Bloomberg: Approval of Altcoin ETFs Will Not Trigger a Classic Altseason

The approval by the U.S. Securities and Exchange Commission (SEC) of exchange-traded funds based on popular altcoins will not lead to the start of a traditional altseason. This was stated by Bloomberg Intelligence analyst James Seyffart in the podcast The Milk Road Show.

According to him, funds based on DOGE, LINK, XLM, BCH, AVAX, LTC, SHIB, DOT, SOL, and HBAR already comply with the SEC’s developed framework, and their launch may occur soon. He named ADA and XRP as the next candidates for approval.

The expert recalled that he had previously predicted the emergence of spot ETFs on altcoins in the fourth quarter of 2025. However, he is skeptical about the demand:

“We were extremely ‘bearish’ about Ethereum ETFs. They appeared too quickly. Brokers didn’t have time to prepare, and staking is still banned. Seriously?”

At the same time, interest in futures Solana ETFs and XRP ETFs turned out to be noticeably higher, although, according to Seyffart, it still does not compare to the demand for spot Bitcoin ETFs.

The analyst believes that the greatest success may be achieved by mixed ETFs, where a basket of crypto assets is distributed among several coins.

He separately highlighted the role of treasury companies (Digital Asset Treasuries, DAT), which have received the main capital inflow from traditional investors in recent months:

“This is the real altseason — the DAT altseason. They are incredibly successful. With Ethereum and Solana in reserves, you can earn income, which is impossible to achieve with Bitcoin.”

According to him, in the long term, some DAT companies may not survive, but at the current stage, they provide the most convenient access to the crypto market for participants from TradFi.

Seyffart emphasized that the market is becoming more institutionalized, and the success of specific altcoins will be limited. Institutional capital continues to mainly fuel Bitcoin and Ethereum, and funds based on a single altcoin are unlikely to replicate their scale.