Bitcoin, Ethereum combo fund to lead ‘wave’ of crypto ETFs in 2025

An exchange-traded fund (ETF) tracking both Bitcoin and Ether is expected to be the first in a “wave” of new crypto funds in 2025, says senior Bloomberg ETF analyst Eric Balchunas.

Balchunas highlighted regulators view Litecoin and Hedera more favorably and is the reason why the two analysts believe they would get ETFs before larger market-cap assets like XRP and Solana.

Litecoin is more likely to be green-lit due to it being a fork of Bitcoin and therefore could be seen as a “commodity,” he said.

Hedera, meanwhile, has not been labeled as a security by the SEC, something that makes it easier for an exchange-traded product to receive approval.

XRP and SOL have been labeled as securities by the SEC, with Ripple having been engaged in a yearslong legal battle with the agency over the legal status of XRP.

While the analysts see HABR and LTC as having higher odds of approval, they said it's still “unclear” whether or not the funds will see much investor demand.

Many crypto pundits expect the SEC under Trump’s administration to be more receptive to crypto assets.

Trump recently said he intended to nominate pro-crypto businessman and former SEC Commissioner Paul Atkins as the next SEC Chair. Something legal experts believe could bring through a swathe of de-regulation and pro-crypto policy.

Current SEC Chair Gary Gensler announced that he would resign from the agency on the day of Trump’s inauguration on Jan. 20, while fellow Democrat commissioner Jamie Lizarrage said he would also be stepping down days before that on Jan. 17.

On Dec. 17, SEC Commissioner Caroline Crenshaw had her renomination vote canceled, opening up the possibility of four Trump-aligned and crypto-friendly commissioners.