Does Anyone Really Want Solana and XRP ETFs?

Hopes are growing that 2025 will usher in a wave of new cryptocurrency ETFs tied to assets like XRP and SOL.

Polymarket currently pegs the probability of a SOL exchange-traded fund launching in the U.S. by July 31, 2025 at 56%.

The debut of such an ETF would be a big achievement for the crypto industry and would expand ETF investors’ access to the crypto space beyond just bitcoin and ether, the two biggest assets by market cap.

But just how much demand would there be for an SOL or XRP ETF?

Judging by the inflows we’ve seen for spot ether ETFs so far, perhaps not as much as you’d think.

Spot Crypto ETFs Underwhelm So Far

While spot crypto ETFs in the U.S. have collectively seen $32.6 billion of inflows this year, the vast majority of those inflows have gone to bitcoin funds.

In fact, just $600 million has gone into spot ether ETFs since their launch in July, an underwhelming showing for funds tied to the world’s second most valuable cryptocurrency by market cap. 

The numbers look better if you strip out the $3.4 billion of outflows for the Grayscale Ethereum Trust (ETHE), but surely at least some of the money that came out of that fund went into other spot ether ETFs.

Another data point also suggests inflows for non-bitcoin ETFs could be relatively muted: the Grayscale Solana Trust (GSOL) only has $120 million in assets under management. 

While that number might understate the demand for the product—GSOL has traded at large premiums to its NAV for the past year-and-a-half—it pales in comparison to the more than $10 billion in AUM that ETHE had prior to its ETF conversion.  

That doesn’t mean that these ETFs won’t be successful. Bitcoin is currently dominating the headlines and leading the charge in this crypto bull market.

But if other coins start to have their moment, both ether ETFs and future ETFs tied to other cryptocurrencies could quickly gain traction.