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8 Shitcoin ETFs Entry Record: Only $700 Million Raised, Unable to Stop Price Decline
Original Article Title: "Observation of Four Major Altcoin ETFs Listing: Total Inflow of $700 Million, Issuance Easy but Difficulty in Attracting Funds"
Original Author: Nancy, PANews
As the US SEC opens a fast track for crypto ETFs and the regulatory environment becomes increasingly clear, more and more altcoins are attempting to step onto the Wall Street stage. Since last month, 8 altcoin ETFs have been approved one after another, but in the overall bearish crypto market environment, these products are generally facing the problem of limited fund inflow after listing, making it difficult to significantly boost the coin prices in the short term.
Four Major Altcoins Landing on Wall Street, Limited Short-Term Fundraising Capability
Currently, four crypto projects, Solana, Ripple, Litecoin, and Hedera, have obtained the "ticket" to Wall Street. However, from the perspective of fund flows, the overall attractiveness is still limited, and some ETFs have experienced zero inflows for multiple days. These four types of ETFs have only received a cumulative net inflow of approximately $700 million. Additionally, after the ETFs were launched, the prices of the respective coins have generally declined, which is also partly influenced by the overall crypto market pullback.
• Solana
Currently, there are five US Solana spot ETFs on the market, issued by Bitwise, VanEck, Fidelity, Grayscale, and Canary, with related products from 21Shares and CoinShares also in the pipeline.
According to SoSoValue data, the cumulative total net inflow of US Solana spot ETFs is approximately $420 million, with a total net asset value of $594 million. Among them, Bitwise's BSOL contributed the main trading volume, with a total of $388 million in net inflow over three weeks, but most of it came from an initial investment of nearly $230 million on the first day, after which the inflow slowed significantly. Fidelity's FSOL had a net inflow of only $2.07 million on the first day of listing on November 18, with a total net asset value of $5.38 million; Grayscale's GSOL had a cumulative net inflow of approximately $28.45 million, with a total net asset value of $99.97 million; Canary's SOLC had no net inflow on the first day of listing, with a total net asset value of $0.82 million. It is worth noting that the ETF issuers all support staking, which may provide some support for market demand.
CoinGecko data shows that since the first Solana spot ETF went live on October 28, the price of SOL has dropped by 31.34% to date.
• XRP
Regarding the U.S. XRP spot ETF, the only product currently listed is XRPC launched by Canary. Related products from CoinShares, WisdomTree, Bitwise, and 21Shares are still in the preparation stage.
According to SoSoValue data, since its launch, XRPC has seen a cumulative net inflow of over $270 million. The first-day trading volume reached $59.22 million but did not generate net inflows. The next day, net inflows of $243 million were achieved through cash or in-kind purchases, with a trading volume of $26.72 million.
CoinGecko data shows that since the first Ripple spot ETF was listed on November 13, the XRP price has dropped by approximately 12.71%.
• LTC
At the end of October this year, Canary Capital officially launched the first U.S. ETF tracking Litecoin, LTCC. Related products from CoinShares and Grayscale are still in the preparation stage and are expected to follow suit.
According to SoSoValue data, as of November 18, LTCC has seen a cumulative net inflow of approximately $7.26 million. Daily net inflows are generally only in the hundreds of thousands of dollars, with several days experiencing zero inflows.
CoinGecko data shows that since the first Litecoin spot ETF was listed on October 28, the LTC price has dropped by about 7.4%.
• HBAR
The first U.S. ETF tracking HBAR, HBR, was also launched by Canary Capital at the end of last month. According to SoSoValue data, as of November 18, HBR has seen a cumulative net inflow of approximately $74.71 million. Nearly 60% of the funds were concentrated in the first week of inflows, after which net inflows decreased significantly, with some days even experiencing consecutive days of zero inflows.
CoinGecko data shows that since the first Hedera spot ETF was listed on October 28, the HBAR price has dropped by approximately 25.84%.
In addition to the above projects, upcoming spot ETFs for assets such as DOGE, ADA, INJ, AVAX, BONK, and LINK are still in progress. Bloomberg analyst Eric Balchunas expects Grayscale's Dogecoin ETF to be launched on November 24.
Crypto ETF Expansion Cycle Initiated, Listing Performance Still Faces Multiple Challenges
According to Bloomberg's incomplete statistics, the crypto market currently has 155 ETP (Exchange-Traded Product) applications, covering 35 digital assets, including Bitcoin, Ethereum, Solana, XRP, and LTC, presenting a beachhead-style growth trend. With the end of the U.S. government shutdown, the approval process for these ETFs is expected to accelerate.
As the U.S. regulatory environment gradually clarifies, it may propel a new round of expansion for crypto ETF applications. The U.S. SEC has approved general listing standards for crypto ETFs and recently released new guidance allowing ETF issuers to expedite the effectiveness of their registration statements. Meanwhile, in its latest annual examination priorities document, the U.S. SEC significantly removed the previously routine cryptocurrency-specific section. This is in contrast to the era of former chair Gary Gensler when cryptocurrencies were explicitly included as an examination priority, specifically mentioning spot Bitcoin and Ethereum ETFs.
