A new chapter in encryption ETFs has begun, and Solana may become the first public chain to obtain a Spot ETF after Ether. Several Bloomberg analysts pointed out that this summer may witness a new wave of "alts ETF craze," but this time the attitude of funds will be more cautious and rational. Whether it can truly attract hot money inflow remains an unknown.
From Bitcoin to Solana: Spot ETF is accelerating the unlocking of new targets
Following the approval of Bitcoin and Ethereum spot ETFs, SEC (SEC) is now facing a new round of review applications for spot crypto ETFs, including Solana (SOL) and Ripple (XRP)、Litecoin (LTC)、Dogecoin (DOGE)、Cardano (ADA), Polkadot (DOT) and other altcoins.
According to Bloomberg Intelligence's tracking, almost all applications for the 19b-4 form have been confirmed by the SEC, and a final review deadline has been set, with their fates expected to be revealed as early as the second half of 2025.
Among them, Solana ranks first among altcoins with a high approval rate of 90%. With up to seven institutions, including Grayscale, VanEck, and 21Shares, submitting applications, this demonstrates its market appeal and near-institutional positioning. Bloomberg ETF senior analyst Eric Balchunas further pointed out:
Get ready to welcome the possible "altcoin ETF summer"! Solana and some "basket" type encryption asset products (basket product) are likely to take the lead.
Not all coins are viable: SEC's stance and CFTC regulation are the key deciding factors.
Bloomberg data indicates that "whether it is regarded as a commodity by the SEC (Commodity)" is the key to determining the success or failure of an ETF. Bitcoin and Ethereum are regulated by the Commodity Futures Trading Commission (CFTC) in the futures market, which allows spot ETFs to pass relatively smoothly. Meanwhile, Solana, XRP, LTC, and others may also be considered as "commodities", giving them a better chance of approval.
(Solana ETF is expected to be approved by the SEC within five weeks? After the positive news was released, SOL rose by 5%)
In contrast, although SUI and TRON have applied, they still lack futures products regulated by the CFTC, and it remains uncertain whether the SEC views them as commodities, resulting in passing probabilities of only 60%, or even no evaluation yet, with the approval deadline relatively late until 2026.
Will hot money come back? The funding challenges of Solana ETF
However, Balchunas candidly responded to community questions, saying, "Even if the chances of approval are high, it does not mean that funds will pour in in large amounts."
Nothing can compare to Bitcoin. Our team has a saying: "The further away from Bitcoin, the scarcer the asset inflow."
In fact, even if the Ethereum Spot ETF is approved for several months, the net inflow of funds is still below expectations, reflecting the market's reservation towards the enthusiasm for non-Bitcoin asset ETFs. Although Solana has topicality and high-performance characteristics, whether this ETF can drive substantial capital flow in the absence of institutional consensus and macro favorable conditions remains to be seen.
The real significance and potential of altcoin ETFs.
Although funds may not necessarily explode in the short term, the true significance of this batch of altcoin Spot ETFs may lie in the change of long-term asset allocation structure. If Solana successfully lists an ETF, it not only symbolizes that its product attributes have received official endorsement, but it will also become a potential reason for institutional funds (, such as pension funds or sovereign funds ), to be included in their allocations.
In addition, an ETF structure that includes staking products may also emerge. Currently, the SEC is paying attention to some institutions attempting to promote the listing of ETFs with staking functions. If successful, it will further expand the financial application depth of alts.
( Crypto ETFs See the Light of Day? BlackRock meets with the SEC panel to submit IBIT, ETHA revised )
Solana leads, alts ETF testing the waters
From this wave of application enthusiasm, the US cryptocurrency ETF market is gradually shifting from single assets to diversified indices and alternative assets. Solana has not only gained an advantage in the approval of spot ETFs but has also injected policy and regulatory expectations into the overall altcoin market.
However, ETFs do not equal the reappearance of a bull market. The real key in the future still lies in whether the market is willing to buy in, whether it has macro momentum, and whether regulators are open to breakthrough innovations such as staking.
The "altcoin ETF Summer" may not create milestone discussions like Bitcoin, but it might be enough to spark some expectations in the sluggish market.
This article by Bloomberg analyst Eric Balchunas: the altcoin ETF Summer is coming, with Solana leading the way! First appeared in Chain News ABMedia.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Bloomberg analyst Eric Balchunas: alts ETF Summer is coming, with Solana leading the way!
