Author: Zero Difference Research Institute 0xSpread
Do you remember the lively scene when the first batch of Bitcoin ETFs were launched in early 2024? In less than a year, these ETFs have already absorbed more than 5% of the Bitcoin supply, and the Ethereum ETF launched in July has also quickly accumulated $26 billion in assets under management.
So what crypto-currency ETFs will be approved next year? Here are some things you may want to know:
The current ETF market situation
Can Solana ETF break through?
Will the new government be a turning point?
Exploring new opportunities
Trends in the ETF market
I. From Bitcoin to Ethereum, laying the market foundation
The success of Bitcoin ETFs is obvious. The 11 US Bitcoin ETFs have not only absorbed more than 5% of the Bitcoin supply, but have also driven the maturity of the market structure, including custody services, compliance processes, and the depth of participation by retail and institutional investors.
Ethereum ETFs have also performed well. As the second largest cryptocurrency in the world, Ethereum has a wide range of uses in smart contracts and decentralized applications, which has led to its ETF being quickly welcomed by 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.
II. Can Solana ETF break through?
1. Current status of Solana ETF
Whether Solana can become the next star ETF is one of the hot topics of 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 path still faces challenges. Currently, the only viable path to launch a Solana spot ETF is to first launch a futures ETF, which will pave the way for the spot product. But even if the futures ETF is approved, it will take time to accumulate a trading record to lay the foundation for a future spot ETF.
2. Greater obstacles come from the regulatory level
In 2023, the SEC listed Solana as one of 19 unregistered securities when it sued Binance and Coinbase, which has led to controversy over its compliance. In contrast, Bitcoin and Ethereum are more easily monitored by the SEC as their futures are traded on the regulated Chicago Mercantile Exchange, which has been a key reason for the rapid approval of their ETFs.
III. The new government takes office, a turning point for regulatory policies?
In January 2025, the United States will welcome a new administration. The Trump administration appointed long-time crypto supporter Paul Atkins as SEC chairman, a change seen as a major boon for the crypto market. Anchorage Digital CEO Nathan McCauley believes the new government will focus on the following areas:
Stablecoin regulation: May push for legislation to clarify the legal status of stablecoins.
Innovation support: Accelerate support for blockchain and digital asset-related technological innovation.
Strategic reserves: Explore the establishment of a national-level Bitcoin reserve to strengthen the US's position in the digital economy.
IV. Exploring new opportunities: More crypto asset ETFs are poised to emerge
In addition to $SOL, $HBAR and $XRP are also on the potential list for 2025. $HBAR, with its unique technical architecture and institutional partnerships, is seen as an ideal choice for institutional investors. $XRP, despite strong community support, still faces the obstacle of its centralization issues and legal disputes.
The chart below shows the list of spot crypto-currency ETF filings as of December 3, 2024.
V. The general trend of the ETF market
With more traditional financial institutions entering the market, capital inflows into the ETF market will continue to grow. In 2024, Bitcoin ETFs attracted over $30 billion in inflows, and this figure is likely to rise further in 2025.
Future Ethereum ETFs may include staking yield features, providing investors with higher returns, which will be 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.
VI. Summary
In 2025, the crypto ETF market will see a new battlefield. From policy dividends to asset innovation, various possibilities are brewing. After Bitcoin and Ethereum, who will be the next star? Can Solana break through successfully? The answers to these questions will be revealed next year.
