Standard Chartered expects SOL and XRP-based ETFs to be approved in 2025
The bank’s analyst also approved a prediction for ETH to grow to $8000 by the end of the year
![Standard Chartered expects SOL and XRP-based ETFs to be approved in 2025](https://storage.getblock.net/source/1/NZZvbckWEw86QjQvNE5jijqotc60_ZjE.webp)
24.05.2024 - 15:25
138
3 min
0
What’s new? With the recent interim approval of Ethereum-based spot exchange traded funds (ETFs) in the United States, Standard Chartered bank analyst Geoffrey Kendrick allowed the possibility that we can expect similar products based on other altcoins such as SOL and XRP to launch as early as next year.
What else is known? Earlier, the US Securities and Exchange Commission (SEC) approved Form 19b-4 applications to change trading rules filed by stock exchanges on behalf of issuers of spot ETH ETFs. The move implies that the regulator does not categorize the funds’ underlying asset as a security.
This allows for the possibility that ETH-like coins, which have previously come under the regulator’s scrutiny, will also not be included in the securities category, Kendrick said.
He explained that the technology at the heart of many altcoins is so similar to the way ETH works that it would be difficult for the SEC to claim them as securities while recognizing Ethereum as a commodity at the heart of spot funds.
“The crypto industry now seems to have political backing on both sides of the aisle,” the analyst said, noting that such support is the real tipping point. In his view, the question is not whether the market will see further regulatory changes, but when they will happen.
![Analysts have said the popularity of ETH ETFs is low compared to bitcoin products](https://storage.getblock.net/source/1/5jhRAEandNT6e8u2WqM_TFHeHP4uKRZL.png)
Analysts have said the popularity of ETH ETFs is low compared to bitcoin products
They predicted that Ethereum funds would attract only 10-15% of the assets under management of bitcoin ETFs
Kendrick also expects BTC and ETH to grow in dominance by capitalization in the digital asset space and still maintains a prediction for BTC to rise to $150 000 by year-end due to significant inflows into spot funds based on it.
“A portfolio containing both BTC and ETH ETFs is likely attractive and the industry has been further validated by the SEC's decision on ETH,” Kendrick said.
As for ETH ETFs, Kendrick expects trading to begin next month, and reiterated that such funds could raise between $15 billion and $45 billion in the first 12 months. He also reiterated his previous prediction that ETH would hit the $8000 mark by the end of the year.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024