It’s a selective altseason, warns CryptoQuant CEO Ki Young Ju. With ETF approvals on the horizon, only fundamentally strong altcoins will see gains in 2025.
The era of everything pumping is over. It’s a selective altseason—most altcoins won’t make it,” CryptoQuant CEO Ki Young Ju said in an X post on Feb. 25.
Outlining his 2025 outlook, Ju pointed to three key factors that could determine which altcoins succeed: potential ETF approvals, sustained user engagement, and revenue generation.
Analysts are increasingly optimistic about ETF approvals beyond Bitcoin (BTC) and Ethereum (ETH).
Bloomberg’s James Seyffart and Eric Balchunas estimate a 90% approval probability for Litecoin (LTC) ETFs, 75% for Dogecoin (DOGE), 70% for Solana (SOL), and 65% for Ripple (XRP).
Optimism in the market is largely fueled by the pro-crypto policies of President Donald Trump’s administration and the more accommodating stance of Acting Chairman of the SEC, Mark Uyeda, who is widely regarded as supportive of the crypto industry.
Reflecting this sentiment, Franklin Templeton has filed for a spot Solana ETF, signaling growing institutional interest in diversifying crypto assets.
Meanwhile, Brazil is set to launch the world’s first spot ETF for XRP—the Hashdex Nasdaq XRP Fund—which is currently listed as pre-operational on the Brazilian securities regulator’s website.
Beyond ETFs, Ju also stressed the need for sustained user activity. Unlike past cycles, investors now favor ecosystems with real-world adoption, high transaction volumes, and consistent fee generation.
Revenue is the final filter. In contrast to previous bull runs fueled by hype, today’s market favors projects with sustainable business models.
