As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless shifts and transformations. The recent forecast by industry expert Nate Geraci regarding potential ETF filings for Ripple (XRP), Solana (SOL), and Cardano (ADA) has piqued my interest.
Crypto may soon witness a significant expansion in exchange-traded fund (ETF) offerings.
According to industry insider Nate Geraci, there could be an increase in the submission of spot Bitcoin ETF proposals this coming week, focusing on prominent cryptocurrencies like Ripple (XRP), Solana (SOL), and Cardano (ADA).
A Strategic Moment for Issuers
On November 11th, the president of the ETF Store suggested in a post on X that several financial institutions might have anticipated the result of the recently concluded U.S. election, where President Trump – known for his pro-cryptocurrency stance – was re-elected.
Given the impact of political changes on regulatory pathways, Geraci hinted that this could be a prime opportunity for service providers to take decisive action. In his words, “There’s no disadvantage in being proactive right now.
The prediction follows impressive performances by spot Bitcoin ETFs, which now collectively hold more than one million BTC or about 4.9% of the total end supply. It reflects the increasing appetite for diverse crypto-backed financial products in the market.
According to Geraci’s predictions, among the coins expected to be featured in ETF filings this week, Cardano and Solana have experienced significant price increases. In just a week, the value of Cardano surged by 83%, while Solana saw a rise of 32%.
21Shares Core Solana ETF and VanEck’s Solana Trust are two new investment funds focusing on the SOL cryptocurrency, which the Chicago Board Options Exchange (CBOE) has recently proposed to expand its collection with these additions.
Experts note that the cutoff date for certain ETFs is set for mid-March 2025. Prior to this, Eric Balchunas, a senior analyst at Bloomberg, had emphasized that the November presidential election would significantly impact their path. He suggested that if Biden wins, these ETFs might not survive; however, if Trump stays in office, anything could happen, he stated.
Broader Implications for the Crypto Market
Given Trump’s election win and over 260 pro-cryptocurrency legislators taking office in Congress, there’s speculation about how this political shift might influence the U.S. Securities and Exchange Commission’s (SEC) regulatory stance on cryptocurrencies. Experts predict that current SEC Chair Gary Gensler may step down to allow for a more favorable leader to take over the agency.
Lately, Republican Commissioner Mark Uyeda has advocated for an end to the financial regulator’s battle against cryptocurrencies, which proponents might leverage to advance their Exchange-Traded Fund (ETF) applications.
If Geraci’s prediction turns out to be correct, it might significantly energize the current market, which has already surged by 23% over the past week. This could also attract extra institutional attention, thereby lending credibility to a wider range of cryptocurrencies beyond Bitcoin and Ethereum, including XRP, SOL, and ADA.
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2024-11-11 17:26