Bloomberg Analyst: Altcoin ETFs Will Ignite Crypto Bull Market in 2025

Author: Gino Matos, Cryptoslate; Compiler: Wuzhu, Golden Finance

Eric Balchunas, senior ETF analyst at Bloomberg, said that unless there is a big crash, the altcoin-related exchange-traded funds (ETFs) awaiting approval will make cryptocurrencies "pretty crazy."

He shared that there are 14 altcoin-related ETFs awaiting approval from the U.S. Securities and Exchange Commission (SEC) in the next 12 months, including funds that invest in Solana (SOL), XRP, Hedera (HBAR), Litecoin (LTC), a basket of assets, as well as Bitcoin (BTC) and Ethereum (ETH).

In addition, Balchunas expects the list of altcoin ETFs to triple in the next two months.

Favorable Environment

After President Trump won the U.S. election, ETF Store CEO Nate Geraci predicted that several spot cryptocurrency ETFs would be listed. "Assume that multiple issuers are well prepared for the election results. It won't hurt to be aggressive now," he said.

Since Geraci published his article, asset managers have registered three new ETFs to be listed. On November 12, Canary Capital applied for the HBAR ETF, which surprised some market analysts because it was expected that the issuer would choose a more well-known cryptocurrency among the 50 largest cryptocurrencies by market capitalization.

In addition, Bitwise registered the SOL Trust in Delaware on November 21, and five days later, the New York Stock Exchange applied to list the asset manager’s hybrid BTC and ETH ETF.

Bloomberg ETF analyst James Seyffart believes that the SEC could approve Solana-related ETFs within two years. However, he added that it would be “easy” for the current administration to not recognize these ETFs.

Seyffart stressed that this had already happened in August, when Cboe removed the Form 19b-4 application to list VanEck and 21Shares’ Solana ETF, which was registered in July.

Meanwhile, Canary’s Litecoin ETF, which was filed in October, has a higher chance of being approved. Alex Thorn, head of research at Galaxy Digital, previously noted that LTC’s launch is generally considered fair because there was no pre-mine or token sale.

While the SEC’s stance remains unclear, Thorn believes it’s unlikely that regulators will label LTC a security.