USDThis Week in Crypto ETFs Recap: BTC, SOL, XRP, DOGE Moves Big
Nasdaq Proposes Increasing Options Limit for BlackRock's Bitcoin ETF to 1 Million Contracts
Nasdaq has proposed increasing the position limits for options on BlackRock’s iShares Bitcoin Trust (IBIT) from 250,000 to 1 million contracts, reflecting rising demand and signaling Bitcoin markets' maturation. This adjustment aims to enhance trading flexibility, facilitating hedging strategies and liquidity. Experts predict SEC approval, which could lead to tighter spreads and improved market efficiency. Adam Livingston notes this move positions Bitcoin alongside major equities like Apple and Microsoft, marking its evolution into an institutional-grade asset class. BlackRock’s in-house income fund raised its IBIT holdings to 2.39 million shares, marking a 14% increase from the previous quarter. Institutional demand for IBIT is robust, with total holdings surpassing 400 million shares, a record high. BlackRock’s Strategic Income Opportunities Portfolio also expanded its investment in the iShares Bitcoin Trust, reporting 2,397,423 IBIT shares valued at $155.8 million as of September 30.
JPMorgan Launches Leveraged Bitcoin Note Linked to BlackRock’s IBIT, Targeting 1.5x Gains into 2028
JPMorgan has filed a new Bitcoin structured note linked to BlackRock’s IBIT ETF, capitalizing on Bitcoin's halving cycle from 2026-2028. This product offers a guaranteed minimum return of 16% in 2026 or 1.5x uncapped gains if extended to 2028, depending on IBIT's performance. Investors have partial downside protection; they can recover principal if IBIT doesn’t fall over 30%. However, significant risks remain, with potential losses exceeding 40%. This shift in JPMorgan’s stance reflects a growing view of crypto as a “tradable macro asset class,” indicating Wall Street's readiness for Bitcoin's next significant cycle.
Grayscale and Franklin Templeton Launch Competing Spot XRP and Dogecoin ETFs on NYSE Arca
On November 24, 2025, Grayscale and Franklin Templeton launched competing spot XRP (GXRP and XRPZ) and Dogecoin (GDOG) ETFs on NYSE Arca, signaling significant expansion in the U.S. regulated altcoin ETF market. Grayscale's DOGE ETF started with only $1.41 million in trading volume, failing to meet expectations. In contrast, XRP saw an 8.94% price increase and a 63% surge in volume to over $6.3 billion. Both firms implemented promotional fee waivers, aiming to attract institutional flows as competition intensifies. This launch marks a pivotal moment for regulated alt-coin investments, bolstered by lower fees and institutional interest.
Solana ETFs Face First Outflows as 21Shares' TSOL Sees $34M Withdrawn
The Solana ETFs experienced their first outflow day, with a total of $8.1 million in net outflows driven primarily by the 21Shares Solana ETF (TSOL), which saw $34 million withdrawn, leading to cumulative net outflows of $26 million. Despite this, other Solana ETFs performed well; the Bitwise Solana Staking ETF (BSOL) attracted $13.33 million, while the Grayscale Solana Trust (GSOL) and Fidelity Solana Fund (FSOL) saw inflows of $10.42 million and $2.51 million, respectively. Meanwhile, XRP ETFs continued their inflow streak with a cumulative total of $643 million, while Dogecoin ETFs underperformed post-launch.
Franklin Templeton’s Solana ETF Clears Final SEC Hurdle, Ticker SOEZ to Debut After XRP Success
On November 27, 2025, Franklin Templeton filed its final SEC Form 8-A for a Solana ETF, signaling imminent trading under the ticker SOEZ on NYSE Arca. The fund passively tracks Solana via CF Benchmarks Index with a 0.19% fee, waived for the first $5B in assets until May 31, 2026. The move follows its XRP ETF's strong debut, which pulled in nearly $70M in two days. This filing marks the final regulatory step after multiple SEC delays since April. The Solana ETF market is heating up, with 21Shares, VanEck, and Fidelity also launching products amid growing investor demand.
CoinShares Withdraws Staked Solana ETF Filing Amid Price Decline to Five-Month Low
CoinShares recently withdrew its SEC application for a staked Solana ETF due to incomplete structuring and asset purchases. This follows the launch of the first staked Solana ETF by REX-Osprey in June and Bitwise's launch in October, which saw significant initial capital, with Bitwise's ETF garnering nearly $223 million on its debut. Despite attracting over $369 million in capital flows during November, Solana’s price remains depressed, hitting a five-month low of around $120, down 60% from its January peak of approximately $295, attributed to a prior surge linked to the Official Trump memecoin launch on its network.
