Altcoins Enter a New Phase

Bloomberg Intelligence analyst James Seyffart has taken a closer look at the altcoin market and the rapidly growing interest in ETFs tied to XRP and Solana. In a conversation with Coin Bureau, he highlighted that both funds have performed exceptionally well since launch, posting some of the strongest trading figures of the year. Canary’s XRPC ETF alone attracts roughly $15 million in new inflows every day, on top of its initial $240 million in seed capital.

Seyffart emphasized that, despite a challenging market environment, retail demand for altcoins remains clear. He added that, with the SEC resuming its review processes, another wave of crypto ETFs is on the way. Bitwise is set to debut its Dogecoin ETF on November 26, while Grayscale plans to convert its Chainlink Trust into an ETF on December 2. He also pointed to BlackRock’s application for an Ethereum ETF with staking—a somewhat unusual proposal that could bring specific tax implications.

According to the analyst, the so-called altcoin season may already have happened, but most capital flowed into crypto trusts and mining companies rather than directly into altcoins themselves. In his view, the market is maturing, and investors seeking higher risk are increasingly turning to more complex instruments, such as options on Bitcoin ETFs.

Over the longer term, Seyffart expects growing interest in products that bundle multiple altcoins together. These basket-style ETFs could make market entry easier—especially for institutional players—by spreading risk more evenly.