After Bitcoin ETF, Ethereum ETF Emerges – Will SOL and XRP Follow Suit?
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Key Takeaways
– Analysts project that Solana and XRP ETFs could receive approval by 2025.
– A “meme mania” is driving excitement around Solana in the market.
– Strong inflows are predicted for Bitcoin ETFs, with a year-end BTC price target of $150,000.
The U.S. Securities and Exchange Commission (SEC) made history on January 11 by approving the first Spot Bitcoin ETF. Four months later, the SEC granted approval for an Ethereum spot ETF, demonstrating a shifting stance toward crypto adoption. Analysts at Standard Chartered Bank, a leading financial institution, have now turned their attention to the potential launch of ETFs for other altcoins.
Solana (SOL) and XRP ETFs are two potential candidates for approval, according to Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank. Kendrick suggests that these ETFs may receive approval as early as 2025. He also points out that the SEC’s treatment of Ethereum could establish a precedent for other cryptocurrencies. If Ethereum is not classified as a security, it is likely that coins with similar characteristics, such as Solana and XRP, will evade this classification as well.
The possibility of a Solana ETF is gaining momentum in the crypto community and media outlets, according to crypto analyst The Birb Nest. While regulations will take time to develop, the anticipation for a Solana ETF is growing. In the meantime, market participants are encouraged to create a “full-blown meme mania” around Solana, similar to the hype seen with meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB).
Despite the potential approval of Solana and XRP ETFs, Kendrick predicts that Bitcoin and Ethereum will continue to dominate the market. He foresees a strong influx of investments into spot Bitcoin ETFs and projects a year-end BTC price target of $150,000. This projection implies that Bitcoin and Ethereum will remain prominent 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.