First Bitcoin ETF, Now Ethereum ETF, Whose Next SOL, XRP?
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On January 11, the U.S. Securities and Exchange Commission (SEC) approved the first Spot Bitcoin ETF. Four months later, the SEC approved another spot ETF, this time for Ethereum. This highlights the SEC’s evolving stance toward crypto adoption. Meanwhile, Crypto analysts at Standard Chartered weighed in on the potential ETF launch for other altcoins.
Solana & XRP ETFs On The Line
With Ethereum ETFs now on the market, attention is shifting towards other potential candidates for ETF approval. Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, suggests that Solana (SOL) and XRP ETFs could be approved as early as 2025.
JUST IN: Standard Chartered analyst Geoffrey Kendrick said that cryptocurrency ETFs such as SOL and XRP may be approved in 2025, and the approval of the ETH ETF means that ETH and similar cryptocurrencies will not be classified as securities. pic.twitter.com/RECYwTnVRr
— SolanaFloor (@SolanaFloor) May 24, 2024
Kendrick further highlights that the SEC’s treatment of Ethereum could set a precedent for other cryptocurrencies. He points out that if Ethereum is not considered a security, other coins with similar characteristics, such as Solana and XRP, might also evade this classification.
Kendrick notes that the recent approval of Ethereum ETFs implies that ETH-like coins, which share similar technological foundations, may not be classified as securities by the SEC.
The Future of Crypto ETFs
Crypto analyst The Birb Nest observes that the narrative around a Solana ETF is gaining momentum on crypto Twitter and among media outlets. He suggests that while regulation will take time, the anticipation of a Solana ETF is growing.
In the meantime, market participants are encouraged to drive a “full-blown meme mania” around Solana, similar to the hype seen with meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB).
They will try to push the narrative that $SOL is another ETF.
This will probably happen, but they definitely need more time and they need to introduce a legitimate #crypto regulatory framework.
It will take time, but before they do that in the meantime we can unleash a… https://t.co/kHDZ1SMTwx
— THE ₿IRB NEST (@TheBirbNest) May 24, 2024
BTC+ETH dominance will rise’
However, Kendrick predicts that Bitcoin and Ethereum will continue to dominate the market. He expects a strong inflow of investments into spot Bitcoin ETFs, projecting a potential BTC price target of $150,000 by the end of the year. This expected increase in Bitcoin and Ethereum dominance suggests that they will remain key players in the evolving landscape of cryptocurrency ETFs.
As the SEC continues to pave the way for more crypto ETFs, the future looks promising for digital assets like Solana and XRP.
The post First Bitcoin ETF, Now Ethereum ETF, Whose Next SOL, XRP? appeared first on Crypto Adventure.
Filed under: Bitcoin - @ May 24, 2024 6:00 pm