Is a Promising Market Ahead? Bloomberg Analysts Prepare for a “Altcoin ETF Summer,” Led by Solana!
New Chapter for Crypto ETFs: Solana Could Become the First Public Blockchain to Achieve Spot ETF Approval After Ethereum
Multiple Bloomberg analysts have indicated that this summer may witness a new wave of “altcoin ETF enthusiasm,” although this time, the attitude of capital will be more cautious and rational. Whether or not this will truly attract hot money remains an unknown.
From Bitcoin to Solana: Spot ETFs Accelerating Unlocking of New Targets
Following the approval of spot ETFs for Bitcoin and Ethereum, the U.S. Securities and Exchange Commission (SEC) is currently facing a new round of applications for spot crypto ETFs, including various altcoins such as Solana (SOL), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), and Polkadot (DOT).
According to Bloomberg Intelligence’s tracking, almost all applications for the 19b-4 forms have been confirmed by the SEC, setting final review deadlines, with outcomes expected to be revealed as early as the second half of 2025.
Among them, Solana has the highest approval probability at 90%, with as many as seven institutions, including Grayscale, VanEck, and 21Shares, submitting applications, reflecting its market attractiveness and near-institutional positioning. Bloomberg’s senior ETF analyst Eric Balchunas further pointed out: “Get ready for the possible ‘altcoin ETF summer’! Solana and some ‘basket products’ of crypto assets are likely to lead the way.”
Not All Coins Will Do: SEC Attitudes and CFTC Regulation Are Key Determinants
Bloomberg data indicates that “whether considered a commodity by the SEC” is the core criterion for determining ETF success or failure. Bitcoin and Ethereum have relatively smooth approval for spot ETFs due to the oversight of the Commodity Futures Trading Commission (CFTC) in the futures market. Solana, XRP, LTC, and others may also be regarded as “commodities,” increasing their chances of approval.
(Is Solana ETF Expected to Be Approved by the SEC Within Five Weeks? SOL Rises 5% After Positive News Release)
In contrast, although SUI and TRON have applied, they not only lack futures products regulated by the CFTC, but whether the SEC views them as commodities remains uncertain, making their approval probabilities only 60% and even lacking evaluation, with review deadlines comparatively later in 2026.
Will Hot Money Come Again? Funding Challenges for Solana ETF
However, Balchunas candidly responded to community inquiries: “Even with a high probability of approval, it doesn’t mean that a significant influx of capital will follow.”
“Nothing can compare to Bitcoin; our team has a saying: ‘The further you are from Bitcoin, the scarcer the asset inflows.’” In fact, even after the approval of the Ethereum spot ETF for several months, net capital inflows have still fallen short of expectations, reflecting the market’s reserved enthusiasm for non-Bitcoin asset ETFs. Although Solana possesses topic relevance and high-performance characteristics, it remains to be seen whether the ETF can drive substantial capital movement in the absence of institutional consensus and macro-positive factors.
The True Significance and Potential of Altcoin ETF Approval
Although capital may not explode in the short term, the true significance of this batch of altcoin spot ETFs may lie in the long-term structural change in asset allocation. If Solana successfully launches an ETF, it not only symbolizes its commodity characteristics receiving official endorsement but also serves as a potential reason for institutional funds (such as pensions or sovereign funds) to include it in their allocations.
Moreover, ETF structures that include staking products may also emerge. Currently, the SEC is paying attention to certain institutions attempting to promote ETFs with staking functions. If successful, this would further expand the financial applications of altcoins.
(Is there a glimmer of hope for crypto ETF progress? BlackRock and SEC Meet in a Working Group, Submitting IBIT and ETHA Revisions)
Solana Leading the Charge, Altcoin ETFs Testing the Waters
From this wave of application enthusiasm, the U.S. crypto ETF market is gradually shifting from single assets to diversified indices and alternative assets. Solana is not only seizing the initiative in the approval of spot ETFs but is also injecting policy and regulatory expectations into the overall altcoin market.
However, ETF approvals do not equate to a resurgence of a bull market. The real key moving forward lies in whether the market is willing to buy in, whether there is macro momentum, and whether regulators are open to breakthroughs like staking.
The “Altcoin ETF Summer” may not create milestone discussions like Bitcoin, but it may be enough to instill some hope in a market that has been somewhat lethargic.
Risk Warning
Investing in cryptocurrencies carries a high level of risk; their prices can be highly volatile, and you may lose your entire principal. Please assess risks carefully.
