Author: Gino Matos, Cryptoslate; Compiler: Wu Zhu, Jinse Finance
Bloomberg senior ETF analyst Eric Balchunas stated that unless a major crash occurs, the waiting approval of altcoin-related exchange-traded funds (ETFs) will make cryptocurrencies 'quite crazy'.
He shared that within the next 12 months, there are 14 altcoin-related ETFs waiting for 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).
Moreover, 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 have adequately prepared for the election results. Being proactive now won't hurt.'
Since Geraci published the article, asset management companies have registered three new ETFs for listing. On November 12, Canary Capital applied for the HBAR ETF, which surprised some market analysts because it was expected that issuers would choose more well-known cryptocurrencies among the 50 largest by market capitalization.
Additionally, Bitwise registered a 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 that the SEC may approve Solana-related ETFs within two years. However, he added that the current administration is 'unlikely' to recognize these ETFs.
Seyffart emphasized that this situation had already occurred in August when Cboe removed the 19b-4 form application to list the Solana ETF registered by VanEck and 21Shares in July.
Meanwhile, the likelihood of approval for the Litecoin ETF that Canary submitted in October is higher. Galaxy Digital's research director Alex Thorn previously pointed out that due to the lack of pre-mining or token sales, the issuance of LTC is generally considered fair.
Although the position of the U.S. Securities and Exchange Commission remains unclear, Thorn believes that regulators are unlikely to label LTC as a security.
