One of the major players in the cryptocurrency arena, CoinShares, announced its exit from all applications to establish spot crypto ETFs in the United States, which encompass filings for XRP and SOL.

Alongside, a significant interest in these large-cap altcoins has been observed on Wall Street, with combined inflows exceeding $600 million for each.

CoinShares Withdraws

The competition surrounding spot crypto ETFs in the United States has been intensifying in recent weeks, as multiple issuers attempted to circumvent the SEC’s stringent approval process by removing the “delaying amendment” component, ensuring successful launches when all other conditions are satisfied.

Despite several such financial products entering the U.S. markets in November, CoinShares, which had submitted applications for at least three ETFs, decided to withdraw. They filed paperwork on Friday to retract their applications concerning XRP, LTC, and SOL staking ETFs, while also concluding their bitcoin futures leveraged ETF (BTFX.O).

The firm’s CEO, Jean-Marie Mognetti, suggested that the prospects for differentiation and sustainable profits are restricted as long as the U.S. market is dominated by large entities in single-asset crypto ETPs.

Rather, the company will concentrate on higher-margin prospects ahead of its U.S. debut. Recall that in September, it revealed plans for a Nasdaq listing via a $1.2 billion merger with a special purpose acquisition company (SPAC), Vine Hill Capital Investment Corp.

XRP, SOL ETFs Performing Well

The spot Solana ETF issued by Bitwise achieved a record earlier this year for the largest trading volume on its opening day at $57 million. This record was surpassed by Canary Capital’s XRPC, which reached nearly $60 million when introduced to the U.S. market in mid-November.

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Despite the subsequent introduction of other spot crypto ETFs, including additional XRP-related funds and Grayscale’s DOGE ETF, none could overshadow these figures. However, the total inflows for XRP and SOL offerings remain quite remarkable.

Data from SoSoValue indicates that XRP ETFs have garnered over $660 million since the first one launched just over two weeks ago. In contrast, total inflows for SOL ETFs hover around $620 million. However, DOGE has seen disappointing results, with just $2.16 million in net inflows by Friday.