XRP Stands Alone as Altcoin ETF Trade Splits in Two

The altcoin ETF trade split in two last week, with XRP's seven live spot products continuing to collect new money despite thin recent flows. This is in contrast to Cardano, Hedera, and Polkadot, whose Grayscale registration filings were withdrawn on August 7, effectively ending their chances of approval.

The key difference between the two outcomes comes down to four factors: demonstrated demand, futures seasoning and its timing, sponsor economics, and the cost of holding an unused registration. XRP's products have a multi-year track record of actual subscriptions, while Cardano, Hedera, and Polkadot had no subscription history before their registrations were withdrawn.

The withdrawal of Grayscale's filings means that these tokens are now unlikely to see approval as spot ETFs anytime soon. In contrast, XRP's products have cleared the SEC's generic listing standards and are already collecting assets.