Eric Balchunas: “Expect a Wave of Crypto ETFs in 2025”

Bloomberg’s senior ETF analyst, Eric Balchunas, is forecasting a significant rise in cryptocurrency exchange-traded funds (ETFs) in 2025. In a recent post on X, Balchunas, alongside fellow Bloomberg analyst James Seyffart, discussed the upcoming surge in crypto ETFs, emphasizing that Bitcoin (BTC) and Ethereum (ETH) combination ETFs will be the first to hit the market.

These will likely be followed by ETFs for Hedera (HBAR) and potentially XRP and Solana, which are currently involved in lawsuits labeling them as securities.

Balchunas also noted that 14 altcoin-related ETFs are awaiting SEC approval within the next year. These include ETFs for Solana (SOL), XRP, Hedera (HBAR), Litecoin (LTC), and various BTC-ETH combinations. He predicts that the number of altcoin ETF applications could triple in the next two months.

Political Landscape Is Essential

However, the fate of these ETFs largely depends on the political landscape (which is expected to be very positive), especially following the outcome of the U.S. elections. Nate Geraci, CEO of ETF Store, stated that multiple issuers are prepared for the election results and may aggressively push forward with filings.

Following this outlook, several key filings have surfaced, including an HBAR ETF application from Canary Capital on November 12, a Solana trust filing by Bitwise on November 21, and a proposed combined BTC-ETH ETF by NYSE just days later.

James Seyffart remains cautious about the prospects for Solana ETFs, noting that the government could easily reject such applications, pointing to the CBOE’s withdrawal of VanEck and 21Shares' Solana ETF filings in August.

On the other hand, Litecoin’s ETF filing from Canary Capital in October seems more promising, according to Alex Thorn, Head of Research at Galaxy Digital. He suggests Litecoin’s status as a Bitcoin fork with no pre-mine or token sale makes it more palatable to regulators.