Furthermore, the introduction of staking is believed to stimulate institutional investor demand, thus attracting more issuers to join the ETF application queue. Research from Swiss crypto bank Sygnum shows that despite the recent market downturn, institutional investor confidence in crypto assets remains strong. Over 80% of institutions express interest in crypto ETFs beyond Bitcoin and Ethereum, with 70% stating that if an ETF can offer staking rewards, they would begin or increase their investments. On the policy front, there has also been a positive signal for ETF staking. Recently, U.S. Treasury Secretary Scott Bessent issued a new statement saying they will collaborate with the IRS to update guidance to provide regulatory support for crypto ETPs that include staking capabilities. This move is considered likely to expedite the approval time for Ethereum staking ETPs and pave the way for multi-chain staking products on networks such as Solana, Avalanche, and Cosmos.
However, altcoin ETFs currently lack sufficient funding attractiveness, mainly due to factors such as market size, liquidity, volatility, and market sentiment.
On one hand, altcoins have limited market size and liquidity. According to CoinGecko data as of November 18, Bitcoin's market dominance is close to sixty percent, and after excluding ETH and stablecoins, the market share of other altcoins is only 19.88%. This makes the underlying asset liquidity of altcoin ETFs relatively poor. Additionally, compared to Bitcoin and Ethereum, altcoins are susceptible to short-term narratives, have higher volatility, and are seen as high-risk beta assets. Based on Glassnode data, since the beginning of this year, relative altcoin profits have mostly fallen to deep plunge levels, leading to a significant divergence between Bitcoin and altcoins not commonly seen in previous cycles. Thus, altcoin ETFs struggle to attract investors on a large scale, especially single-asset ETFs. In the future, investors may be more inclined to adopt diversified, decentralized basket altcoin ETF strategies to reduce risk and enhance potential returns.
On the other hand, meme coins face market manipulation and transparency risks. Many meme coins have low liquidity, making them susceptible to price manipulation. The net asset value (NAV) of an ETF relies on the underlying asset price, so if a meme coin's price is manipulated, it directly affects the ETF's value, potentially triggering legal risks or regulatory scrutiny. Additionally, some meme coins may be deemed unregistered securities. Currently, the SEC is advancing a token taxonomy plan to differentiate whether a cryptocurrency qualifies as a security.
Furthermore, the uncertainty in the macroeconomic environment has exacerbated investors' risk aversion sentiment. In a situation of overall low confidence, investors tend to prefer allocating to traditional assets like US stocks and gold. Meanwhile, meme coin ETFs lack the recognition and market acceptance enjoyed by Bitcoin or Ethereum spot ETFs, especially lacking endorsement from major institutions like BlackRock. The distribution network, brand effect, and market trust brought by the top issuers are hard to replicate, further weakening the meme coin ETFs' attractiveness in the current environment.
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Coinbase Joins Prediction Market, AAVE Governance Dispute - What's the Overseas Crypto Community Talking About Today?
Over the past 24 hours, the crypto market has shown strong momentum across multiple dimensions. The mainstream discussion has focused on Coinbase's official entry into the prediction market through the acquisition of The Clearing Company, as well as the intense controversy within the AAVE community regarding token incentives and governance rights.
In terms of ecosystem development, Solana has introduced the innovative Kora fee layer aimed at reducing user transaction costs; meanwhile, the Perp DEX competition has intensified, with the showdown between Hyperliquid and Lighter sparking widespread community discussion on the future of decentralized derivatives.
This week, Coinbase announced the acquisition of The Clearing Company, marking another significant move to deepen its presence in this field after last week's announcement of launching a prediction market on its platform.
The Clearing Company's founder, Toni Gemayel, and the team will join Coinbase to jointly drive the development of the prediction market business.
Coinbase's Product Lead, Shan Aggarwal, stated that the growth of the prediction market is still in its early stages and predicts that 2026 will be the breakout year for this field.
The community has reacted positively to this, generally believing that Coinbase's entry will bring significant traffic and compliance advantages to the prediction market. However, this has also sparked discussions about the industry's competitive landscape.
Jai Bhavnani, Founder of Rivalry, commented that for startups, if their product model proves to be successful, industry giants like Coinbase have ample reason to replicate it.
This serves as a reminder to all entrepreneurs in the crypto space that they must build significant moats to withstand competition pressure from these giants.
Regulated prediction market platform Kalshi launched its research arm, Kalshi Research, this week, aimed at opening its internal data to the academic community and researchers to facilitate exploration of prediction market-related topics.
Its inaugural research report highlights Kalshi's outperformance in predicting inflation compared to Wall Street's traditional models. Kalshi co-founder Luana Lopes Lara commented that the power of prediction markets lies in the valuable data they generate, and it is now time to better utilize this data.
Meanwhile, Kalshi announced its support for the BNB Chain (BSC), allowing users to deposit and withdraw BNB and USDT via the BSC network.
