James Seyffart is an American research analyst for Bloomberg Intelligence, the research arm of Bloomberg L.P., where he specializes in the Exchange-Traded Fund (ETF) industry. He is a prominent financial commentator known for his specialized analysis of the broader fund ecosystem, particularly on the convergence of digital assets and traditional finance. Seyffart gained widespread recognition for his detailed, data-driven coverage of the development, regulatory approval, and market performance of spot Bitcoin and Ethereum ETFs in the United States. He holds both the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and frequently collaborates with fellow Bloomberg analyst Eric Balchunas. ^{[1] [2]}​

Education and Certifications

Seyffart earned a Bachelor of Science (B.S.) in Finance and Accounting from The College of New Jersey. ^{[1] [3]}

He is a Chartered Financial Analyst (CFA) charterholder, a designation he was awarded in August 2016. He also holds the Chartered Alternative Investment Analyst (CAIA) charter. Seyffart is an active member of the professional organizations associated with his credentials, including the CFA Society New York and the CAIA New York Chapter. ^{[1] [3] [4]}

Career

Seyffart is an ETF Research Analyst at Bloomberg Intelligence, where his research is published under the tickers BI ETFS and BI COMD. ^[3] Before joining the research team, he worked in Bloomberg's global data department, where he was responsible for maintaining data on a variety of U.S. and Canadian funds, with a primary focus on ETFs. During this time, he contributed to the development of multiple ETF-related functions on the Bloomberg Terminal. ^[3] His work on the research team involves analyzing the broader fund industry, forecasting trends within the ETF landscape, and serving as a subject matter expert on crypto-based funds and the digital asset ecosystem. ^[4]​

Prior to joining Bloomberg in October 2017, Seyffart worked as a Consultant in the Fixed Income & Derivatives division at FactSet from June 2016 to October 2017. His earlier experience includes internships in wealth management at UBS and in investment management at Victory Capital Management. ^[5]​

Published Works

Seyffart is a co-author of several books covering finance and exchange-traded funds. His work includes Both Sides of the Coin, published by Pan Macmillan's Harriman House imprint. ^[5] He also co-authored The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions and Bloomberg's ETF IQ: The Complete Guide to Exchange Traded Funds with his colleague Eric Balchunas and, for the latter, Rebecca Sin. [[theblock.co/profile/348040/james-seyffart][The Block Profile for James Seyffart]] ^[4]​

In addition to his books, Seyffart is a regular author of articles and research reports for Bloomberg's platforms, covering topics such as digital assets, equity ETFs, and market structure. ^[6]​

Key Analyses and Commentary

Seyffart has become a leading voice in the financial analysis of investment products, particularly those related to cryptocurrencies. His commentary, often delivered via his social media presence, is closely followed by investors, journalists, and industry professionals.

Cryptocurrency ETF Analysis

Seyffart has been professionally covering Bitcoin, cryptocurrencies, and the global efforts to launch digital asset ETFs since at least 2017. ^[1] He and Eric Balchunas are widely recognized for their detailed tracking of regulatory filings and for providing data-driven probability estimates for the approval of crypto ETFs by the U.S. Securities and Exchange Commission (SEC).

Spot Bitcoin ETFs

Seyffart provided extensive real-time analysis during the approval process for spot Bitcoin ETFs. On October 15, 2021, he announced that Bloomberg's data team was adding the ProShares Bitcoin Strategy ETF (GBTC). ^[2] Following the landmark approval of spot Bitcoin ETFs by the SEC, he posted on January 10, 2024, acknowledging the culmination of years of industry efforts. ^[2]​

Spot Ethereum ETFs

His coverage was also central to the discourse surrounding the approval of spot Ethereum ETFs. In a notable market event in May 2024, Seyffart and Balchunas increased their estimated odds of a spot Ethereum ETF approval from 25% to 75%, which preceded the SEC's eventual decision. [[theblock.co/profile/348040/james-seyffart][The Block Profile for James Seyffart]] He provided timely updates on the process, reporting on May 21, 2024, that at least five issuers had submitted amended 19b-4 filings. On May 23, 2024, he broke the news of the SEC's approval on his social media, stating, "BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening." ^[2]​

Future of Altcoin ETFs

Following the approval of Bitcoin and Ethereum products, Seyffart has commented on the prospects for other cryptocurrency ETFs. He has expressed the view that the path for ETFs based on other altcoins is significantly more challenging due to their regulatory status. He has stated that the SEC has been clear in classifying most other cryptocurrencies as securities, which presents a major barrier to launching spot ETF products. He suggested that an ETF for an asset like Solana (SOL) would likely first appear as a futures-based product before a spot version would be considered by regulators. ^{[4] [7]}​

Institutional Fund Flow Analysis

A core component of Seyffart's work involves analyzing institutional ownership and trading activity in ETFs through 13F filings.

