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The US Securities and Exchange Commission (SEC) is postponing ETF applications for altcoins such as XRP, Solana (SOL), Litecoin (LTC), Cardano (ADA) one by one.
As the market eagerly awaits which altcoin ETF will be approved after Bitcoin and Ethereum, Bloomberg ETF analysts Eric Balchunas and James Seyffart predicted that Solana could be the first altcoin to receive approval for a spot ETF.
Bloomberg ETF analyst Eric Balchunas also noted that there could be an upcoming Altcoin ETF Summer led by Solana.
At this point, Eric Balchunas said that mass approval for altcoin ETFs is highly likely this summer.
However, Balchunas said that he does not have high expectations regarding inflows into altcoin ETFs. He stated that unlike Bitcoin, the scale of capital inflow into altcoin ETFs will not be large.
“Get ready for an Altcoin ETF Summer that is likely to be led by Solana (and some basket products).
“Altcoin ETFs may attract some funds, but the scale is hard to predict. But it won't be at the same level as Bitcoin (BTC).”
The race for new ETF launches is heating up and “basket products are going to get more interesting” as more asset managers enter the space, Duncan Moir, chairman of ETF issuer 21Shares, told a conference in Paris.
According to Bloomberg Intelligence data, the probability of approval for the Solana ETF is set at 90%, followed by Litecoin at 90% and XRP at 85%. Dogecoin follows at 80%, while other altcoin ETFs such as Cardano, Polkadot, Hedera (HBAR) and Avalanche (AVAX) are estimated to have a 75% chance of getting the green light.
*This is not investment advice.