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Highlights
- Geoff Kendrick, an analyst at the Standard Chartered bank, has expressed optimism toward approval of other crypto ETFs.
- In a recent statement, he noted that Solana and XRP ETFs could be approved as early as 2025.
- He also lauded the recent Spot Ethereum ETF approval by the SEC.
After the U.S. Securities and Exchange Commission (SEC) confirmed the approval of Spot Ethereum ETFs, several analysts weighed in on the potential ETF launch for other altcoins. Moreover, Standard Chartered Bank analyst Geoffrey Kendrick joined the fray. He predicted that the SEC could approve crypto ETFs for other coins like Solana (SOL) and Ripple’s XRP by 2025.
Will Solana & XRP ETFs Become Real?
He believes that while the market is looking ahead, this development is unlikely to happen in 2024. The cause could be that such ETF approval involves several steps. Hence, the decision could be could delayed to next year even if an application is made right away.
Kendrick, who heads forex and digital assets research at the Standard Chartered bank, had earlier labeled the Ethereum ETF launch as imminent. Moreover, the approval of Ether Spot ETFs on Thursday implies that the SEC does not consider ETH a security.
Hence, Kendrick suggests this could mean other similar coins, like those involved in the Coinbase and XRP case. might also avoid being classified as securities. In addition, he pointed out that the technology of some coins is so akin to ETH that it would be hard for the SEC to treat them differently.
Additionally, Kendrick called the political support for crypto in the U.S. a “true watershed moment.” He believes the key question now is not if but when further regulatory changes will happen, according to The Block report.
Also Read: Solana Price Prediction: Can a Solana ETF Boost SOL To $1,000?
Prediction For BTC & ETH
In the meantime, he expects Bitcoin (BTC) and Ethereum to dominate the market, especially from a Sharpe ratio perspective, with other coins also benefiting. Moreover, the analyst continued to forecast strong inflows for spot Bitcoin ETFs and a potential BTC price of $150,000 by the end of the year.
The SEC approved the 19b-4 forms for spot Ether ETFs on Thursday, May 23. Eight applicants, including Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity, and Franklin, received approval in one omnibus order. However, the S-1 registrations still need to be signed off before trading can start.
According to Kendrick, a portfolio including both Bitcoin and Ethereum ETFs could be very attractive, further validated by the SEC’s recent decision on ETH. Kendrick anticipates that trading for ETH ETFs will begin next month. Earlier, he predicted that these funds could attract $15 billion to $45 billion in inflows within the first year. He also maintains his year-end ETH price target of $8,000.
Also Read: XRP Whale Dumps 56M Coins Amid Price Fluctuations, What’s Next?
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