There is a detail that is quite thought-provoking: In November 2025, both Bitcoin and Ethereum's spot ETFs experienced significant outflows, totaling over $4 billion; meanwhile, the first batch of altcoin spot ETFs saw a contrary influx of approximately $1.3 billion, primarily concentrated in XRP and Solana.
While everyone is still using old questions to view the new market, such as "Will altcoin ETFs lead to a new round of surges?", it is more pertinent to ask: In a landscape of ruins, who are these ETFs that are attracting capital against the trend actually helping, and what are they filtering?
Let’s first present a few key numbers.
As of November 27, the total assets of six XRP ETFs reached $676 million, and there has been almost no outflow since their launch, representing a clean curve of "only inflows." Interestingly, amidst the overall decline in November, XRP's price actually rose by 7.2%, making it one of the few assets where both "price and capital flow have not faltered."
The story for Solana is even more "dramatic": the total assets of six SOL ETFs reached $918 million, with a cumulative net inflow of about $613 million, with money continuously flowing in; however, during the same period, the price of SOL plummeted by 29.2%. In other words, while the ETFs are actively buying, this buying pressure is merely a drop in the bucket against the systemic selling pressure caused by Bitcoin's flash crash, and at certain moments, the arbitrage structure of the ETFs may have even accelerated the decline.
Looking at Litecoin and Dogecoin on the other side: the combined inflow of the two ETFs is less than $8 million, which is completely on a different scale compared to the previous two. Both are combinations of "altcoins + ETFs," but some have become focal points for institutional allocation, while others are almost treated as "background noise."
This goes beyond a rough explanation of "market sentiment." It feels more like the market is scoring each coin individually.
XRP excels in three very realistic dimensions: regulatory issues have become clear after reconciliation, the narrative has shifted from "price story" to "cross-border payment infrastructure," and there is an intense fee war among issuers, collectively providing a long-term holding logic that institutions can accept.
Solana, on the other hand, has a different appeal; it attracts interest not only for its high performance and ecosystem but also because all SOL ETFs essentially offer annual staking yields of 6% to 8%. In other words, this is the kind of ETF where "even if the price drops, I can at least earn some interest," making it a viable option for some institutions that need to hedge against volatility.
In contrast, Litecoin and Dogecoin's awkwardness lies in the fact that when you pull them out of the "bullet screen culture" of the crypto world and place them in an institutional asset allocation report, it becomes very difficult to provide a serious investment rationale. Where does the long-term value come from? Where does the cash flow come from? What is their positioning from a regulatory perspective?
Once these questions are placed in the transparent container of an ETF, there are no emotional filters to beautify them.
From this perspective, altcoin ETFs resemble a collective health check for the entire altcoin market:
The health report won't immediately make you "die" or "come back to life," but it will lay bare the issues that were previously obscured by narrative and emotion.
Many people view this wave of altcoin ETFs as a form of "delayed redemption" for the last bull market—suggesting that as long as the products are listed on Wall Street, the past chips buried at high levels will have a chance to be gradually picked up by institutions.
However, based on the current distribution of funds, the reality presents a rather cold answer:
The altcoins that are genuinely taken seriously by institutions will not be many; those that can be held long-term will be even fewer.
Have you noticed that our previous logic for selecting altcoins often revolved around "this one is surging," "this community is lively," or "this new narrative is compelling"; whereas after the emergence of altcoin ETFs, the evaluation dimensions have gradually shifted to "does this thing have a stable institutional position," "is there a verifiable use case," "can it generate even a little sustainable cash flow," and "can it hold up under regulatory scrutiny"?
In other words, while altcoins were remembered for telling stories in the past, in the future, they may need to submit homework to be retained.
Therefore, when we observe XRP and Solana's ETFs attracting capital against the trend, the discussion should not only be about "is there a bottom-fishing opportunity," but also ask: If the entire altcoin market is to be dragged into a more transparent and institutionalized arena in the future, how many of the projects that are currently thriving can actually withstand this process?
Perhaps this is the true metaphor of "taking root in the ruins."
It is not the ETFs that are saving altcoins, but rather the ETFs that are helping the market to re-filter: this time, emotions can be absent, stories can be downgraded, and what remains can only be those assets that still have a bit of "reason to survive," even in a bear market and from an institutional perspective.
And this could very well be the true turning point for the industry.
Related: From "the first stock of stablecoins" to stock price "ankle cuts": Why did Circle quickly fall into a revaluation cycle?
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