Multiple crypto exchange-traded funds (ETFs) are set to launch this week despite the government shutdown, with investment products based on Solana (SOL), Litecoin (LTC), and Hedera (HBAR) seemingly ready to start trading as soon as Tuesday.

Big Week For Crypto ETFs

On Sunday night, Nate Geraci affirmed that the next two weeks will be key for the long-awaited spot crypto-based ETFs as Solana, XRP, LTC, and other ETF filings are “all lined up & ready for launch.”

Similarly, Bitwise CEO, Hunter Horsley, hinted that this week would be a “Big week,” suggesting progress related to its Solana Staking ETF. It’s worth noting that the crypto community has been awaiting the US Securities and Exchange Commission (SEC)’s approval of the investment products following the numerous ETF applications filed over the past few months.

Between August and September, the regulatory agency postponed the decision deadline of most applications by two months, pushing back the key dates to mid-October and mid-November. However, the government’s shutdown, which started on October 1, reduced the odds of the products receiving a green line during the expected timeline.

On Monday morning, ETF expert Erich Balchunas reported that multiple issuers were looking to launch their crypto-based ETFs this week, despite the government shutdown. According to the Bloomberg analyst, Canary Capital had filed 8-A forms for its spot Litecoin and Hedera ETFs, while Bitwise had filed one for its Solana Staking ETF.

“These are the ones rumored to be poss looking to launch (along w Grayscale solana) this week despite shutdown. Not a done deal but clearly preparations being made. Stay tuned,” Balchunas stated.

Solana, Litecoin, Hedera Products Take The Lead

Later, Balchunas confirmed the reports that the exchange had posted listing notices for Bitwise’s Solana Staking ETF, and Canary’s LTC and HBAR ETFs to launch on October 28, while Grayscale’s Solana trust is set to convert on Wednesday. “Assuming there’s not some last min SEC intervention, looks like this is happening,” the analyst added.

Crypto Journalist Eleanor Terret also shared the news, citing Canary’s CEO, Steven McClurg, who confirmed that the Canary spot HBAR and LTC ETFs will begin trading on Nasdaq on Tuesday.

“Litecoin and Hedera are the next two token ETFs to go effective after Ethereum,” McClurg told the journalist in a statement. “We look forward to launching tomorrow.”

Terret explained that despite the government shutdown, the launch is possible because “the operation of law does not always actually require an open government.”

According to the post, the 8-A forms are “just as important” as the S-1s filings: the former formally registers ETF shares under the Securities Exchange Act of 1934, while the latter registers the investment products under the Securities Exchange Act of 1933.

After NYSE certified all the 8-A filings for the ETFs above on Monday, shares can start trading, Terret affirmed, adding:

“Here’s the key: The issuers included language in their amended S-1s that lets them automatically go effective 20 days after filing. Typically, issuers delay S-1s until the SEC takes them effective, but the legal default is that the S-1 goes automatically effective without SEC intervention. That means the agency doesn’t need to approve them manually and the filings can go live on their own, even during the shutdown. So, long story short, all the legal boxes are checked and these ETFs are on track for launch.”

Pump.fun announced the acquisition of a leading multi-chain trading terminal to further expand its ecosystem, triggering a 10% price surge for the platform’s token, PUMP.

Pump.fun Acquires Padre

On Friday, Solana’s leading launchpad, Pump.fun, announced it had acquired multichain trading terminal Padre for an undisclosed amount as part of its “mission to tokenize the world’s highest-potential opportunities.”

The platform explained that trading terminals have “captured most trading volumes in the ecosystem” for the past year. Therefore, the acquisition of Padre, which supports trading across Ethereum, Solana, BNB Chain, and Base, “was a no-brainer,” Pump.fun’s co-founder Alon Cohen affirmed.

“Today marks another historic day for the PUMP ecosystem. What we’re known for is innovating, growing the market as a whole and creating the most retail-friendly products,” Cohen wrote on X.

“But we have always wanted to find more ways to support and reward our existing, loyal user base, most of which uses pro trading terminals,” he continued, adding that “the Padre team has shown the most grit, execution capability and integrity out of any crypto team I have gotten to know.”

According to the official announcement, Padre will function as usual, but users will experience significant upgrades in user experience, especially for tokens launched on Pump.fun. Additionally, the integration will improve data and speed, and offer better trading incentives.

PUMP Breaks Out Of Bearish Structure

Following the news, Pump.fun’s token, PUMP, became one of the best-performing tokens in the past 24 hours, jumping 11.6% to a one-week high of $0.0043. The cryptocurrency has been trading within the $0.0036-$0.0046 price range since the early October correction.

Analyst Sjuul from AltCryptoGems noted that yesterday, PUMP was “in a bit of trouble” after retesting the range lows, needing to break out of a bearish structure to prevent a breakdown to lower levels.

After today’s rally, PUMP “finally broke that structure,” suggesting that the range high should be the next target for the cryptocurrency’s price.

A potential breakout from this range could set the stage for a retest of the $0.005 mark, a key support and resistance level during the Q3 rally that was lost during the October 10 pullback.

PADRE Crash Drives Community Backlash

Despite the PUMP rally, Pump.fun received some backlash after the acquisition. Padre’s users slammed the memecoin launchpad for one of the key changes listed in the announcement.

According to the official X post, trading terminal’s token, PADRE, “will no longer have utility on the platform with no further plans for the future.” As a result, the cryptocurrency dropped 76% in an hour to a multi-month low of $0.009 before stabilizing at around $0.0139.

A user criticized the decision, affirming that “when you acquire a product that has been on the market for more than a year, (…) it would be really wise to take into account people that have invested into the token as well.”

The user considers that “posting a statement that renders the token absolutely useless and sunsetting it in this way is atrocious,” suggesting that the Pump.fun team should have taken a snapshot and announced an airdrop for PADRE holders.