$300 million voted with their feet—after HYPE, who will be the next spot ETF?

On June 28, Farside data came out:

The U.S. HYPE spot ETF saw a cumulative net inflow of $300 million in its first month of listing.

Grayscale HYPG: $123.5 million. Bitwise BHYP: $116.5 million. 21Shares THYP: $60.2 million.

Total net asset value has reached $324 million, accounting for 2.28% of HYPE's total market cap.

One month, $300 million, voted with their feet.

In one month, HYPE has walked the path that took others a year.

The first two weeks of BTC spot ETFs only absorbed 0.2% of BTC's market cap. The first two weeks of ETH spot ETFs even saw net outflows. The first two weeks of SOL spot ETFs absorbed about 0.47% of market cap.

And HYPE? 0.9%.

Capital density is over 4 times that of BTC.

Even more aggressive—HYPE ETF also provides investors with approximately 2.25% annualized staking yield.

Buy the ETF, capture the price appreciation, and also reap on-chain yields.

Traditional finance folks see this product and go green with envy.

But today I'm not talking about HYPE.

It's about the next one.

Bloomberg senior ETF analyst Eric Balchunas has already called it: "Get ready for a potential altcoin ETF Summer, with Solana likely leading the way."

Another analyst, James Seyffart, gave more specific probability estimates:

Combination/index funds, Litecoin, Solana: 90% XRP: 85% Dogecoin, HBAR: 80% Cardano, Polkadot, Avalanche: 75% SUI: 60%

See?

It's not a question of "whether it will happen," but "when it will happen."

Let's break it down—who is most likely to be the next?

Solana

90% probability, the most mature regulatory framework. Morgan Stanley has already filed for a spot Solana ETF. Although the SOL ETF has seen capital fluctuations recently, the underlying logic hasn't changed—high throughput, vibrant ecosystem, institutional favorite.

XRP

Cumulative net inflow has reached $1.43 billion, total net assets approaching $1 billion. Eight consecutive weeks of net inflows, one of only two ETFs (along with HYPE) to maintain "all-week net inflows." BlackRock is already evaluating an XRP spot ETF.

Avalanche

Multiple spot ETF applications are in progress, and they include staking functionality. Bitwise has submitted an updated S-1, allowing up to 70% of AVAX holdings to be staked for additional yield. HYPE's "ETF + staking" model is being replicated by AVAX.

Cardano

ADA futures have been trading on CME for over 6 months, qualifying for expedited spot ETF approval on August 9. If Grayscale files an application that day, the SEC must give a result by October 23 at the latest.

Polkadot

21Shares has filed for a spot DOT ETF. TDOT has been listed on Nasdaq since March.

Dogecoin

You read that right. 21Shares' Dogecoin ETF (TDOG) has been trading on Nasdaq since January. DOGE is one of the proposed inclusion assets in T. Rowe Price's multi-asset ETF. The meme coin ETF era has arrived.

But what I want to say is—

The winner of the next ETF may not be "who gets approved first," but "whose product design best appeals to institutions."

HYPE's success isn't because it's HYPE.

It's because the combination of spot ETF + staking yield presents institutions with something that never existed before: compliant channel + passive income + price exposure, all in one.

AVAX is learning. ETH's staking ETF is already on the way.

The next blockbuster will surely be the one that bakes "on-chain yield" into the ETF product.

"In the ETF race, it's not about who gets on board first, but who can lock institutional money longer."

HYPE has proven this path works.

The question now is:

SOL, XRP, AVAX, ADA, DOT, DOGE—

Who do you think will be the next $300 million protagonist?

Tell me your answer.

By the way, Bitwise expects over 100 new crypto ETFs/ETPs to be listed by 2026. This isn't a track—it's a flood.#0成本拿2股SK海力士 #美光市值超越Meta跻身全美前十 $BTC $ETH $SOL