The US market is facing a massive backlog of cryptocurrency ETF applications, with 126 pending applications currently, according to ETF analyst James Seifart.
This expanded list highlights how quickly institutional demand for regulated digital products is accelerating across multiple sectors.
### Analysis of ETF Application Landscape
Bitcoin remains the dominant category with 21 ETF applications, reflecting its position as the most established asset in the industry. Ethereum follows with seven applications, while the broad basket ETFs, which bundle multiple cryptocurrencies, represent 15 applications.
Other leading assets include:
- XRP: 10 applications
- Solana (SOL): 9 applications
- Chainlink (LINK): 3 applications
- HBAR, DOGE, Litecoin, SUI: from 2 to 5 applications each
Solana ETFs were launched before XRP, but XRP ETFs have now surpassed Solana in total assets under management.
I expected that.
Solana is more efficient in on-chain holding and direct staking for retail audiences, while XRP has a larger institutional demand and no staking.
As with everything, there will be...
A long list of additional assets like Polkadot, AVAX, BONK, TRON, Zcash, AAVE, OKB, and even names from the meme sector now have at least one application in the pipeline. This diversification represents a clear shift in institutional sentiment, with interest moving far beyond just Bitcoin and Ethereum.
### What the chart shows
The chart depicts three components for each asset class:
- The total market size (left column) - assets like Bitcoin and Ethereum dominate this side due to their established liquidity.
- Number of issuers (middle column) - this highlights the number of companies competing to launch products related to each asset.
- Number of ETF applications (right column) - 21 applications for Bitcoin leading, followed by baskets, XRP, Solana, and Ethereum.
This structure shows that Bitcoin remains the cornerstone in the ETF market, while alternatives like XRP and Solana are emerging as increasingly sought-after institutional products.
### Why it matters
The focus of applications reveals three main trends shaping the next wave of cryptocurrency adoption:
- Institutional appetite is broadening. Applications are no longer limited to the larger assets; dozens of smaller names now have early interest in ETFs.
- Regulatory clarity is becoming inevitable. With applications reaching triple digits, US regulators will face increasing pressure to create consistent frameworks for non-Bitcoin and non-Ethereum products.
- Competitive pressure is intensifying. Multiple issuers are racing to be first to market, especially in categories like Solana and XRP that gained rapid momentum in 2025.
As the industry awaits the next regulatory green light, the ETF pipeline reflects one of the clearest signals yet that traditional finance is preparing for a multi-asset crypto future.
