New Crypto ETFs Tracking Litecoin, Hedera, and Solana Record $65 Million in First-Day Trading Volume

Wall Street Welcomes Three Altcoin Funds as Solana Leads with $56 Million Volume Surge

TL;DR

• Three new crypto ETFs for Litecoin, Hedera, and Solana debuted Tuesday with a combined $65 million in day-one volume.
• Bitwise’s Solana Staking ETF (BSOL) dominated trading with $56 million, marking the biggest ETF launch of the year.
• The surge reflects strong investor appetite amid more than 150 active crypto ETF filings awaiting approval.

Three altcoin exchange-traded funds entered the U.S. market Tuesday, drawing $65 million in cumulative day-one trading volume as investors continue to diversify beyond Bitcoin and Ethereum exposure. The newcomers — Canary Capital’s Litecoin ETF (LTCC), Canary HBAR ETF (HBR), and the Bitwise Solana Staking ETF (BSOL) — mark a new milestone for digital asset investment vehicles. LTCC and HBR are the first funds to directly track the spot crypto price of Litecoin and Hedera, while BSOL introduces the first U.S. product providing 100% direct exposure to Solana, with the firm confirming all holdings will be staked in-house.

BSOL dominated trading, amassing $56 million in volume on its debut day — the highest for any ETF launch this year. The fund saw $10 million in trades within the first hour, while HBR and LTCC posted $4 million and $400,000, respectively, according to Bloomberg ETF analyst Eric Balchunas. He noted BSOL’s performance was fueled by a $220 million seed investment, adding that the total could have reached roughly $280 million if the seed capital had been fully deployed on day one. Despite not matching the explosive $1 billion debut seen in last year’s Ethereum ETF launches, BSOL’s first-day liquidity firmly positions Solana among the market’s most actively traded digital assets.

The strong opening comes one month after the first U.S. spot ETFs for XRP and Dogecoin generated $55 million in combined initial-day activity, signaling that institutional and retail investors are increasingly exploring secondary crypto price index assets. While those volumes remain modest compared to the early days of Bitcoin and Ethereum ETFs, the rapid uptake underscores how the coin market cap continues to broaden its institutional footprint.

The filings momentum remains intense. Following the temporary U.S. government shutdown that began October 1, the Securities and Exchange Commission issued new guidance streamlining how crypto ETF issuers can go public. Under the updated process, companies can file S-1 registrations without a “delaying amendment,” allowing offerings to automatically take effect after 20 days once the S-1 is finalized. Each issuer must also submit a Form 8-A for listing eligibility. 

As of October 20, more than 150 crypto-based exchange-traded products had been filed, covering 35 digital assets, with Bitcoin and Solana proposals leading at 23 each, followed by XRP and Ethereum. Analysts predict over 200 such products could hit the market within the next year — a pace some are calling an ETF land rush.

Market reactions reflected the growing enthusiasm. HBAR, the native token of the Hedera network that uses the Hashgraph consensus algorithm for high-speed transaction finality, rose 11% over the past 24 hours and briefly spiked nearly 30% during the day. Litecoin’s crypto price dipped roughly 2.6% amid broader market fluctuations. The overall crypto price index showed mixed performance as investors repositioned portfolios to capture early ETF momentum while keeping a close eye on the evolving regulatory landscape.

Spot crypto ETFs first reached Wall Street in January 2024 with the introduction of Bitcoin funds, followed by Ethereum ETFs in July. Combined assets under management for those two categories have climbed to $175 billion, demonstrating how traditional markets are increasingly intertwining with blockchain-based assets. The arrival of the Litecoin, Hedera, and Solana funds now extends that bridge further into the altcoin sector — a sign that institutional interest in digital assets is deepening across multiple layers of the coin market cap.

This article has been refined and enhanced by ChatGPT.