The anticipation for the spot crypto ETFs has been high as the cryptocurrency market takes shape.

Investors are eager to eye their rollout of cryptocurrency ETFs in 2025, but most of these are not expected to be approved all at once. Here’s looking at the potential timeline, and key players most likely to hit the market next.

Bitcoin and Ethereum ETFs Lead the Pack

The first wave of approved cryptocurrency ETFs will likely feature Bitcoin and Ethereum. Several financial giants, including Hashdex, Franklin, and Bitwise, have already filed for these dual ETFs.

Why? Well, both Bitcoin and Ethereum are widely considered commodities by the SEC, providing a clear regulatory path toward approval.

Litecoin (LTC) May Follow

After Bitcoin and Ethereum, Litecoin is a strong contender for the next approved ETF. As a fork of Bitcoin, Litecoin shares its commodity status, and that makes it a safer bet for approval under the current SEC administration. Unlike other tokens facing legal hurdles, Litecoin’s regulatory position is relatively clear.

HBAR: The Non-Security Advantage

The HBAR ETF also has a good chance of quick approval. Hedera, or HBAR, has not been considered a security by the SEC, which keeps it ahead of other altcoins that are embroiled in legal tussles. However, the demand of the market and the institutional interest in the HBAR ETFs remain to be seen.

XRP and Solana ETFs Likely to Suffer Legal Delays

While XRP and Solana have massive investor interest, it’s not quite as easy for these coins on the road to ETF approval. Both have been considered security in ongoing cases with the SEC. Without complex resolution of the issues in the courts or new leadership, XRP and Solana ETFs will remain on ice.

What’s Next for Investors?

Though Bitcoin and Ethereum ETFs are set to pave the way, investors should also get themselves ready for a gradual rollout of cryptocurrency ETFs.

New issuers like Canary are continuing to file for Litecoin and HBAR ETFs, but this will depend on investor appetite and changing regulations.

Read: Countdown to XRP ETF Approval: Is 2025 the Game-Changer?