Which Crypto Will Get the Next Spot ETF Approval?

Which crypto will receive the next Spot ETF approval? The answer depends on infrastructure maturity, custody readiness, market surveillance cooperation, and regulatory comfort. This long-form analysis builds a practical evaluation framework—so you can gauge which assets are most likely to get approved next and what milestones actually matter.

Start with fundamentals in What Is a Spot ETF? and operational mechanics in How Does a Spot ETF Work?. Review custody standards in How Spot Bitcoin ETFs Hold Real BTC and issuer operations in How ETF Issuers Buy and Store Bitcoin. For liquidity context, read Spot ETF Impact on Market Liquidity.

Approval Criteria: What Regulators Look For

Liquidity Depth: Tight spreads and turnover that support resilient pricing.
Custody Readiness: Segregated cold storage, multi-sig, audits, insurance clarity.
Market Integrity: Surveillance agreements and anomaly detection across venues.
Disclosures and Methodology: Transparent operations and incident communication.
Policy Comfort: Precedent, legal clarity, and consumer protection frameworks.

Candidate Landscape

Ethereum (ETH) Extensions ETH Spot ETFs anchor the altcoin landscape. Future enhancements may revolve around staking policy clarity. See What Is a Spot Ethereum ETF?.
Solana (SOL)

Case: High throughput narrative and growing custody readiness.
Milestones: Qualified custodian attestations, surveillance cooperation with venues, consistent turnover.
Risks: Event sensitivity and custody maturation pace. Read Will We See a Spot Solana ETF?.

Case: Clearing legal uncertainties, robust liquidity, and institutional interest in cross-border use cases.
Milestones: Regulatory clarity, custody attestations, and exchange surveillance alignment.
Risks: Policy swings and venue dispersion.

TON and Other High-Growth Networks

Case: Rapid ecosystem growth; improving custody and venue integration.
Milestones: Qualified custodians, incident-ready governance, and index inclusion conversations.
Risks: Maturity, event risk, and turnover consistency.

Evaluation Framework Score candidates (1–5) across:

Liquidity Quality (spreads, depth near the mid, turnover stability)
Custody Governance (segregation, audits, insurance scope)
Surveillance Readiness (agreements, data sharing, anomaly detection)
Disclosure Discipline (methodology, incident communications)
Policy Trajectory (jurisdictional signals, precedents) Aggregate scores inform which assets are nearest to approval under mature practices.

Custody and Staking Considerations ETH-specific staking policies influence operational complexity and reporting. Non-staking funds simplify operations; staking-enabled products must address validator risks and reward accounting. See What Is a Spot Ethereum ETF?.

Liquidity Signals That Matter

Typical Spreads: Tight, stable spreads in normal regimes.
Depth-of-Book: Size executable near the mid.
Premium/Discount Behavior: Small deviations with fast mean reversion. Products approved for assets with strong liquidity are more likely to deliver efficient exposure. Read Spot ETF Impact on Market Liquidity.

Institutional Demand and Distribution Advisor networks and institutional desks accelerate adoption. Assets with established narratives and distribution-ready materials gain AUM faster, stabilizing spreads and tracking.

Case Studies

ETH: Clear custody, large-cap liquidity, and policy attention created conditions for approval.
SOL: Improving custody and robust narratives; watch surveillance and turnover milestones.
XRP: Legal clarity plus custody attestations can open doors; venue quality remains key.

Risks and Unknowns

Policy Volatility: Jurisdictional stances can change; approvals are context-dependent.
Operational Incidents: Network or venue disruptions delay confidence.
Custody Evolution: Attestation frequency and insurance scope must meet standards.

Investor Playbook

Monitor custody attestations and surveillance announcements.
Track spreads, turnover, and premium/discount on candidate assets.
Review issuer disclosures and incident playbooks pre-approval.
Prepare allocation frameworks and TCO modeling via the Fee Calculator.

Frequently Asked Questions Q: Will the next approval be SOL or XRP? A: Both are plausible; the leader will be the one that checks custody, surveillance, and liquidity boxes earliest with regulatory comfort.

Q: Do staking policies matter for approval? A: They affect operational complexity and reporting; clarity helps. See What Is a Spot Ethereum ETF?.

Q: How soon can new altcoin ETFs dominate rankings? A: Gradually. Read Impact of Altcoin Spot ETFs on Market Rankings.