Written by: Luke, Mars Finance
On November 12, a document had the entire crypto market's Alpha traders holding their breath: Canary submitted the 8-A form for its XRP spot ETF.
To outsiders, this is just another regulatory document. But for professional ETF analysts, this is the ultimate signal before the final step of listing.
The emergence of this signal is perfectly timed.
In just 18 hours (Beijing time at 5 AM on November 13), the U.S. House of Representatives will hold a final vote on “ending the government shutdown.” Once passed, there will be a clear timetable for the flood of trillions of dollars that have been frozen in the Treasury General Account (TGA) due to the “government shutdown.”
The trillion liquidity (new funds) released by TGA is about to encounter the first confirmed compliant channel (XRP ETF).
This “coincidence” is about to become a fuse that will not only ignite XRP but also reignite the expectations for the “batch approval” of those altcoin ETFs (such as LINK, DOT, SUI) that have been dormant on the DTCC list for months.
Signal One: The Ultimate Alpha of Form 8-A
We must first understand why Form 8-A is such a significant signal.
To approve an ETF, there are three steps:
19b-4 filing: submitted by exchanges (such as Nasdaq) to request a “rule change.” This is the first gate of the SEC.
S-1 File: Submitted by the issuer (e.g., Canary), known as the “Prospectus”. This is the second gate of the SEC.
8-A Filing: This is crucial. This document is submitted by the issuer to the SEC to register the security with the exchange so that it can be legally traded.
Historical precedents (such as the BTC ETF in January 2024) indicate that issuers only dare to submit this administrative document on the eve of listing after both 19b-4 and S-1 have received a “green light” from the SEC in private.
Translated, it means: Canary has received a “call” from the SEC, informing them that “you have passed.”
The judgment that the XRP ETF may officially launch on Thursday (tomorrow) mentioned in the material is completely reasonable. This is the first quasi-confirmation signal we have seen since January 2024 for the approval of a mainstream altcoin ETF that is not BTC/ETH.
Signal Two: Trillions of “new water” are about to overflow
XRP ETF is just the pipeline, and the water is also ready on the same day.
The vote in the House of Representatives at 5 a.m. tomorrow (Speaker Mike Johnson has expressed support) will “open the door.” This means that the TGA (Treasury General Account) will transform from a trillion-dollar black hole back into a super faucet.
In the 40 days of suspension, TGA withdrew 700 billion dollars from the market due to the inability to move in or out. This is the real culprit behind the market crash in early November (BTC falling below 99,000) and the “dollar shortage” in the banking system (50 billion “emergency pawn shop” usage on October 31).
The flood discharge is about to begin.
But why is this flood discharge so important?
The answer lies in the RRP (Reverse Repurchase Tool) — that “sponge” which was once used to absorb the Federal Reserve's flood — has been exhausted.
During the TGA reconstruction in 2023, there was $22 trillion in the RRP, which perfectly absorbed the liquidity released by the TGA. Now, the balance of the RRP is less than $80 billion.
This means that a $1 trillion flood is about to arrive, and the $2.2 trillion sponge in the market is now left with only $80 billion in remnants.
This 1 trillion flood will have no buffer, directly overflowing and rushing into bank reserves, frantically seeking any high-risk assets that can accommodate it.
“New Water” Ignites “Old Fire”: The Detonation of the DTCC List
Now, we put the puzzle together.
The trillion liquidity released by TGA, combined with the first confirmed XRP ETF channel, will jointly reignite the market's fervent expectations for “bulk approvals.”
This brings up the “old” list. As early as August and September 2025, Bitwise's LINK ETF, 21Shares' DOT ETF, and others had already “appeared” on the DTCC website.
At that time, this triggered a wave of preemptive trading. We still remember how the listing of DTCC on IBIT in October 2023 pushed BTC to soar by 7.2% within 24 hours.
However, in August to September, the market only had “expectations” (DTCC list), but there were no “solid evidence” (like the 8-A form), and even less “new liquidity” (TGA flood). Therefore, that narrative fizzled out.
And today, a fundamental change has occurred.
The 8-A form of the XRP ETF is the SEC's first “explicit” indication that the SEC is ready to approve altcoin ETFs.
It's like next to a pile of dormant kindling (LINK, DOT, SUI on DTCC…), the first matchstick (XRP ETF) has been lit, while a “gasoline vehicle” (TGA trillion flood discharge) is on its way.
The conspiracy of “batch approval”: Why does the SEC have no choice?
XRP will never be the only one. The analysis by institutions like Sygnum (Swiss crypto bank) regarding “batch approvals” is completely correct.
The SEC must “approve in batches”, which originates from the “ghost” of the Grayscale case.
On January 10, 2024, the SEC's “mass approval” of 11 Bitcoin ETFs was due to the court ruling that its rejection of Grayscale was “arbitrary and capricious.” This case teaches the SEC that it must apply a uniform standard to similar products.
Now, there is a pile of applications in front of the SEC (XRP, LINK, DOT…).
On the eve of the impending approval of XRP (which has clarified its non-security status in the Ripple case), the SEC has no reason to reject LINK (which even has CME futures, similar to ETH). If the SEC dares to pick winners, issuers like Bitwise will immediately sue it, citing “arbitrary and capricious.”
The SEC does not want to lose again.
Therefore, the XRP 8-A form is not a victory for XRP, but a starting gun for the collective victory of altcoins.
Farewell to Meme Speculation: The “Institutional Bull” of the Imitation Season
The approval of this batch of ETFs will have significance far beyond the “altcoin season” of 2021.
2021 was a carnival for retail investors. The surge of DOGE was driven by Musk's tweets, while the rise of SHIB was purely meme speculation. It was a liquidity-driven, sentiment-led carnival, with capital that is not “sticky”—it comes quickly and goes quickly.
However, the “institutional bull” in 2025 has a completely different underlying logic.
Let's review what happened after the BTC spot ETF was approved in January 2024:
Capital flow: As of November 2025 (now), the BTC spot ETF has attracted nearly $60 billion in net inflows. The ETH ETF has also attracted about $13.8 billion.
Narrative Shift: Surveys show that 88% of Financial Advisors stated that the SEC's approval makes them “more optimistic.”
Market Structure: The biggest change is the unlocking of pensions. Morgan Stanley will allow its financial advisors to recommend cryptocurrency funds to clients (including retirement accounts 401k) starting from October 15, 2025.
BTC and ETH ETFs are just the appetizers; they educate the market and pave the way for compliance. The real demand from institutions is always for diversification. Sygnum's research shows that more than 80% of institutional investors have shown strong interest in crypto ETFs “beyond BTC and ETH.”
This is the true meaning of the DTCC list (XRP, LINK, DOT, SUI). They are no longer meme coins; they are institutional configurable assets.
When a manager of a 401(k) pension fund decides to allocate 1% of “digital assets”, he will not (and cannot) go to OKX to buy SUI. Instead, he will not hesitate to purchase a crypto diversified basket ETF issued by BlackRock or Franklin, which includes (BTC, ETH, XRP, LINK, DOT).
The starting gun has fired.
We are witnessing a profound transformation in market structure.
The 8-A form of Canary and the trillion flood discharge of TGA are not signals of “all the good news being priced in”; they are the starting gun for a paradigm shift.
The ignition of XRP will inevitably ignite the market's expectation for the “bulk approval” of all altcoins on the DTCC list.
This marks the shift of the altcoin market from a “disorderly casino” driven by retail sentiment and memes to a “compliant market” driven by institutional allocation and 401(k) funds.
