Author: Gino Matos, Cryptoslate; Translated by: Wu Zhu, Golden Finance
Bloomberg's senior ETF analyst Eric Balchunas stated that unless there is a major crash, the waiting approval for altcoin-related exchange-traded funds (ETFs) will make the cryptocurrency market 'quite crazy'.
He shared that within the next 12 months, there are 14 altcoin-related ETFs awaiting approval from the U.S. Securities and Exchange Commission (SEC), including funds that invest simultaneously in Solana (SOL), XRP, Hedera (HBAR), Litecoin (LTC), a basket of assets, as well as Bitcoin (BTC) and Ethereum (ETH).
Additionally, Balchunas expects the list of altcoin ETFs to double 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. He stated, 'Assuming multiple issuers are well-prepared for the election results. Being proactive now won't hurt.'
Since Geraci published the article, asset management companies have registered three new ETF listings. On November 12, Canary Capital applied for the HBAR ETF, which surprised some market analysts as it was expected that issuers would choose more well-known cryptocurrencies among the 50 largest by market cap.
Additionally, Bitwise registered the SOL Trust in Delaware on November 21, and five days later, the New York Stock Exchange applied to list the asset management company's mixed BTC and ETH ETF.
Bloomberg ETF analyst James Seyffart believes the SEC may approve Solana-related ETFs within two years. However, he added that the current administration 'easily' may not recognize these ETFs.
Seyffart emphasized that this situation had already occurred in August when Cboe removed the 19b-4 form application to list the VanEck and 21Shares Solana ETF registered in July.
Meanwhile, the likelihood of approval for the Litecoin ETF submitted by Canary in October is higher. Galaxy Digital's research director Alex Thorn previously pointed out that due to no pre-mining or token sales, LTC's issuance is generally considered fair.
Although the stance of the U.S. Securities and Exchange Commission remains unclear, Thorn believes it is unlikely that the regulators will classify LTC as a security.
