The crypto ETF market experienced an active week, with the Bitwise Solana ETF (BSOL) marking a strong debut for new altcoin exchange-traded funds (ETFs). BSOL achieved $56 million in first-day trading volume, surpassing all 850 ETF launches this year.
Three altcoin exchange-traded funds launched on October 28, featuring capabilities previously unavailable in U.S. crypto products. The Canary Hedera ETF (HBR) posted $8 million in volume, while the Canary Litecoin ETF (LTCC) registered $1 million.
Crypto ETF BSOL Drew Record Inflows and Volume
Farside Investors reported that BSOL attracted $69.5 million in inflows on its debut.
Bloomberg senior ETF analyst Eric Balchunas noted on October 28 that BSOL’s $56 million in trading volume exceeded that of every other launch in 2025, including XRP, the Solana interval fund SSK, and other high-profile products.
Balchunas added that BSOL was seeded with $220 million in assets. If the fund had invested that seed capital on launch day, the total volume could have approached $280 million, rivaling the debut of some Ethereum ETF products.
President of NovaDius Wealth, Nate Geraci, stated that spot XRP ETFs would likely see similar or greater reception based on the performance of existing Solana and XRP products on the market.
Crypto News: Altcoin ETF Gained Traction Across Products
In recent crypto news, the REX-Osprey Solana ETF (SSK) registered $30 million in volume on October 28, nearly half of Bitwise’s BSOL.
This product had already launched earlier in 2025 under a different regulatory structure as an interval fund.
The debut of these new altcoin ETFs sparked activity in other altcoin-related products.
The REX-Osprey XRP ETF (XRPR) recorded $6.4 million in volume, a figure aligning with the broader appetite for altcoin ETF exposure.
The REX-Osprey Dogecoin ETF (DOJE) posted $1.6 million, marking its largest volume in the past four trading days.
Regarding other crypto ETF players, Bitcoin and Ethereum ETFs see inflows as a more meaningful performance metric.
Bitcoin ETFs registered $202.4 million in inflows on October 28. The products had amassed $462.6 million in total inflows over the prior four trading days, with consistently positive flows.
Ethereum ETFs drew $246 million in inflows on October 28 and $379.9 million across the week spanning October 27 and 28.
SEC Reversed Stance on Staking and Streamlined Approvals
The SEC’s Division of Corporation Finance stated on May 29 that protocol staking activities do not constitute securities transactions and do not require registration.
Analysts viewed this new stance as removing the final hurdle to approving crypto ETFs with staking enabled, which was not possible until recently.
This guidance marked a reversal from the agency’s prior enforcement posture under former Chair Gary Gensler.
Geraci highlighted the regulatory shift on October 28, noting that the crypto ETFs launched that day held spot altcoins, enabled staking, and allowed in-kind creations and redemptions.
He referenced the conclusion of Grayscale’s lawsuit against the SEC two years prior, observing that the industry had advanced considerably since that milestone.
Notably, Grayscale’s lawsuit was the catalyst for the approval of Bitcoin ETFs. The court ruled that the SEC acted “arbitrarily and capriciously,” citing concerns that crypto ETFs would facilitate market manipulation.
Additionally, the SEC approved generic listing standards on September 17, permitting exchanges to list commodity-based exchange-traded products without individual agency reviews.
This decision enabled exchanges to proceed with ETF listings by bypassing the 19(b) rule filing process, which previously required up to 240 days and active SEC approval or disapproval.
SEC Chairman Paul Atkins stated the decision was aimed at reducing barriers to accessing digital asset products in regulated U.S. marketplaces.
This framework opened the door for additional spot-based altcoin crypto ETF applications awaiting regulatory approval.
The three altcoin ETF debuts on October 28 demonstrated institutional and retail demand for exposure beyond Bitcoin and Ethereum.
BSOL’s record first-day volume underscored the appetite for products offering staking yields and efficient redemption features.