As the global cryptocurrency market continues to be under pressure due to expectations of interest rate cuts by the Federal Reserve and tightening macro liquidity, Wall Street is experiencing an unprecedented wave of cryptocurrency ETF "mania." On November 24, 2025, Bloomberg's senior ETF analyst Eric Balchunas revealed that within the next six days, five cryptocurrency ETFs will be launched in succession, including mainstream crypto asset ETFs such as Dogecoin (DOGE), XRP, and Chainlink (LINK), which are not Bitcoin or Ethereum. Franklin Templeton and Grayscale's XRP and Dogecoin ETFs have already been approved. Balchunas further predicts that over the next six months, more than 100 spot or derivative cryptocurrency ETFs will continuously supply the market. This not only marks a new phase in the institutionalization of crypto assets but also indicates that Wall Street is embracing Web3 at an astonishing speed, injecting new vitality into the market.
- Five cryptocurrency ETFs to launch in the next six days: Dogecoin, XRP, LINK rush onto Wall Street
Bloomberg's senior ETF analyst Eric Balchunas, known as the "ETF prophet," suggests that the cryptocurrency ETF market is about to experience explosive growth.
Franklin Templeton XRP ETF approved: On November 24, the New York Stock Exchange (NYSE Arca) approved the listing of Franklin Templeton's XRP spot ETF, trading under the code XRPZ, with an annual fee rate of 0.19%. Franklin plans to waive fees for the first $5 billion in assets, with the free period lasting until May 31, 2026.
Grayscale DOGE and XRP ETFs listed: On November 24, the New York Stock Exchange (NYSE Arca) approved the listing of Grayscale's DOGE and XRP spot ETFs, which officially began trading on Monday. The Grayscale DOGE spot ETF code is GDOG, and the Grayscale XRP spot ETF code is GXRP.
Grayscale LINK ETF: Balchunas stated that Grayscale's Chainlink (LINK) ETF will also be launched in about a week.
Concentration of XRP ETFs: On November 13, the XRP ETF (code: XRPC) launched by Canary Capital became the first spot XRP ETF in the United States. Meanwhile, Bitwise, 21Shares, and CoinShares also launched their respective XRP ETFs this month. With the end of the U.S. government shutdown and a noticeable relaxation in the SEC's review of cryptocurrency ETFs, XRP ETF products are emerging in concentration.
Over a hundred cryptocurrency ETFs about to flood in: In another post, Balchunas pointed out that over the next six months, more than 100 spot or derivative cryptocurrency ETFs will continuously supply the market, covering mainstream public chain coins such as Solana, Avalanche, and Polkadot, and even possibly including leveraged and inverse products.
- Bullish signals from the "ETF prophet": First DOGE ETF launched, management fees waived
Bloomberg's senior ETF analyst Eric Balchunas posted on social media platform X, stating: "The first spot Dogecoin ETF in the U.S. was officially launched today by Grayscale, code $GDOG!"
GDOG's fee rate: GDOG has a management fee of 0.35% (35 basis points), but it completely waives fees for the first $1 billion in inflows or for the first three months of inflows.
Competition and efficiency: Balchunas quickly added, "Grayscale can only enjoy the market for two days!" because the spot Dogecoin ETF submitted by Bitwise (code $BWOW) has been approved and will be listed on Wednesday (26th). He expressed his enjoyment of the current situation where different issuers can each secure their own "global debut" moments with different coins, allowing everyone a chance to shine.
- Bitcoin ETFs continue to bleed: Structural challenges in the market remain
Despite the intensive listing of altcoin ETFs, Bitcoin exchange-traded funds are facing the most severe monthly outflow of funds since their inception nearly two years ago, adding greater pressure to an already weak cryptocurrency market.
Severe outflows: Bloomberg's compiled data shows that as of November, investors have withdrawn $3.5 billion from U.S.-listed Bitcoin ETFs, nearly matching the historical monthly outflow record of $3.6 billion set in February.
BlackRock's IBIT hit hard: BlackRock's Bitcoin fund IBIT accounts for about 60% of the total assets in this category, and the fund has recorded $2.2 billion in redemptions in November. If there is no large-scale capital inflow in the coming days, it will set its worst monthly performance.
