Grayscale and VanEck are making strides in the cryptocurrency exchange-traded fund (ETF) market with their respective filings for spot BNB ETFs. Grayscale submitted its application for the Grayscale BNB ETF (GBNB) on January 23, 2026, while VanEck's VanEck BNB ETF (VBNB) was filed earlier in May 2025 with a proposed management fee of 0.39%. This follows the SEC's introduction of a generic listing standards process in September, which has facilitated the growth of altcoin ETFs. However, the reception for new spot altcoin ETFs has been underwhelming compared to established Bitcoin and Ether products. For instance, the recently launched Hyperliquid ETF only garnered $1.2 million in net inflows on its first day, a stark contrast to the $69.5 million attracted by the Bitwise Solana Staking ETF (BSOL) on its debut and $245 million by the Canary XRP ETF (XRPC) shortly after. Despite the challenges faced by new altcoin ETFs, Bitcoin and Ether continue to dominate the market, with total net inflows of $58.4 billion and $11.8 billion respectively since their launches in 2024.