1. From Bitcoin to Ethereum, laying the market foundation.
Bitcoin ETF: Its success is evident, with 11 U.S. Bitcoin ETFs absorbing over 5% of the Bitcoin supply, significantly promoting the maturity of market structure. In terms of custody services, it has led to more standardized and professional related services; in compliance processes, it has further clarified and improved regulatory requirements; at the same time, it has greatly deepened the participation of retail and institutional investors, allowing more different types of investors to conveniently engage in Bitcoin investments.
Ethereum ETF: As the second largest cryptocurrency by market capitalization, Ethereum quickly gained market favor for its wide use of smart contracts and decentralized applications, amassing $2.6 billion in assets under management in a short time. Bitcoin and Ethereum, as the two giants of the cryptocurrency market, have become the first choice for most investors entering the crypto ETF market, laying a solid foundation for the development of the entire crypto ETF market. More varieties of crypto assets are expected to join in the future, expanding this vast investment blue ocean.
2. Can Solana ETF break through?
Current status of Solana ETF: Solana, with its high speed, low cost, and decentralized characteristics, has attracted a large number of developers and users, possessing the potential to become the next star ETF, making it one of the hot topics for the market in 2025. However, the launch of its ETF faces many challenges. The feasible path currently is to first launch a futures ETF, and after accumulating a certain trading record, create conditions for the launch of a spot ETF, but this process requires time and gradual market recognition.
Regulatory obstacles: In 2023, the SEC listed Solana as one of the 19 unregistered securities when suing Binance and Coinbase, which raised questions about its compliance and posed greater obstacles to the launch of Solana ETF. In contrast, Bitcoin and Ethereum futures trading is conducted on the regulated Chicago Mercantile Exchange, allowing the SEC to monitor more effectively, which is one of the important reasons why their ETFs can be quickly approved.
3. New government arrives, regulatory policies reach a turning point.
In January 2025, the new U.S. government will take office, with the Trump administration appointing Paul Atkins, a long-time supporter of cryptocurrency, as SEC chairman. This move is seen as a significant positive for the crypto market. Anchorage Digital CEO Nathan McCauley believes the new government will have a significant impact on the crypto market in several key areas:
Stablecoin regulation: Expected to promote the introduction of related legislation, clarifying the legal status of stablecoins, providing a clearer legal framework for the issuance, circulation, and use of stablecoins, enhancing market confidence in stablecoins, and promoting the healthy development of the stablecoin market.
Innovation support: Accelerating support for technological innovation related to blockchain and digital assets, encouraging more technological research and application exploration, injecting new vitality and development momentum into the crypto market, and promoting technological progress and business model innovation in the crypto industry.
Strategic reserves: Exploring the establishment of a national-level Bitcoin reserve, which would not only help strengthen the U.S. position in the digital economy but may also have a profound impact on the supply and demand patterns and price trends of the global Bitcoin market, further enhancing the importance of Bitcoin and other crypto assets in the global financial system.
4. Exploration of new opportunities: More crypto asset ETFs are ready to go.
In addition to Solana, HBAR and $XRP are also on the potential list for 2025:
$HBAR: With its unique technical architecture and good cooperation with institutions, it is considered an ideal choice for institutional investors, expected to attract more institutional funding and promote the development of its ETF.
$XRP: Despite having strong community support, it faces issues of centralization and legal disputes, which may limit the speed of its ETF advancement and market acceptance. It is more likely to achieve greater breakthroughs in the ETF market after resolving related issues.
$DOGE: The market performed well over the past year, but whether it can attract enough institutional interest to further promote its ETF development still needs time to observe and further market validation.
5. The trend of the ETF market.
Continued growth in capital inflow: As more traditional financial institutions enter the crypto ETF market, capital inflow in the ETF market is expected to continue to increase. In 2024, Bitcoin ETFs attracted over $30 billion in capital inflow, and this figure is expected to further rise in 2025, bringing more abundant capital support to the crypto market and driving continuous market expansion.
Emergence of innovative ETF products: Future Ethereum ETFs may incorporate staking yield features, providing investors with higher returns, which will become a major highlight and competitive advantage in the market. At the same time, improvements in the regulatory environment and the deep integration of traditional finance and the crypto market will create favorable conditions for the launch of more innovative ETF products to meet the diverse needs of different investors, further enriching the variety of products and investment strategies in the crypto ETF market.