Recently, Bitcoin has pulled back, but the altcoin market is showing vitality. Ethereum has surpassed $3700, with sectors like DeFi and Layer 2 seeing widespread gains. Previously, when Bitcoin was nearing $100,000, altcoins performed poorly as institutional-led bull markets siphoned funds into Bitcoin.

The rise of altcoins is attributed to bullish market sentiment and Wall Street's influence, as evidenced by ETFs. Initially, applications for ETFs linked to coins like Solana cooled due to the SEC's tough stance, but the situation has now changed, with Cboe BZX Exchange planning to list multiple Solana-related ETFs, and Canary Capital has also submitted applications for spot ETFs for other cryptocurrencies.

Although most cryptocurrencies, apart from Bitcoin and Ethereum, struggle to meet the standards for approved spot ETFs, the market remains optimistic about the approval of SOL and XRP ETFs, as the regulatory environment is expected to change under a Trump administration. The current SEC chairman is set to resign, and a former SEC commissioner may take over, with several members of the Trump administration supporting cryptocurrencies, and their companies are also involved in the crypto industry.

In the long run, a relaxation of regulations and increased investor interest will lead institutions to delve deeper into researching crypto assets, strengthening the standardization and productization of crypto assets on the product side, potentially resulting in a surge of derivatives. Although the existing Ethereum spot ETF has weaker capital inflow compared to Bitcoin, there may be new developments following a regulatory shift. In short, the speculation around altcoin ETFs has begun, injecting vitality into the altcoin market.