Bloomberg Analysts Predict 90 Percent Approval Odds for Crypto ETFs
According to the Bloomberg Analysts Eric Balchunas and James Seyffart, the chances that US regulators will approve a broad set of cryptocurrency exchange-traded funds (ETFs) are now very high, which is showing a continuation of pro-crypto shift at the Securities and Exchange Commission SEC.
What happened?
James Seyffart shared in his X post on Friday that he and Balchunas now estimate a 90% or greater probability for the approval of the most crypto based ETFs. This bullish outlook is rooted in what they describe as very constructive interactions between ETF issuers and the SEC.
Source: X
In addition to this, both analysts believe that the SEC is now likely to identify the various majors of digital currencies like Litecoin, Solana, XRP and Dogecoin commodities- an appointment that would classify them as commodities, potentially placing them outside of the SEC’s direct authority.
Despite the positive outlook, Seyffart also warned that approvals of Exchange-traded Fund and spot launches may still take months, possibly extending beyond October.
Bitcoin ETF Boom Triggers Rush to Launch Altcoin Investment Funds
After the groundbreaking success of spot BTC ETFs the asset managers are now turning their focus to other cryptocurrencies.
The iShares BTC Trust (IBIT) by BlackRock stand out as a massive success, remarking $70 billion in assets after 31 consecutive days of inflows which is a milestone achieved in just 341 days,
It marked the most successful ETF debut in US history.
Although, recreating Bitcoin’s momentum may not be an easy task. Since their launch last July, spot Ether (ETH) ETFs have seen muted demand. The inflows have shown the sign of recovery, blockchain analytics firm Glassnode revealed that as of May, most Ether Exchange-traded Fund investors were still deeply underwater.
Altcoins Rise, But Bitcoin Still Leads in ETF Space
As altcoin like Solana and XRP may hold the future potential but the analysts suggest that it is unlikely that they will change the dominance of Bitcoin.
The crypto Exchane-traded Fund landscape is evolving, but currently, Bitcoin continues to lead the way.
