Bloomberg Intelligence analyst James Seyffart participated in The Milk Road Show podcast.
He shared a forecast regarding altcoin-based ETFs, touched on the topic of treasury companies, and the alt season.
In particular, Seyffart believes that there will not be a sharp increase in the market after the launch of altcoin-based spot ETFs.
The approval of the U.S. Securities and Exchange Commission (SEC) for funds based on altcoins will not lead to the start of a traditional altseason, given the low demand and other factors. This was stated by Bloomberg Intelligence expert James Seyffart during the podcast The Milk Road Show.
According to Seyffart, the Commission is likely to approve funds based on such assets as DOGE, LINK, XLM, BCH, AVAX, LTC, SHIB, DOT, SOL, HBAR in the near future. They already meet the framework developed by the SEC.
Earlier, we reported that Seyffart predicted the launch of spot ETFs based on altcoins in the IV quarter of 2025.
The next candidates are ADA and XRP. Seyffart believes they could be launched within a few months.
In response to the host's question about what real demand will be considering the poor start of spot Ethereum-ETF alongside increased interest in cryptocurrency company stocks, Seyffart noted the following:
«We were extremely bearish on Ethereum-ETF. […] They came out too quickly. Brokers had no opportunity to assess them. And staking is still banned, seriously?»
After that, the conversation turned to treasury companies (DAT). According to Seyffart, they received the lion's share of demand from counterparties with free capital.
«This is the altseason, the altseason of DAT. They are incredibly successful. […] And it's interesting, because with Ethereum and Solana [in reserve] you can do much more [compared to Bitcoin], generating additional income,» he noted.
According to Seyffart, in the long term, it is likely that at least some of these companies will fail. However, right now they provide relatively simple and convenient access to the space for TradFi counterparties.
At the same time, Seyffart noted that interest in futures Solana-ETF and XRP-ETF turned out to be quite high. However, in the expert's opinion, it will definitely be lower compared to spot Bitcoin-ETF.
«What will really be successful, as I see it, are mixed exchange-traded funds based on a basket of crypto assets,» Seyffart noted.
Continuing the topic of altseason, Seyffart said the following:
«This market has become a bit more institutionalized. […] I don't think many assets will benefit. What is currently fueling Bitcoin and Ethereum is institutional capital. The approval of a mixed ETF, where a certain asset accounts for 5% or something like that, and the influx of funds into it — this may affect the price».
According to the expert, funds based on a single altcoin are unlikely to replicate the success of Bitcoin and Ethereum ETFs. And if we talk about altseason, it is the altseason of treasury companies (DAT).
