Momentum is quietly building around the next wave of US crypto ETFs, and analysts say Bitwise’s XRP fund may now be the one closest to the finish line. A fresh batch of SEC guidance got released this week, and it appears to give issuers a faster path to effectiveness. It is expected to accelerate several altcoin products stuck in post-shutdown limbo.
This comes in when the global crypto market is dealing with high selling pressure and a massive collapse. The cumulative digital assets market cap dipped by another 5% in the last 24 hours to stand at $3.27 trillion. It has lost more than $1 trillion over the last month. However, the 24-hour trading volume spiked by 47% to hit $266 billion, signaling that traders are quickly moving their funds.
SEC fast-track opens door for Bitwise’s XRP ETF
Bloomberg ETF analyst Eric Balchunas was among the first to flag the change. He noted that the US SEC’s Division of Corporation Finance has provided a roadmap for issuers to get their filings effective, and that too without waiting for the usual full review cycle. “My guess is some of the crypto ETFs that didn’t do the 8-A thing will try to push out as soon as they can,” Balchunas wrote. He added that Bitwise’s XRP ETF is “due next.”
The commission revealed the scale of its backlog in unusually blunt terms. It stood more than 900 registration statements that were filed during the government shutdown. Staff said they are “working expeditiously” to clear the pile. The watchdog even offered a detailed Q&A explaining how pending filings will be handled.
It highlighted that the filings submitted during the closure will now be processed in the order received. It added that the companies that removed delaying amendments during the shutdown don’t need to re-add them.
The guidance effectively gives issuers multiple paths to a quicker launch. Such as registration statements without delaying amendments may go into effect automatically under the 20-day rule. SEC mentioned that the companies can still request acceleration. However, post-effective amendments filed during the shutdown will be declared effective automatically, unless a company specifically objects, it further added.
It still remains unclear whether the SEC will adhere to its traditional 30-day review period as it clears the backlog.
XRP’s first Nasdaq ETF smashes records
If Bitwise is indeed the next in line, it would arrive on the heels of a big hit debut for Canary Capital’s XRPC. It is the first pure-play XRP spot ETF to list on Nasdaq. XRPC has already shattered expectations with $59 million in first-day trading volume (the biggest ETF launch of 2025). It even narrowly edged out Bitwise’s BSOL ETF, which debuted with $57 million last month.
“Doing it on a down day like today is pretty impressive,” said Bloomberg’s James Seyffart, pointing to Thursday’s selloff in tech stocks. It seems like investors didn’t just trade the fund, but they poured money into it. XRPC recorded $245 million of first-day inflows. This stood tall in front of the $69.5 million Bitwise attracted on BSOL’s launch.
Balchunas noted the two funds “are in a league of their own,” with the next-closest 2025 ETF launch trailing by more than $20 million.
On the market side, XRP price dipped by over 6% in the last 24 hours, yet it still remains up by around 5% in the last 7 days. XRP is trading at an average price of $2.30 at the press time. Its 24-hour trading volume spiked by 30% to hit $8.29 billion.
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