Bloomberg ETF analysts Eric Balchunas and James Seyffart expect Litecoin and Hedera will also get spot ETFs, but aren’t convinced there’ll be much demand for them.

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

“We expect a wave of cryptocurrency ETFs next year, albeit not all at once,” Balchunas posted to X on Dec. 17, sharing an analysis from fellow ETF analyst James Seyffart. 

Balchunas highlighted that regulators view Litecoin and Hedera more favorably, which is the reason the two analysts say they may get ETFs before larger market-cap assets like XRP and Solana.

Litecoin is more likely to be green-lighted because it is a fork of Bitcoin and may be viewed as a “commodity,” he said. 

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