The present market is experiencing an altcoin season, however just for cash that main corporations have added to their reserves, in response to Bloomberg analyst James Seyffart in an interview with Milk Street.
Will Crypto ETF Flows Set off the Subsequent Altseason? w/ @Bloomberg Senior Analyst @JSeyff $BTC had its ETF second.
Now $ETH getting one.
However what occurs when $SOL, $XRP, and $DOGE get theirs?
James explains the ETF roadmap and who’s already first in line.
Tune in to know extra… pic.twitter.com/dflaAYWofb
— Milk Street (@MilkRoadDaily) September 4, 2025
He added that companies engaged in digital asset treasury investments (DATCO) have reaped substantial earnings, whereas particular person altcoins stay comparatively weak in comparison with earlier cycles.
“I feel the altseason has begun. […] In a sense, these DATCO are in full swing,” Seyffart emphasised.
One other potential driver he talked about is the approval of crypto-ETF functions in the USA. About 10 belongings, together with Dogecoin, Chainlink, Stellar, Bitcoin Money, Avalanche, Litecoin, Shiba Inu, Polkadot, Solana, and Hedera, are awaiting approval from the SEC for inclusion in exchange-traded funds.
Nonetheless, the analyst has extra tempered expectations relating to demand for altcoin ETFs in comparison with merchandise primarily based on the primary cryptocurrency:
“Will there be the identical curiosity as within the launch of bitcoin funds? Completely not.”
In his view, a basket of merchandise together with several cryptocurrencies will entice considerably extra institutional capital than ETFs on particular person belongings. Seyffart famous that funding advisors favor diversification over focus in particular person belongings.
Furthermore, the knowledgeable questioned the recurrence of altseasons within the conventional sense, as institutional gamers now drive market actions. This structural shift might completely alter cryptocurrency progress patterns.
Again in August, Bitfinex analysts stated that an altcoin season wouldn’t begin till new cryptocurrency exchange-traded funds are accredited.
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