The SEC seems to be opening the door for new altcoin ETFs, with a whopping 72 proposals currently under consideration! Even though there’s a surge of interest from asset managers wanting to launch more crypto products beyond Bitcoin for big institutional investors, Bitcoin ETFs still overwhelmingly dominate, holding 90% of all crypto fund assets globally.

We’ve seen how new ETF listings can bring in fresh money and make tokens easier to trade, just like when Ethereum got its ETF options approved. However, even with all the buzz around crypto right now, it’s tough to imagine any other crypto ETF matching the incredible success Bitcoin has seen.

Bitcoin Dominates the ETF Market

Bitcoin ETFs have really shaken things up in the global digital asset market in just the last month, and they’re actually doing pretty great right now. Even with some money flowing out recently, Bitcoin ETFs in the US have still amassed a total of $94.5 billion in assets!

Their super impressive start has unlocked a whole new market for crypto assets, and now, everyone is rushing to the SEC with new ETF applications.

The rush has been so huge, in fact, that the SEC is now looking at a massive pile of 72 active ETF proposals:

“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x MELANIA and everything in between. Gonna be a wild year,” claimed ETF analyst Eric Balchunas.

Regulations around crypto in the US are becoming more welcoming, and the SEC’s hints about approving new products are clear. This has sparked a race among ETF issuers, all trying to create the next big hit like Bitcoin.

But let’s be real, Bitcoin has a massive head start, and it’s going to be really tough for any new ETF to even scratch its 90% market share.

Just to give you an idea of Bitcoin’s dominance, BlackRock’s Bitcoin ETF was even called “the greatest ETF launch ever.” Any new altcoin ETF would need to bring something seriously special to the table to even begin to challenge Bitcoin’s lead.

Sure, newer products like Ethereum ETF options are drawing in new funds and making things more liquid. But, when we look at the big picture, Bitcoin’s grip on the institutional crypto market is still as strong as ever.

Looking closer at those 72 proposals, only 23 are actually for altcoins *other* than the usual suspects like Solana, XRP, or Litecoin. Many of the others are actually for new twists on ETFs that already exist.

Some experts are even suggesting that all these new altcoin ETFs combined might only chip away at 5-10% of Bitcoin’s ETF market share at best. And here’s something to think about – if something big were to negatively impact Bitcoin, it would likely send shockwaves through the entire crypto market.

Even so, it’s definitely not a waste of time to launch altcoin ETFs. These products consistently bring in new money and attention to the cryptocurrencies they’re based on, especially since the companies issuing them are often buying up a bunch of the tokens themselves.

Still, let’s keep expectations in check. While approvals for things like XRP and Solana ETFs *could* kick off a new bull run for altcoins, Bitcoin is still very likely to remain the king of the ETF market for the foreseeable future – especially since everyone sees it as a solid ‘store of value’.