Bitfinex analysts point out that a comprehensive and significant rise in the altcoin market is only possible after the approval of cryptocurrency ETFs that can allow investors to take on more risk.
With Bitcoin (BTC) losing 6% of its dominance over the past 30 days, participants in the crypto market have been eagerly anticipating a rise in the altcoin market, referred to as "altcoin season."
However, Bitfinex analysts stated in a market report on Monday that they do not expect an "overall upward" market environment to emerge until later this year. The market is likely to form an overall upward environment only when the inflow of funds into Bitcoin products becomes active again and new investment tools for altcoins are introduced.
The analysts added, "These products are likely to bring sustained demand that is unrelated to price fluctuations, creating conditions for a broader repricing of the entire digital asset space."
The analysts noted that the current market in this cycle exhibits characteristics of "weakened risk appetite."
They further stated, "Although inflows remain positive, the sluggish trend reflects a more cautious attitude among investors. This stands in stark contrast to the strong demand seen during previous historical peak phases."
David Duong, Global Head of Research at Coinbase Institutional, holds a different view, recently stating, "The current market conditions suggest that as we approach September, we may see a transition to a full altcoin season."
Meanwhile, Bitcoin spot ETFs have been trading for over 19 months since their launch in January 2024; Ethereum (ETH) spot ETFs have been close to 13 months since their launch in July 2024, and commentators in the crypto industry have been speculating about the next possible cryptocurrency ETF to be launched.
The U.S. Securities and Exchange Commission (SEC) recently delayed its decision on the approval of several cryptocurrency ETF applications, including Truth Social's Bitcoin-Ethereum ETF, 21Shares and Bitwise's Solana (SOL) products, and 21Shares' Core Ripple (XRP) trust.
Bloomberg ETF analyst Eric Balchunas stated on June 7 that it is very likely that ETFs specifically investing in memecoins will emerge in the future.
He said, "First, we will see a series of actively managed crypto ETFs." He also added that by 2026, actively managed funds focused on memecoins are likely to be launched.
Related: Preston Pysh: Bitcoin (BTC) holders' skepticism towards institutions is hard to dispel
Original article: “Bitfinex: Altcoin Season Needs More Cryptocurrency ETF Approvals to Start”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
