In November 2025, the first four altcoin ETFs (Litecoin, XRP, Solana, Dogecoin) were approved for listing in the US. Against the backdrop of massive losses in Bitcoin and Ethereum ETFs during the same period, their performance was starkly different, revealing a new era of market differentiation.
Core Highlights: The debut results are a tale of two extremes.
XRP
Absolute winner, with a net inflow of over $600 million, it is the only asset that has seen a price increase. Its success stems from a clear regulatory position, its practical value as cross-border payment infrastructure, and competitive rates.
Solana
An awkward second place, similarly attracting over $600 million in inflows, but its price plummeted nearly 30%. This reveals that ETF inflows have limited effects in the face of systemic market panic, but the staking rewards it offers remain a unique attraction.
Litecoin and Dogecoin
Forgotten by the market, with a total inflow of less than $8 million. The lack of new narratives, high fees, and insufficient functionality make them unattractive to institutional investors.
Deep logic: Investors from two parallel worlds
The most contradictory phenomenon in the market in November is: Bitcoin and Ethereum ETFs have net outflows exceeding $40 billion, while altcoin ETFs have net inflows of $13 billion. This is not a rotation of funds, but reflects the fundamental differences between investors in the 'traditional financial world' and the 'crypto-native world':
Traditional institutions are retreating
Triggered by market flash crashes, large-scale profit-taking from BTC/ETH ETFs.
Crypto-native institutions are entering the market
Regard the market adjustment as an opportunity to deploy new tools (altcoin ETFs) and execute according to the established plan.
Future revelation: ETFs are not a cure-all, but a 'touchstone'
This debut indicates that the 'new product effect' of ETFs has a time boundary. Once the initial excitement fades, the practical value of the asset itself, regulatory clarity, and ecological fundamentals will become decisive factors in attracting funds.
By 2026, the US market may see hundreds of crypto ETFs. However, it is expected that only a few assets with real value and strong narratives will stand out, while many uncompetitive products will face elimination. The launch of altcoin ETFs marks a shift in the crypto market from speculative narratives to a new phase where institutions use real money for value selection.