In early 2026, he published analysis on institutional behavior in spot Bitcoin ETFs during the fourth quarter of 2025. He reported that institutional investors and hedge funds, identified through these filings, sold shares equivalent to over 25,000 BTC, valued at approximately $1.6 billion at the time. This was interpreted as a trend of profit-taking or de-risking following a price drop from late 2025 peaks. The analysis noted that the decline in overall institutional holdings was relatively small at around 3.5%, suggesting many investors were trimming positions rather than exiting entirely, with Brevan Howard identified as the largest single seller. [[theblock.co/post/391117/holders-sold-over-25000-btc-worth-of-bitcoin-etfs-shares-last-quarter-analyst][The Block report on Seyffart's analysis]] ^[8]​

On February 27, 2026, Seyffart also provided commentary on Ethereum spot ETF holdings for Q4 2025. He noted a divergence in strategy among institutional players. While hedge funds were a primary source of selling, which he attributed to the "collapse of basis trade returns," he observed that traditional and long-term funds were increasing their positions. He identified Harvard's endowment fund as the largest new buyer of Ethereum ETFs during that quarter. ^[9]​

Other Market Commentary

Seyffart's analysis extends to broader market trends and innovations in financial products. On February 17, 2026, he co-authored a Bloomberg article on the listing of Power-Law Technologies, a vehicle designed to provide investors with access to high-growth private companies such as Anthropic and SpaceX before a potential IPO. ^[4]​

He also comments on significant corporate actions within the cryptocurrency space. In November 2024, he analyzed MicroStrategy's announcement to raise $1.75 billion through 0% convertible notes to acquire more Bitcoin, highlighting the favorable terms of the deal for the company. ^[2]​

Media and Public Appearances

Seyffart is an active contributor to the public discourse on finance and crypto. His X (formerly Twitter) account, , is a primary channel for disseminating real-time analysis on ETF flows and regulatory developments to an audience of over 183,900 followers as of February 2026. ^[2]​

He is a frequent speaker at major financial and cryptocurrency conferences, such as CoinDesk's Consensus, where he was a featured speaker in 2025. ^[1] He also represents Bloomberg Intelligence in professional webinars, educating clients on market intelligence and ETF trends. ^[3] His research and commentary are regularly cited in prominent financial media outlets, including The Wall Street Journal, the Financial Times, CNBC, and Fortune, and he has appeared as a guest on podcasts such as Bankless and Unchained with Laura Shin. ^[5]​

Interviews

The State of Crypto ETFs #01

On January 22, 2026, James Seyffart, Senior Research Analyst at Bloomberg Intelligence, appeared on the YouTube channel Crypto Prime to discuss recent developments in the market for cryptocurrency exchange-traded funds (ETFs).

During the interview, Seyffart characterized the crypto ETF segment as experiencing a period of reduced activity compared with earlier phases marked by the approval and launch of spot Bitcoin and spot Ethereum ETFs. He indicated that the initial phase of heightened attention and capital inflows had given way to a period focused on product expansion and issuer competition.

At the time of the discussion, more than 150 crypto-related ETF filings had been submitted to the U.S. Securities and Exchange Commission. These filings included spot-based products, options-based strategies, income-oriented structures, volatility-managed funds, and multi-asset basket ETFs. Seyffart stated that a substantial number of these products could reach the market during 2026, while also noting that not all launches would necessarily accumulate sufficient assets to remain operational. He explained that flows into single-asset ETFs often correspond to the relative market capitalization and investor base of the underlying token, which may constrain asset growth for funds linked to smaller digital assets.

Seyffart identified basket ETFs as an area of particular structural relevance within the broader category. Both passive index-tracking funds and actively managed portfolios were discussed as mechanisms for providing exposure to multiple digital assets within a single vehicle. According to his analysis, diversified structures may be used by advisers and institutions seeking exposure without selecting individual tokens. He also referenced the possibility that active managers could differentiate allocations based on measurable criteria such as network usage data or fee generation.

The interview addressed competitive positioning among asset managers. Seyffart referred to Morgan Stanley’s filing for spot crypto ETFs under its own brand as an example of distribution-based strategy, noting that adviser networks and internal platforms can influence asset gathering. He also discussed BlackRock’s decision to limit its crypto ETF offerings to Bitcoin and Ethereum as of early 2026, while indicating that future product expansion, including multi-asset strategies, remained a potential development.

