Consolidation
Litecoin is currently trading around the $95 mark, having successfully retested support near the $90 region following a recent pullback. The price action indicates continued consolidation within a range of $88 to $105, a pattern that has persisted for months. Buyers have consistently defended the lower boundary, suggesting robust demand below $90, while sellers have reappeared in the low $100s. The Relative Strength Index (RSI) is hovering near 47, indicating neutral momentum rather than aggressive trending by either bulls or bears. Similarly, the flat Moving Average Convergence Divergence (MACD) lines reinforce the current sideways market structure. A decisive break above $105 could open the path for Litecoin to move towards $120, whereas a fall below $88 might bring $80 into play as the next support level.
Dogecoin ETF Countdown Begins for November 24 Launch
With XRP ETFs already trading and multiple Solana ETFs launching this week, the focus is now shifting to Dogecoin, with its ETF launch date drawing significant attention. Based on regulatory filings, Eric Balchunas anticipates the Grayscale Dogecoin ETF will launch on November 24, provided the SEC does not intervene before the deadline. This fund will be established by converting the Grayscale Dogecoin Trust into a fully tradable ETF and listing it on the New York Stock Exchange. If this timeline is met, Dogecoin will make history as the first memecoin to have direct asset exposure in a U.S. ETF, marking another important milestone in the expansion of regulated cryptocurrency investment products.