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An exchange-traded fund (ETF) tracking both Bitcoin and Ether is expected to be the first in a “wave” of new United States crypto funds in 2025, senior Bloomberg ETF analyst Eric Balchunas said.<\/p>\n
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once,” Balchunas posted<\/a> to X on Dec. 17, sharing an analysis from fellow ETF analyst James Seyffart. <\/p>\n The duo anticipates the first new Bitcoin (BTC<\/a>) and Ether (ETH<\/a>) combo fund to be followed by ETFs tracking Litecoin (LTC<\/a>) or Hedera (HBAR<\/a>).<\/p>\n Seyffart noted that the Securities and Exchange Commission rejected multiple<\/a> Solana (SOL<\/a>) ETFs on Dec. 7, adding that SOL and XRP (XRP<\/a>) ETFs would have to wait until President-elect Donald Trump’s SEC chair pick takes control before they will be “seriously considered.”<\/p>\n Source: <\/em>Eric Balchunas<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Balchunas highlighted that regulators view Litecoin and Hedera more favorably, which is the reason the two analysts say they may get ETFs before larger market-cap assets like XRP and Solana.<\/p>\n Litecoin is more likely to be green-lighted because it is a fork of Bitcoin and may be viewed as a “commodity,” he said. <\/p>\n Hedera has not been labeled as a security by the SEC, which makes it easier for an exchange-traded product to receive approval.<\/p>\n Related: <\/strong><\/em>Bitcoin ETFs flip gold funds in AUM: K33 Research<\/strong><\/em><\/a><\/p>\n XRP and SOL have been labeled as securities by the SEC, with Ripple having been engaged in a years-long legal battle<\/a> with the agency over the legal status of XRP.<\/p>\n While the analysts see HABR and LTC as having higher odds of approval, they said it’s still unclear whether the funds will see much investor demand. <\/p>\n Many crypto pundits expect the SEC under Trump’s administration to be more receptive to crypto assets. <\/p>\n Trump recently said he intended to nominate pro-crypto businessman and former SEC commissioner Paul Atkins as the next SEC chair, which legal experts say may bring<\/a> de-regulation amid a more pro-crypto policy.<\/p>\n Current SEC Chair Gary Gensler announced that he would resign from the agency<\/a> on the day of Trump’s inauguration on Jan. 20, while fellow Democratic commissioner Jamie Lizarrage said he would be stepping down<\/a> days before that on Jan. 17. <\/p>\n On Dec. 17, SEC Commissioner Caroline Crenshaw had her renomination vote canceled<\/a>, opening up the possibility of four Trump-aligned and crypto-friendly commissioners.<\/p>\n