The current market is experiencing an altcoin season, but only for coins that major companies have added to their reserves, according to Bloomberg analyst James Seyffart in an interview with Milk Road.
Will Crypto ETF Flows Trigger the Next Altseason? w/ @Bloomberg Senior Analyst @JSeyff $BTC had its ETF moment.
Now $ETH getting one.
But what happens when $SOL, $XRP, and $DOGE get theirs?
James explains the ETF roadmap and who’s already first in line.
Tune in to know more… pic.twitter.com/dflaAYWofb
— Milk Road (@MilkRoadDaily) September 4, 2025
He added that firms engaged in digital asset treasury investments (DATCO) have reaped substantial profits, while individual altcoins remain relatively weak compared to previous cycles.
“I think the altseason has begun. […] In a sense, these DATCO are in full swing,” Seyffart emphasized.
Another potential driver he mentioned is the approval of crypto-ETF applications in the United States. About 10 assets, including Dogecoin, Chainlink, Stellar, Bitcoin Cash, Avalanche, Litecoin, Shiba Inu, Polkadot, Solana, and Hedera, are awaiting approval from the SEC for inclusion in exchange-traded funds.
However, the analyst has more tempered expectations regarding demand for altcoin ETFs compared to products based on the first cryptocurrency:
“Will there be the same interest as in the launch of bitcoin funds? Absolutely not.”
In his view, a basket of products including several cryptocurrencies will attract significantly more institutional capital than ETFs on individual assets. Seyffart noted that investment advisors prefer diversification over concentration in individual assets.
Moreover, the expert questioned the recurrence of altseasons in the traditional sense, as institutional players now drive market movements. This structural shift could permanently alter cryptocurrency growth patterns.
Back in August, Bitfinex analysts stated that an altcoin season would not commence until new cryptocurrency exchange-traded funds are approved.