The possibility of US regulators to approve a wave of funds exchanged by the Crypto Exchange (ETF) is close to certainty, signing a continuous pro-crypto shift to the Securities and Exchange Commission (SEC), according to Bloomberg’s analysts Erich Balchunas and James Seyffart.
In a social media post on Friday, Seffart said he and Balchunas raised their odds for most of the Crypto ETF approved to “90% or higher,” citing the “very powerful” contact from the SEC.
Analysts also suggested that the SEC was “likely” to view cryptocurrencies such as Litecoin (LTC), Solana (Sol), XRP (XRP), and dogecoin (Doge) as goods – an assignment that will place them out of its immediate constituents.
Seyffart noted that the timing of the approval and the launch of the product areas remains unclear. He assumes the process can take several months and may exceed October.
Related: ETF Issuers Pen Letter urges the SEC to return to ‘first-to-file’ approval
Success of Bitcoin ETFS Sparks Industry Race to list Altcoin funds
Asset managers seek to copy the success of the Bitcoin area (Btc) Etf, na Demand has been seen exceeding expectations In the first year, the end of the most successful US ETF launch of all times.
Blackrock’s ishares Bitcoin Trust, which traded under the ticker Ibit, is the most successful product. In June, this exceeded by $ 70 billion in possessions After recording 31 straight days of flow. As Balchunas mentioned, Ibit reached the milestone in just 341 days.
However, the success of Bitcoin can be difficult to replicate, due to the warm demand for the ether (Eth) ETFs since they launched last July.
Though ETF flows have evolved In recent months, Glassnode reported that by May, the Average ETH ETF investor remained “large underwater.”
While the demand for other crypto assets may eventually exceed the ether, the altcoins are not likely to erase bitcoin’s dominance in the ETF market anytime soon.
However, investors observe some proposals, such as Franklin Templeton’s XRP and Sol etfsrecently opened for public comments by Sec.
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