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What’s an ‘AltAlt Season’ Crypto ETF? Perplexing Proposed Fund Skips Bitcoin and Ethereum

by admin September 20, 2025

In brief

Tidal Financial Group applied for a leveraged AltAlt Season Crypto ETF, along with two other filings on Thursday.
The proposed fund confounded even some of the fund industry’s sharpest observers unsure what an “alt alt season” was.
The fund will relate initially to the performance of XRP and Solana, and exclude Bitcoin and Ethereum.

Issuers of crypto funds have grown increasingly creative in their proposals over the past few months as they seek to meet investors growing appetite for these products.

But an “AltAlt Season” exchange-traded fund? That’s new territory.

Tidal Financial Group’s Quantify 2X Daily AltAlt Season Crypto ETF, one of three funds included in an application to the U.S. Securities and Exchange Commission on Thursday, confounded even a few fund industry observers.

“What is AltAlt vs Alt? (Because I wanted to know too),” Bloomberg ETF Research Analyst James Seyffart tweeted with a screenshot from the filing and his own terse summary. “Alt just excludes BTC, the other excludes both BTC and ETH.”

Tidal’s N1-A registration filing also covered the Quantify 2X Daily All Cap Crypto ETF, and Quantify 2X Daily Alt Season Crypto ETF. All three leveraged funds target risk-tolerant investors, enticing them with the potential for two times the daily return of the cryptocurrencies that they hold.

“Because the fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds,” the prospectus says in each of the fund descriptions. “It is also riskier than alternatives that do not use leverage.”

The AltAlt fund will align initially with the performance of XRP and Solana, according to the Tidal prospectus. The Alt ETF will correspond initially to those digital assets and Ethereum, while the All Cap strategy covers those assets and Bitcoin.

“Alt seasons” describe periods when Ethereum and other larger altcoin prices outpace Bitcoin, usually after Bitcoin’s own price increases. “Alt alt seasons” refer to timespans when market activity shifts to altcoins with mid-sized market capitalizations and then to smaller-cap tokens in a trickle-down effect. The AltAlt looks to benefit from these latter trends.

All three funds may include swap agreements or option contracts on shares of U.S.-listed spot crypto ETFs or that offer exposure to digital assets indirectly through investments in crypto-based derivatives, or that directly invest in crypto funds, among other options.

In recent months, issuers have applied for a widening array of leveraged crypto ETFs, along with spot funds based on various altcoins and combinations of tokens. The SEC is now weighing submissions for more than 90 of these products, as of late August, according to Bloomberg research.

Their odds of approval received a boost on Wednesday when the SEC signed off on new generic listing standards for commodity-based trusts, easing the approval process. The agency’s thumbs-up underscored the more receptive regulatory and political environment that has emboldened issuers.

“We’re already at 2x AltAlt Season Crypto ETFs and it’s not even October. Do you realize how crazy things are gonna get?” quipped Bloomberg Senior ETF Analyst Eric Balchunas in an X post Thursday.

He added: “I’ll be honest, I wasn’t that moved by the 2x Alt Season ETF but the 2x AltAlt Season, well that’s a whole [different] story lol”

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September 20, 2025 0 comments

NFT Gaming

UK Crypto Groups Criticize Bank of England’s Proposed Stablecoin Caps

by admin September 15, 2025

The Financial Times (FT) reported on Monday that cryptocurrency groups are urging the Bank of England (BoE) to scrap proposals limiting the amount of stablecoins individuals and businesses can own.

The groups warned that the rules would leave the UK with stricter oversight than the U.S. or the European Union (EU).

According to the FT, BoE officials plan to impose caps of 10,000 british pounds to 20,000 British pounds ($13,600–$27,200) for individuals and about 10 million British pounds ($13.6 million) for businesses on all systemic stablecoins, defined as tokens already widely used for payments in the U.K. or expected to be in the future.

The central bank has argued the restrictions are needed to prevent outflows of deposits from banks that could weaken credit provision and financial stability.

The FT cited Sasha Mills, the BoE’s executive director for financial market infrastructure, as saying the limits would mitigate risks from sudden deposit withdrawals and the scaling of new systemic payment systems.

However, industry executives told the FT the plan is unworkable.

Tom Duff Gordon, Coinbase’s vice president of international policy, said “imposing caps on stablecoins is bad for U.K. savers, bad for the City and bad for sterling,” adding that no other major jurisdiction has imposed such limits.

Simon Jennings of the UK cryptoasset business council said enforcement would be nearly impossible without new systems such as digital IDs. Riccardo Tordera-Ricchi of The Payments Association told the FT that limits “make no sense” because there are no caps on cash or bank accounts.

The U.S. enacted the GENIUS Act in July, which establishes a federal framework for payment stablecoins. The law sets licensing, reserve and redemption standards for issuers, with no caps on individual holdings. The European Union has also moved ahead with its Markets in Crypto-Assets Regulation (MiCA), which is now fully in effect across the bloc.

Stablecoin-specific rules for asset-referenced and e-money tokens took effect on June 30, 2024, followed by broader provisions for crypto-assets and service providers on Dec. 30, 2024. Like the U.S. approach, MiCA does not cap holdings, instead focusing on reserves, governance and oversight by national regulators.

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September 15, 2025 0 comments

NFT Gaming

Breaking: Major XRP ETF Proposed by $1.5 Trillion Financial Giant Faces Fresh SEC Delay

by admin September 10, 2025

Current approval odds
Other recent delays

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the XRP exchange-traded fund (ETF) proposal filed by American multinational investment management holding company Franklin Templeton.

The review of Cboe BZX’s proposal to list the aforementioned product has been extended to Nov. 14.

As reported by U.Today, Franklin Templeton, which boasts a total of $1.53 trillion worth of assets under management, originally filed to launch an XRP ETF in early March.

It remains the most prominent player to enter the closely watched XRP ETF race.

BlackRock, the world’s leading asset manager with $12.5 trillion worth of assets as of Q2 2025, is reportedly not considering filing for an XRP ETF. The same applies to a Solana-based ETF.

Current approval odds

As reported by U.Today, the odds of the SEC approving an XRP ETF in 2025 recently surged well above 90% on the Polymarket betting website. At press time, the odds currently stand at 92%.

Bloomberg analysts previously stated that the approval of spot altcoin ETFs would likely come this October.

Other recent delays

On top of that, the SEC has delayed the approval of staking

Earlier this week, the regulator also pushed back its decision on Bitwise’s Dogecoin exchange-traded fund (ETF).

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September 10, 2025 0 comments