Dogecoin ETF Inflows Plunge 80% in One Day, Price Stabilizes Around $0.152
Dogecoin's ETF inflows plummeted 80%, dropping from $1.8 million to $365,420 in just one day, signaling a rapid decline in market sentiment. Despite an initial surge, the Grayscale GDOG ETF saw minimal interest on its second day, with total inflows only reaching $2.16 million. Trading activity also weakened, with net assets increasing primarily due to DOGE's slight price recovery, currently around $0.152. The market reaction indicates that the ETF's debut failed to generate sustained interest, highlighting the fragility of Dogecoin's popularity amid its ongoing autumn slump.
NYSE Approves Bitwise Dogecoin ETF (BWOW) Launching Soon
The New York Stock Exchange has approved the Bitwise Dogecoin ETF, expected to launch on Wednesday under the ticker BWOW. This ETF will provide regulated exposure to Dogecoin, which has a market capitalization of $23 billion, making it the 10th largest cryptocurrency. The fund is backed by Coinbase Custody Trust Company and follows recent launches of similar ETFs, including those from Grayscale and REX-Osprey. Notably, the Bitwise ETF is registered under the Exchange Act of 1934, while REX-Osprey operates under the Investment Company Act of 1940, allowing for active management of assets.
Grayscale Expands Crypto ETFs, Files to Convert Zcash Trust into First U.S. Zcash ETF
Grayscale is expanding its crypto ETF offerings by filing to convert its Zcash Trust into the first dedicated Zcash ETF in the U.S. The SEC filing aims to create a product that mirrors Zcash's price, accounting for trust expenses, with the current trust managing approximately $196 million in assets. Zcash, established in 2016 by the Zerocoin Electric Coin Company, is a prominent privacy-focused cryptocurrency. This move aligns with Grayscale’s recent transition of other trusts into ETFs, reflecting the growing acceptance of digital assets, particularly as privacy features gain importance in the crypto landscape.
XRP ETFs Shine with Over $60 Million in Day One Inflows, Outperforming BTC, ETH, and SOL
Grayscale and Franklin Templeton's new spot XRP ETFs debuted strongly, generating net inflows of $67.4 million and $62.6 million, respectively, on their first day. The broader XRP ETF category saw total inflows of $164.1 million, significantly outperforming Bitcoin, Ethereum, and Solana ETFs. Since launching on November 13, pure spot XRP ETFs have recorded $586.8 million in cumulative inflows with no outflows to date. In contrast, U.S. spot Bitcoin ETFs experienced net outflows of $151.1 million, while Ethereum ETFs attracted $96.6 million, and Solana ETFs garnered $58 million during the same period.
VanEck Amends BNB ETF Filing, Removes Staking Amid Regulatory Uncertainty
VanEck has amended its spot BNB ETF filing, removing all staking features amid growing regulatory scrutiny regarding BNB's status. The updated S-1 emphasizes the potential for the ETF's dissolution if BNB is classified as a security, despite a previous court ruling favoring secondary sales. Unlike its Solana ETF, the BNB ETF, positioned for Nasdaq listing as “VBNB,” will not earn staking rewards, highlighting a cautious approach. Regulatory uncertainties could affect the ETF's performance, as non-participation in staking may hinder value relative to direct BNB holdings. VanEck remains open to adjusting its strategy as regulatory clarity develops.
Avalanche ETFs Race Heats Up: Bitwise Waives Fees, VanEck Reveals VAVX Ticker
Both Bitwise and VanEck advanced their Avalanche ETF filings. Bitwise finalized the structure for its BAVA ETF on NYSE Arca, featuring staking rewards and a waived 0.34% fee until $500M AUM. It includes custody via Coinbase and BNY Mellon, with launch capital of $2.5M. Meanwhile, VanEck’s ETF, set to trade as VAVX on Nasdaq, also includes staking rewards, using Anchorage and Coinbase for custody. AVAX surged over 7% daily and 18% weekly amid rising ETF competition and broader crypto gains. Derivatives trading hit $616M, with open interest rising across Binance, OKX, and Bybit.
This article has been refined and enhanced by ChatGPT.
