Altcoin ETF is about to be listed in a cluster.

The Bitcoin Spot ETF took nearly ten years to get approved, while the alts Spot ETF only took six months.

In November 2025, an incredible change occurred on Wall Street: Solana, XRP, and Dogecoin—these altcoins that were once regarded as “speculative toys” by mainstream financial institutions—collectively listed on the New York Stock Exchange and Nasdaq in just a few weeks, becoming regulated ETF products.

This shift is primarily attributed to the “Universal Listing Standard” approved by the U.S. Securities and Exchange Commission (SEC) in September 2025, which opened a fast-track listing process for crypto assets that meet certain criteria, allowing them to be traded without undergoing strict individual approvals.

On September 17, 2025, the SEC approved the proposal to amend the “Universal Listing Standards” put forward by three major exchanges, allowing crypto assets that meet certain conditions to be directly listed without individual approvals.

The core admission criteria include: either the asset has at least 6 months of trading history in a futures market regulated by the CFTC, and the exchange has a monitoring agreement with that market; or there is already a precedent of an ETF holding at least 40% exposure to the asset in the market, and Solana, XRP, and Dogecoin all happen to meet these standards.

The centralized listing of altcoin ETFs is reshaping the entire cryptocurrency market's landscape and valuation logic. The launch of ETFs has intensified the liquidity stratification in the crypto market, with the first tier consisting of ETF assets like BTC, ETH, SOL, XRP, and DOGE. These assets have compliant fiat entry points, allowing registered investment advisors and pension funds to access them without barriers, enjoying “compliance premiums” and lower liquidity risks.

The second tier consists of non-ETF assets, including other Layer 1 and DeFi tokens. Due to the lack of ETF channels, these assets will continue to rely on retail funds and on-chain liquidity, facing the risk of being marginalized. This differentiation is driving the valuation logic of the crypto market from speculation-driven to a polarized valuation based on compliance channels and institutional allocations.

As Bitcoin has fallen from its high of $126,000 in early 2025 to around $80,000 by the end of November, the entire crypto market is shrouded in a downward shadow. However, this has not stopped the listing pace of altcoin ETFs, and in the next 6-12 months, the market may see more assets (such as Avalanche and Chainlink) attempting to replicate this path.

The ETF will become the most important watershed distinguishing “core assets” from “marginal assets”. A market that was once driven by speculation and narratives is evolving towards a new order anchored by compliant channels and institutional allocation.

This process is already irreversible.