Bitcoin, Ethereum combo fund to lead ‘wave’ of crypto ETFs in 2025: Analysts

Bloomberg ETF analysts Eric Balchunas and James Seyffart expect Litecoin and Hedera will also get spot ETFs, but aren’t convinced there’ll be much demand for them.

An exchange-traded fund (ETF) tracking both Bitcoin and Ether is expected to be the first in a “wave” of new crypto funds in 2025, says senior Bloomberg ETF analyst Eric Balchunas.

“We expect a wave of cryptocurrency ETFs next year, albeit not all at once,” Balchunas posted to X on Dec. 17, sharing an analysis from fellow ETF analyst James Seyffart.

The duo expects the first new Bitcoin BTC $103,722 and Ether ETH $3,822.36 combo fund would be closely followed by ETFs tracking Litecoin LTC $121.56 or Hedera HBAR $0.2866.

Seyffart noted that the Securities and Exchange Commission rejected multiple Solana SOL $215.93 ETFs on Dec. 7 and said SOL and XRP XRP $2.48 ETFs would have to wait until Donald Trump’s SEC chair pick took control before they would be “seriously considered.”

Balchunas highlighted regulators view Litecoin and Hedera more favorably and is the reason why the two analysts believe they would get ETFs before larger market-cap assets like XRP and Solana.

Litecoin is more likely to be green-lit due to it being a fork of Bitcoin and therefore could be seen as a “commodity,” he said.

Hedera, meanwhile, has not been labeled as a security by the SEC, something that makes it easier for an exchange-traded product to receive approval.

XRP and SOL have been labeled as securities by the SEC, with Ripple having been engaged in a yearslong legal battle with the agency over the legal status of XRP.

While the analysts see HABR and LTC as having higher odds of approval, they said it's still “unclear” whether or not the funds will see much investor demand.

Many crypto pundits expect the SEC under Trump’s administration to be more receptive to crypto assets.

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