Author: 0xSpread
Remember the excitement of the first batch of Bitcoin ETFs in early 2024? In less than a year, these ETFs have absorbed more than 5% of Bitcoin supply, and the Ethereum ETF launched in July has quickly accumulated $2.6 billion in assets under management.
So which cryptocurrency ETFs will be approved next year? Here's what you might want to know?
Current ETF market situation
Can Solana ETF break through?
Can the new government's appearance be a turning point?
Exploration of new opportunities
Trends in the ETF market
The success of Bitcoin ETFs is obvious. The 11 US Bitcoin ETFs not only absorb more than 5% of the Bitcoin supply, but also promote the maturity of market structure, including custody services, compliance processes, and the depth of participation of retail and institutional investors.
Ethereum ETFs also performed well. As the world's second largest cryptocurrency by market value, Ethereum has a wide range of uses in smart contracts and decentralized applications, which has driven its ETF to quickly gain popularity in the market. Bitcoin and Ethereum are the starting point for most investors to enter the crypto ETF market, but more assets will enter this blue ocean in the future.
1. Current status of Solana ETF
Whether Solana can become the next star ETF is one of the hot topics in 2025. This emerging public chain has attracted a large number of developers and users with its high speed, low cost and decentralized characteristics. However, its ETF road still faces challenges. At present, the only feasible path to launch the Solana spot ETF is to launch a futures ETF first to pave the way for spot products. But even if the futures ETF is approved, it will take time to accumulate trading records to lay the foundation for future spot ETFs.
2. The bigger obstacle comes from the regulatory level
In 2023, the SEC listed Solana as one of 19 unregistered securities when suing Binance and Coinbase, which made its compliance controversial. In contrast, Bitcoin and Ethereum are traded on the regulated Chicago Mercantile Exchange, making it easier for the SEC to monitor, which has become a key reason for the rapid approval of the two ETFs.
In January 2025, the United States will usher in a new government. The Trump administration appointed Paul Atkins, a long-time supporter of cryptocurrencies, as chairman of the SEC, a change that is seen as a major boon to the crypto market. Nathan McCauley, CEO of Anchorage Digital, believes that the new government will focus on the following areas:
Stablecoin regulation: It may promote a bill to clarify the legal status of stablecoins.
Innovation support: Accelerate support for technological innovation related to blockchain and digital assets.
Strategic reserves: Explore the establishment of a national-level Bitcoin reserve to strengthen the United States' position in the digital economy.
In addition to $SOL, $HBAR and $XRP are also on the potential list for 2025. $HBAR is considered an ideal choice for institutional investors due to its unique technical architecture and institutional partnerships. Although $XRP has strong community support, its centralization issues and legal disputes are still obstacles that cannot be ignored. $DOGE has performed well in the market over the past year, but it will take time to see whether it can attract enough institutional interest.
The following figure is the spot cryptocurrency ETF filing list on December 3, 2024
With the entry of more traditional financial institutions, the capital inflow of the ETF market will continue to grow. In 2024, Bitcoin ETF attracted more than $30 billion in capital inflows, and this figure may rise further in 2025.
Future Ethereum ETFs may include a staking income function to provide investors with higher returns, which will become a highlight of the market. At the same time, the improvement of the regulatory environment and the deep integration of traditional finance and the crypto market will pave the way for more innovative ETF products.
In 2025, the crypto ETF market will usher in a new battlefield. From policy dividends to asset innovation, various possibilities are brewing. After Bitcoin and Ethereum, who will become the next star? Can Solana break through successfully? These answers will be revealed next year.
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