What are the altcoins that have applied for ETFs recently? What are their application times and market conditions?

The Securities and Exchange Commission (SEC) confirms acceptance of the listing application for spot Cardano (ADA) ETF submitted by NYSE Arca on behalf of Grayscale on February 25. The application was submitted on February 10, with Coinbase Custody Trust Company serving as the custodian and BNY Mellon being responsible for asset services, etc. ADA rose by more than 70% on the same day after Trump "shouted orders" on March 2.

On February 25, Nasdaq submitted 19b-4 application documents for Grayscale Polkadot Trust. This application has promoted Polkadot (DOT) to gain more attention in the market, and investors are closely watching its subsequent progress.

On February 24, Nasdaq submitted 19b - 4 application documents for Canadian investment firm Canary Capital's HBAR ETF. On March 4, the 19b-4 application documents were submitted for Grayscale Hedera ETF. Hedera is often regarded as a dark horse in cryptocurrency. Valour Funds has previously submitted applications for physical pledged products to the European Euronext exchange, and Canary Capital has submitted applications for local spot HBAR ETFs in the United States, which has increased market expectations.

On March 6, Canary submitted an S-1 application document for its AXL ETF. Previously, former Coinbase legal director Brian Brooks joined Axelar's new agency advisory board. The Axelar project focuses on regulatory coordination and institutional adoption, and Canary Capital’s Canary AXL Trust will provide institutional investors with investment opportunities in blockchain interconnected technology, connecting multiple Web3 ecosystems.

Also on March 6, Bitwise formally submitted an S-1 application to the U.S. Securities and Exchange Commission for the launch of the Aptos ETF registration. Aptos, together with major asset management companies, seeks to launch U.S. listed ETFs, after Bitwise launched Aptos Staking ETP on the Swiss Stock Exchange in November 2024 to pledge Aptos tokens.

Ethereum ETF entered the US capital market on July 23 last year, with a net inflow of US$2.76 billion in about half a year after it was launched. But now the price of Ethereum fell from around US$3,200 at that time to around US$2,300. Grayscale continues to sell Ethereum ETFs to become the largest seller, hindering its rise. Ethereum is more severely affected by the sales of giant whale and is still digesting the selling pressure. However, Trump-related entity World Finance Liberty is increasing its holdings in Ethereum, demonstrating long-term investor attitudes.

The process of applying for an ETF is relatively complicated. The issuer first submits Form S - 1/S - 3, then the exchange submits Form 19b - 4, and then enters the public comment period. The SEC reviews and feedbacks, and finally approves the final approval. The entire process is about 6-8 months, depending on the progress of the SEC review. If these altcoin ETF applications are approved, although they will become a window of capital inflows, they do not mean that the tokens will rise sharply.

Bloomberg analyst Eric Balchunas pointed out that before Trump won the election, the probability of approval of other assets ETFs was below 5%. As the application enters the approval process, the SEC decision deadline approaches, and the probability of cryptocurrency ETF approval will continue to rise. Bloomberg analysts also expect the SEC to make a decision on the proposed altcoin ETF in October this year.

After applying for ETF, ADA has been stimulating that prices have fluctuated significantly due to Trump's remarks. DOT's ETF application changes the market's expectations for its ecological development. HBAR is regarded as a potential project by the market due to its multiple ETF application documents. The ETF application of AXL and APT brings new opportunities to the development of related blockchain technology and allows investors to see the prospects brought by institutional participation.