The cryptocurrency market experienced a major shift in momentum in January 2024 with the historic approval of Bitcoin spot ETFs. Since then, applications for altcoin-related funds have been piling up on the SEC’s desk. Could approval begin this summer?
Spot ETFs: the new crypto paradigm
The approval of spot Bitcoin ETFs on the US stock market is proving to be an unprecedented success. Their launch has broken all records, with adoption eclipsing all other funds issued over the past 30 years.
This momentum has been largely dominated by the iShares Bitcoin Trust (IBIT) from global asset management leader BlackRock. In less than a year of trading, it has outperformed the previous record holder, SPDR GOLD (GLD), by a factor of five, with total assets under management now estimated at $70 billion, according to data recently published on X by Bloomberg specialist Eric Balchunas.
This success is clearly whetting the appetite of fund managers, although it must be admitted that the trend is more subdued on the Ethereum side.
This is why crypto ETF applications have been piling up on the SEC’s desk for months. This is all the more so with the arrival of pro-crypto Paul Atkins at the head of this notoriously hostile body, as fund managers are currently trying to define the new field of possibilities in the face of unprecedented openness in this area.
Altcoin ETFs approved this summer?
After months of regulatory proceedings and filings of all kinds, the US SEC may finally decide to deal with these pending cases. That is to say, the more than 70 applications currently pending for 17 different cryptocurrencies.
Indeed, Bloomberg’s ETF specialist Eric Balchunas has just dropped a bombshell on the X network regarding a possible acceleration of pending approvals over the summer.
Get ready for a potential altcoin ETF summer with Solana likely leading the way (along with some basket products) via James Seyffart’s note this morning, which includes new listings for all spot ETFs.
Eric Balchunas
The list published by Eric Balchunas includes eight different cryptocurrencies, with an approval rate of over 75% for 2025. Leading the pack are the ever-present Litecoin (LTC), Solana (SOL) and Ripple’s XRP. The list also includes crypto indices with a 90% probability score.
Paul Atkins’ appointment as head of the SEC appears to be confirmed. He recently stated that he sees cryptocurrencies as “a fundamental American value” that should not be overlooked. Could this be the starting signal for the imminent approval of ETFs on altcoins currently awaiting approval?
