While Coinbase expects altseason to kick off in September, the SEC continues to delay decisions on Solana, XRP, and a combined Bitcoin-Ethereum ETF.
Bitfinex analysts argued that the long-awaited altseason will not start until additional exchange-traded funds are approved that allow investment in cryptocurrencies beyond Bitcoin and Ethereum.
According to their latest report, the market has yet to enter a phase of broad expansion, and the lack of new financial products limits the flow of capital into higher-risk projects. In their view, a large-scale rally will depend on ETFs that give direct exposure to altcoins, capable of generating steady inflows without relying on short-term price action.
The report also describes a scenario shaped by weaker risk appetite. Although capital inflows remain positive, the pace is more restrained compared to previous cycles, when investor enthusiasm fueled sharp rallies toward new all-time highs. In this context, Bitcoin dominance fell 6% in the last month and currently stands at 58.58%.
Bitfinex’s stance contrasts with Coinbase Institutional’s outlook. David Duong, global head of research, believes that current conditions could signal the beginning of a full-fledged altseason starting in September. The divergence between both perspectives stems in part from uncertainty about the impact of regulatory decisions and investor behavior in the months ahead.
Spot Bitcoin ETFs have now been trading for over 19 months since their debut in January 2024, while spot Ether ETFs have been on the market for 13 months since their launch in July 2024. However, the U.S. Securities and Exchange Commission has delayed several key rulings, including Truth Social’s combined Bitcoin and Ethereum ETF, Solana products from 21Shares and Bitwise, and 21Shares’ Core XRP Trust.
Eric Balchunas, a Bloomberg ETF analyst, predicted that in the coming years active ETFs covering a wider range of digital assets will emerge. He even expects a memecoin-focused fund to appear as soon as 2026