In reviewing existing products, Seyffart stated that Bitcoin and Ethereum ETFs continued to represent the largest share of assets within the category. He observed that certain altcoin-based ETFs displayed varied levels of demand. XRP-related ETFs were described as gathering assets at levels consistent with their retail recognition, while Dogecoin ETFs had attracted limited inflows during the initial months following launch. He noted that factors such as investor familiarity, perceived use case, and adviser considerations related to client reporting may affect product adoption beyond raw market-cap comparisons.

The conversation also considered the implications of expanded direct cryptocurrency trading through brokerage platforms. Seyffart indicated that broader access to spot trading could influence demand for certain single-asset ETFs. However, he stated that ETFs continue to offer structural characteristics such as consolidated reporting, integration within brokerage accounts, and standardized custody arrangements, which may sustain demand among advisers and institutional allocators.

Regulatory structure was identified as an ongoing variable affecting the sector. Seyffart referenced legislative initiatives, including the proposed Clarity Act, as efforts aimed at defining jurisdictional authority and asset classification standards. He stated that statutory clarity could contribute to institutional participation by reducing legal uncertainty surrounding digital assets, even though ETF approvals have already occurred under existing regulatory frameworks.

During the discussion, Seyffart also mentioned an upcoming book focused primarily on Bitcoin’s operational structure and its role within diversified portfolios. The project was described as an overview intended for audiences in traditional finance seeking foundational information on the asset class.

The interview presented Seyffart’s assessment that the crypto ETF market in early 2026 was characterized by product proliferation, issuer competition, and regulatory evolution, rather than the launch-driven activity observed in earlier approval cycles. ^[11]

ETF Flows and Investor Appetite #02

On February 25, 2026, James Seyffart appeared on the YouTube channel Forward Guidance to discuss developments in crypto exchange-traded funds (ETFs) and broader ETF market activity. The episode, titled “What ETF Flows Are Telling Us About Investor Appetite,” centered on his assessment of fund flows, institutional positioning, sector allocation shifts, and product expansion within the ETF market.

During the discussion, Seyffart described a divergence between price performance in digital assets and continued institutional participation. He referenced approximately 9 billion in outflows after October. He associated a portion of those withdrawals with the reduction of the basis trade, a strategy involving long spot exposure and short futures positions. As futures premiums narrowed and yields declined, hedge fund activity in the trade decreased, contributing to ETF redemptions.

He indicated that, relative to overall asset levels, the scale of outflows remained limited when compared with underlying price volatility. This observation was presented in the context of distinguishing between tactical trading activity and longer-term allocations.

Seyffart also addressed the volume of crypto ETF filings, estimating that between 160 and 170 products were either launched or pending approval at the time of the interview. These filings included single-asset funds as well as leveraged, inverse, and covered call structures. He described the current product cycle as characterized by a broad range of experimental launches and noted that some recently introduced funds could close within 12 to 18 months if asset levels remain low.

Regarding regulation, Seyffart stated that revisions to ETF approval procedures have reduced processing time and administrative complexity. He also noted that regulatory clarity concerning digital asset classification and market structure remains incomplete.

The discussion included tokenization initiatives within asset management. Seyffart referenced efforts by firms such as BlackRock to explore tokenized versions of ETF structures. He outlined potential operational features, including continuous trading and blockchain-based settlement, while stating that implementation would require additional regulatory guidance and infrastructure development. He characterized the transition as gradual.

Ownership patterns based on recent 13F filings were also examined. Seyffart reported that hedge funds and broker-dealers reduced aggregate Bitcoin ETF holdings in the latest reporting period, while certain non-U.S. entities increased exposure. He noted that 13F disclosures reflect long positions only and do not capture offsetting derivatives or short exposures.

Beyond digital assets, the interview addressed capital allocation trends within equity ETFs. In early 2026, sector-based inflows were concentrated in energy, materials, and industrial funds, while technology-focused products experienced slower growth. Seyffart described this development as a reallocation across sectors rather than a uniform withdrawal from equities.

He also discussed leveraged and covered call ETFs, including single-stock leveraged products. According to Seyffart, these structures can influence short-term trading dynamics due to daily rebalancing mechanisms. He stated that funds tracking highly volatile assets may face elevated liquidation risk during extreme market moves.

The episode further covered attempts to integrate private credit and private equity exposure into ETF formats. Seyffart indicated that liquidity constraints may limit the suitability of such assets for daily-redemption vehicles and referenced closed-end or interval fund structures as alternative formats currently used in the market.

In summary, the interview presented Seyffart’s analysis of ETF market activity across crypto and traditional sectors, including fund flows, regulatory developments, ownership data, and structural product changes. The discussion focused on observable data and regulatory conditions rather than forward-looking projections. ^[10]

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