The crypto market has had a wild ride over the last two years, with institutional products like ETFs playing a big role in shaping prices.
Investors are watching closely as regulators open the door to more coins being included in spot ETFs. Let’s take a look at what’s already happened with Bitcoin and Ethereum, and which cryptos might be next in line.
The U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs on January 10, 2024. This let big financial corporations like BlackRock and Fidelity start offering products to retail investors that involved Bitcoin.
To offer a spot ETF, these big companies have to buy the actual crypto and hold it. This puts upwards pressure on the price of these cryptos (but that doesn’t necessarily mean that the price will go up if others are approved).
It also doesn’t mean that these companies won’t dump these coins back in the market if there is no interest from investors.
On January 11, 2025, the price of Bitcoin was around US$95,000.
Today, the 22nd September 2025, after a rocky ride of ups and down, it sits at around US$115,000. So clearly, the price of Bitcoin’s overall trajectory has been up since spot ETFs were approved in the USA.
This isn’t to say that the ETF approval was the only thing that put upwards pressure on price. There are a million and a half factors that can make the price of any crypto go skywards. But a pending spot ETF approval is something that investors might take on board when deciding what cryptos to buy.
The SEC approved listings for spot Ethereum ETFs on May 23, 2024 (through filings from companies like Grayscale and VanEck). The ETH price on this day was around US$2,500.
At the time of writing, 22nd September 2025, the price is around US$4,400. While it was a volatile ride to get there, we can see the upwards pressure on price. But again, usually it is several factors that interplay to push the price of a crypto up.
Again, just because a spot ETF gets approved does not guarantee that the price will go up. It’s usually a perfect storm of multiple macroeconomic background noises that can cause a price to jump. And keep in mind that these factors can also intermingle so that the price falls down and takes your shirt and your pants with it. And no one wants to see you running around in your Mickey Mouse undies.
On September 18, 2025, the SEC made a new rule that makes it easier for big stock exchanges like Nasdaq, NYSE Arca, and Cboe to launch crypto investment products (ETFs).
Before, each one had to get special approval, which took time. Now, as long as the crypto product meets the new general standards, it can be listed right away.
Thanks to this new rule, XRP and Dogecoin ETFs launched quickly and it means other crypto ETFs can come out much faster in the future.
So which cryptos should you keep an eye on?
XRP (XRP): A filing was acknowledged Feb 2025; funds launched mid-Sep 2025 following approval.
Dogecoin (DOGE) — An application was first filed Mar 3, 2025; funds launched mid-Sep 2025 after approval.
Solana (SOL): Awaiting approval, multiple applications filed.
Cardano (ADA): filings are under review, with decision deadlines extended.
Litecoin (LTC): There are LTC‐ETF filings applications under review.
Chainlink (LINK): A filing by Grayscale for a LINK ETF is in progress.
Avalanche (AVAX): An active application is in the works.
Polkadot (DOT): Filings are underway.
Hedera (HBAR): There is an HBAR ETF pending.
Aptos (APT): Application in progress.
Sui (SUI): Application in progress.
Spot Bitcoin and Ethereum ETFs proved that institutional demand can play a role in shaping crypto markets, even if prices still depend on many outside forces. With new SEC rules now streamlining approvals, the next wave of crypto ETFs could arrive much faster than before. Whether this drives prices up, down, or sideways is anyone’s guess. But what’s clear is that the ETF era of crypto has only just begun.
