Key HighlightsAltcoin ETFs are coming, but demand may stay low.Treasury companies dominate the real alt season.Hybrid ETFs could reshape the crypto market.Why Altcoin ETFs Won’t Trigger a Traditional Alt SeasonThe approval of altcoin funds by the US Securities and Exchange Commission (SEC) is unlikely to spark a traditional alt season, according to Bloomberg Intelligence expert James Seyffarth. Despite growing anticipation, low demand and other market factors could prevent a major price surge.Seyffarth predicts that funds based on assets such as DOGE, LINK, XLM, BCH, AVAX, LTC, SHIB, DOT, SOL, and HBAR may be approved in the near future. “These funds already comply with the framework that the SEC is developing,” he explained.While altcoin spot ETFs are expected to launch in Q4 2025, the next candidates could be ADA and XRP, potentially rolling out within a few months after that.Spot ETFs vs Treasury Companies: Who Leads the Real Alt Season?The early performance of Ethereum spot ETFs has been underwhelming. Seyffarth noted, “We were extremely bearish on the Ethereum ETF. They came out too fast. Brokers didn’t have a chance to price them. And staking is still banned, seriously?”Interest remains high in Solana futures ETFs and XRP ETFs, but it still lags behind Bitcoin spot ETFs. Seyffarth believes hybrid ETFs—a basket of multiple crypto assets could be more successful than single-asset funds.Meanwhile, treasury companies, also known as DATs, are attracting significant attention. “This is the alt season, the DAT alt season. They’re incredibly successful,” Seyffarth said. With Ethereum and Solana in reserve, these companies can generate additional income and offer easier access for counterparties in traditional finance.What This Means for Crypto InvestorsSeyffarth predicts that some treasury companies may collapse in the long term. However, for now, they provide relatively simple and convenient entry points into the crypto market.“The market has become more institutionalized,” Seyffarth added. “Institutional capital is fueling Bitcoin and Ethereum right now. If a hybrid ETF is approved, money could flow in and impact prices.”Experts warn that single-altcoin funds are unlikely to replicate the success of Bitcoin and Ethereum ETFs. In today’s market, the true alt season is not about individual coins but about treasury companies (DATs) that dominate institutional demand.Key HighlightsAltcoin ETFs are coming, but demand may stay low.Treasury companies dominate the real alt season.Hybrid ETFs could reshape the crypto market.Why Altcoin ETFs Won’t Trigger a Traditional Alt SeasonThe approval of altcoin funds by the US Securities and Exchange Commission (SEC) is unlikely to spark a traditional alt season, according to Bloomberg Intelligence expert James Seyffarth. Despite growing anticipation, low demand and other market factors could prevent a major price surge.Seyffarth predicts that funds based on assets such as DOGE, LINK, XLM, BCH, AVAX, LTC, SHIB, DOT, SOL, and HBAR may be approved in the near future. “These funds already comply with the framework that the SEC is developing,” he explained.While altcoin spot ETFs are expected to launch in Q4 2025, the next candidates could be ADA and XRP, potentially rolling out within a few months after that.Spot ETFs vs Treasury Companies: Who Leads the Real Alt Season?The early performance of Ethereum spot ETFs has been underwhelming. Seyffarth noted, “We were extremely bearish on the Ethereum ETF. They came out too fast. Brokers didn’t have a chance to price them. And staking is still banned, seriously?”Interest remains high in Solana futures ETFs and XRP ETFs, but it still lags behind Bitcoin spot ETFs. Seyffarth believes hybrid ETFs—a basket of multiple crypto assets could be more successful than single-asset funds.Meanwhile, treasury companies, also known as DATs, are attracting significant attention. “This is the alt season, the DAT alt season. They’re incredibly successful,” Seyffarth said. With Ethereum and Solana in reserve, these companies can generate additional income and offer easier access for counterparties in traditional finance.What This Means for Crypto InvestorsSeyffarth predicts that some treasury companies may collapse in the long term. However, for now, they provide relatively simple and convenient entry points into the crypto market.“The market has become more institutionalized,” Seyffarth added. “Institutional capital is fueling Bitcoin and Ethereum right now. If a hybrid ETF is approved, money could flow in and impact prices.”Experts warn that single-altcoin funds are unlikely to replicate the success of Bitcoin and Ethereum ETFs. In today’s market, the true alt season is not about individual coins but about treasury companies (DATs) that dominate institutional demand.