Citi's quantitative research: Citi's research department quantified this phenomenon: for every $1 billion (net) outflow from Bitcoin ETFs, the price drops by about 3.4%, and vice versa. Based on this, Citi analyst Alex Saunders set a pessimistic year-end target of $82,000 (assuming zero capital inflow). The actual outflow has reached several billion dollars, suggesting further downside potential.
Market decline and hedging: Bloomberg Intelligence's senior ETF analyst Rebecca Sin pointed out, "As the market continues to decline and volatility increases, especially in conjunction with the current trend of gold, outflows may persist." She also revealed that some of the withdrawals stem from hedge funds unwinding a popular strategy known as "basis trading"—a strategy that profits from capturing the price difference between the spot and futures markets. Some institutions are also using ETFs to profit from cryptocurrency volatility or hedge short positions in derivatives.
- Opportunities and challenges for altcoin ETFs: Setting sail in a headwind market
Although Bitcoin ETFs are experiencing capital outflows, the intensive listing of altcoin ETFs is still bringing new attention to the market.
Concentrated listings: With the intensive launch of mainstream crypto asset ETFs such as XRP, Dogecoin (DOGE), and Chainlink (LINK), and Balchunas predicting that over 100 spot or derivative cryptocurrency ETFs will continuously supply the market in the next six months, covering mainstream coins like Solana, Avalanche, and Polkadot, the institutional investment channels for altcoins are rapidly expanding.
Highlights of XRPC's first day: The XRP ETF (XRPC) launched by Canary Capital performed outstandingly on its first day, with a trading volume of $58 million, making it the highest first-day trading volume among all newly issued ETFs this year, indicating suppressed demand in the market for specific altcoins.
Challenges in a headwind market: However, the launch of these altcoin ETFs comes amid an overall downturn in the cryptocurrency market and tightening macro liquidity. The large-scale outflow from Bitcoin ETFs undoubtedly adds extra pressure on these new products. The altcoin market has relatively limited scale and liquidity, higher volatility, and faces potential regulatory risks of being classified as unregistered securities, all of which are challenges they need to overcome to attract large-scale institutional funds.
- Expansion cycle of cryptocurrency ETFs: Driven by regulation and staking functions
According to incomplete statistics from Bloomberg, there are currently 155 ETPs (exchange-traded products) applications in the cryptocurrency market, covering 35 digital assets, showing a landing-style growth. With the end of the U.S. government shutdown, the approval process for these ETFs is expected to accelerate.
Regulatory drive: The U.S. regulatory environment is gradually becoming clearer, which may drive a new round of expansion in cryptocurrency ETF applications. The SEC has approved general listing standards for cryptocurrency ETFs and issued new guidelines allowing cryptocurrency ETF issuers to expedite the effectiveness of their filing documents. At the same time, the SEC significantly removed the previously routine special chapters on cryptocurrencies in its latest fiscal year review focus document.
Staking function: The introduction of staking functions is believed to stimulate demand from institutional investors. U.S. Treasury Secretary Scott Bessent issued a new statement indicating that he will work with the IRS to update guidance to provide regulatory support for cryptocurrency ETPs that include staking functions. This move is seen as potentially accelerating the approval timeline for Ethereum staking ETPs while paving the way for multi-chain staking products for networks like Solana, Avalanche, and Cosmos.
Conclusion:
The intensive launch of five cryptocurrency ETFs in the next six days, along with the influx of over a hundred cryptocurrency products, marks a new phase in the institutionalization of crypto assets. The rush of altcoins like Dogecoin, XRP, and LINK onto Wall Street not only provides investors with more diversified choices but also indicates that Wall Street is embracing Web3 at an astonishing speed. However, the continued bleeding of Bitcoin ETFs and the launch of altcoin ETFs in a headwind market also reflect the structural challenges in the market under tightening macro liquidity. This expansion cycle of cryptocurrency ETFs will be an important test of the maturity and depth of institutionalization of the cryptocurrency market.
Related reading: Chen Maobo: Hong Kong becomes a global "safe haven" for funds, with deposits exceeding 19 trillion HKD
Original article: “Five cryptocurrency ETFs to debut in six days as Dogecoin, XRP, and LINK race onto Wall Street”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
