The U.S. Securities and Exchange Commission's (SEC) approval of spot bitcoin exchange-traded funds (ETFs) has had significant impacts on the crypto industry. Austin Arnold, co-host of Altcoin Daily and Scott Melker, host of The Wolf of All Streets podcast, delved into what could be next in the crypto ETF space.

Melker highlighted how ETF approvals have opened the floodgates for institutional money to flow into the cryptocurrency market, driving bitcoin's price from its cycle lows to impressive highs.

Altcoin Daily's Arnold also emphasized the importance of ETFs as an on-ramp for institutional investments. He pointed out that Solana ETFs may be on the horizon, with multiple filings already in place in the United States and Canada.

"Solana is gearing up to be that hidden gem in the space," Arnold said.

But Solana is just the beginning. Arnold highlighted five other cryptocurrencies poised for ETF consideration: Chainlink, Polkadot, Stellar Lumens, Avalanche, and Shiba Inu. These cryptocurrencies may be set to launch Commodity Futures Trading Commission-regulated futures products, marking a crucial step towards potential ETF approval.

Melker noted that some of these products already exist in foreign markets, with the United States lagging behind. "We've seen altcoin ETFs launched abroad, even an XRP ETF. It's not far-fetched to believe these can happen here," he said.

The conversation then turned to the broader implications of ETF approvals. Melker and Arnold both agreed that the next evolution could be the creation of index funds encompassing various cryptocurrencies. These could include DeFi funds, metaverse funds, and top 10 crypto funds, aligning with how Americans traditionally invest in mutual funds and ETFs.

"BlackRock loves making money and selling innovative products to their clients," Arnold pointed out. "This is just the beginning. I can easily see DeFi ETFs and other trending crypto ETFs emerging."

Melker posed a thought-provoking question to Arnold: "Are you an instant buyer of the Shiba Inu ETF?"

Arnold acknowledged the surprise around Shiba Inu's inclusion but saw it as a positive sign for the market's growth. "If Shiba Inu gets an ETF, all bets are off. There's no reason Dogecoin shouldn't get one as well," he said, highlighting the evolving landscape of meme coins and their acceptance.

Despite the enthusiasm, Melker remained cautious about the immediate approval of these ETFs under the current regulatory regime but expressed optimism for the future. "I think most of them are inevitable down the road," he concluded.