This move is seen as a significant step for Kalshi to open its platform to a broader crypto user base, aiming to unlock access to the world's largest prediction market. Furthermore, Kalshi also revealed plans to host the first Prediction Market Summit in 2026 to further drive industry engagement and development.
The AAVE community recently engaged in heated debates around an Aave Improvement Proposal (AIP) titled "AAVE Tokenomics Alignment Phase One - Ownership Governance," aiming to transfer ownership and control of the Aave brand from Aave Labs to Aave DAO.
Aave founder Stani Kulechov publicly stated his intention to vote against the proposal, believing it oversimplifies the complex legal and operational structure, potentially slowing down the development process of core products like Aave V4.
The community's reaction was polarized. Some criticized Stani for adopting a "double standard" in governance and questioned whether his team had siphoned off protocol revenue, while others supported his cautious stance, arguing that significant governance changes require more thorough discussion.
This controversy highlights the tension between the ideal of DAO governance in DeFi projects and the actual power held by core development teams.
Despite governance disputes putting pressure on the AAVE token price, on-chain data shows that Stani Kulechov himself has purchased millions of dollars' worth of AAVE in the past few hours.
Simultaneously, a whale address, 0xDDC4, which had been quiet for 6 months, once again spent 500 ETH (approximately $1.53 million) to purchase 9,629 AAVE tokens. Data indicates that this whale has accumulated nearly 40,000 AAVE over the past year but is currently in an unrealized loss position.
The founder and whale's increased holdings during market volatility were interpreted by some investors as a confidence signal in AAVE's long-term value.
In this week's top article, Morpho Labs' "Curator Explained" detailed the role of "curators" in DeFi.
The article likened curators to asset managers in traditional finance, who design, deploy, and manage on-chain vaults, providing users with a one-click diversified investment portfolio.
Unlike traditional fund managers, DeFi curators execute strategies automatically through non-custodial smart contracts, allowing users to maintain full control of their assets. The article offered a new perspective on the specialization and risk management in the DeFi space.
Another widely circulated article, "Ethereum 2025: From Experiment to Global Infrastructure," provided a comprehensive summary of Ethereum's development over the past year. The article noted that 2025 is a crucial year for Ethereum's transition from an experimental project to global financial infrastructure. Through the Pectra and Fusaka hard forks, Ethereum achieved significant reductions in account abstraction and transaction costs.
Furthermore, the SEC's clarification of Ethereum's "non-securities" nature and the launch of tokenized funds on the Ethereum mainnet by traditional financial giants like JPMorgan marked Ethereum's gaining recognition from mainstream institutions. The article suggested that whether it is the continued growth of DeFi, the thriving L2 ecosystem, or the integration with the AI field, Ethereum's vision as the "world computer" is gradually becoming a reality.
The Solana Foundation engineering team released a fee layer solution called Kora this week.
Kora is a fee relayer and signatory node designed to provide the Solana ecosystem with a more flexible transaction fee payment method. Through Kora, users will be able to achieve gas-free transactions or choose to pay network fees using any stablecoin or SPL token. This innovation is seen as an important step in lowering the barrier of entry for new users and improving Solana network's availability.
Additionally, a deep research report on propAMM (proactive market maker) sparked community interest. The report's data analysis of propAMMs on Solana like HumidiFi indicated that Solana has achieved, or even surpassed, the level of transaction execution quality in traditional finance (TradFi) markets.
For example, on the SOL-USDC trading pair, HumidiFi is able to provide a highly competitive spread for large trades (0.4-1.6 bps), which is already better than the trading slippage of some mid-cap stocks in traditional markets.
Research suggests that propAMM is making the vision of the "Internet Capital Market" a reality, with Solana emerging as the prime venue for all of this to happen.
The competition in the perpetual contract DEX (Perp DEX) space is becoming increasingly heated.
In its latest official article, Hyperliquid has positioned its emerging competitor, Lighter, alongside centralized exchanges like Binance, referring to it as a platform utilizing a centralized sequencer. Hyperliquid emphasizes its transparency advantage of being "fully on-chain, operated by a validator network, and with no hidden state."
The community widely interprets this as Hyperliquid declaring "war" on Lighter. The technical differences between the two platforms have also become a focal point of discussion: Hyperliquid focuses on ultimate on-chain transparency, while Lighter emphasizes achieving "verifiable execution" through zero-knowledge proofs to provide users with a Central Limit Order Book (CLOB)-like trading experience.
This battle over the future direction of decentralized derivatives exchanges is expected to peak in 2026.
Meanwhile, discussions about Lighter's trading fees have surfaced. Some users have pointed out that Lighter charged as much as 81 basis points (0.81%) for a $2 million USD/JPY forex trade, far exceeding the near-zero spreads of traditional forex brokers.
Some argue that Lighter does not follow a B-book model that bets against market makers, instead anchoring its prices to the TradFi market, and the high fees may be related to the current liquidity or market maker balance incentives. Providing a more competitive spread for real-world assets (RWA) in the highly volatile crypto market is a key issue Lighter will need to address in the future.
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