A new chapter in encryption ETFs has begun, and Solana may become the first public chain to obtain a Spot ETF after Ether. Several Bloomberg analysts pointed out that this summer may witness a new wave of "alts ETF craze," but this time the attitude of funds will be more cautious and rational. Whether it can truly attract hot money inflow remains an unknown.
From Bitcoin to Solana: Spot ETF is accelerating the unlocking of new targets
Following the approval of Bitcoin and Ethereum spot ETFs, SEC (SEC) is now facing a new round of review applications for spot crypto ETFs, including Solana (SOL) and Ripple (XRP)、Litecoin (LTC)、Dogecoin (DOGE)、Cardano (ADA), Polkadot (DOT) and other altcoins.
According to Bloomberg Intelligence's tracking, almost all applications for the 19b-4 form have been confirmed by the SEC, and a final review deadline has been set, with their fates expected to be revealed as early as the second half of 2025.
Among them, Solana ranks first among altcoins with a high approval rate of 90%. With up to seven institutions, including Grayscale, VanEck, and 21Shares, submitting applications, this demonstrates its market appeal and near-institutional positioning. Bloomberg ETF senior analyst Eric Balchunas further pointed out:
Get ready to welcome the possible "altcoin ETF summer"! Solana and some "basket" type encryption asset products (basket product) are likely to take the lead.
Not all coins are viable: SEC's stance and CFTC regulation are the key deciding factors.
Bloomberg data indicates that "whether it is regarded as a commodity by the SEC (Commodity)" is the key to determining the success or failure of an ETF. Bitcoin and Ethereum are regulated by the Commodity Futures Trading Commission (CFTC) in the futures market, which allows spot ETFs to pass relatively smoothly. Meanwhile, Solana, XRP, LTC, and others may also be considered as "commodities", giving them a better chance of approval.
(Solana ETF is expected to be approved by the SEC within five weeks? After the positive news was released, SOL rose by 5%)
In contrast, although SUI and TRON have applied, they still lack futures products regulated by the CFTC, and it remains uncertain whether the SEC views them as commodities, resulting in passing probabilities of only 60%, or even no evaluation yet, with the approval deadline relatively late until 2026.
Will hot money come back? The funding challenges of Solana ETF
However, Balchunas candidly responded to community questions, saying, "Even if the chances of approval are high, it does not mean that funds will pour in in large amounts."
Nothing can compare to Bitcoin. Our team has a saying: "The further away from Bitcoin, the scarcer the asset inflow."
In fact, even if the Ethereum Spot ETF is approved for several months, the net inflow of funds is still below expectations, reflecting the market's reservation towards the enthusiasm for non-Bitcoin asset ETFs. Although Solana has topicality and high-performance characteristics, whether this ETF can drive substantial capital flow in the absence of institutional consensus and macro favorable conditions remains to be seen.
The real significance and potential of altcoin ETFs.
Although funds may not necessarily explode in the short term, the true significance of this batch of altcoin Spot ETFs may lie in the change of long-term asset allocation structure. If Solana successfully lists an ETF, it not only symbolizes that its product attributes have received official endorsement, but it will also become a potential reason for institutional funds (, such as pension funds or sovereign funds ), to be included in their allocations.
In addition, an ETF structure that includes staking products may also emerge. Currently, the SEC is paying attention to some institutions attempting to promote the listing of ETFs with staking functions. If successful, it will further expand the financial application depth of alts.
( Crypto ETFs See the Light of Day? BlackRock meets with the SEC panel to submit IBIT, ETHA revised )
Solana leads, alts ETF testing the waters
From this wave of application enthusiasm, the US cryptocurrency ETF market is gradually shifting from single assets to diversified indices and alternative assets. Solana has not only gained an advantage in the approval of spot ETFs but has also injected policy and regulatory expectations into the overall altcoin market.
However, ETFs do not equal the reappearance of a bull market. The real key in the future still lies in whether the market is willing to buy in, whether it has macro momentum, and whether regulators are open to breakthrough innovations such as staking.
The "altcoin ETF Summer" may not create milestone discussions like Bitcoin, but it might be enough to spark some expectations in the sluggish market.
This article by Bloomberg analyst Eric Balchunas: the altcoin ETF Summer is coming, with Solana leading the way! First appeared in Chain News ABMedia.