📊 A number slipping under the radar: nearly 80% of the trading volume for crypto ETFs outside Bitcoin and Ethereum is concentrated on just two tokens. Solana and Hyperliquid funds are dominating the altcoin ETF category. The data quantifies the phenomenon: - Solana ETFs: So11111111111111111111111111111111111111112 have accumulated $904 million in assets under management. - Hyperliquid:native products have attracted $350 million in net inflows, despite having existed for only two months. Each amount represents approximately 2% of the respective token’s market capitalization. The comparison with Bitcoin highlights the growth potential: nearly 9% of Bitcoin’s market cap is held in ETFs. If altcoin funds capture even a portion of this gap, the potential inflows could be substantial. An alternative, more cautious interpretation: Bitcoin-native ETFs have nearly a two-year head start, and there’s no guarantee that altcoins will reach the same level of adoption.