The situation surrounding ETF approvals in the cryptocurrency market remains intriguing. The SEC has yet to approve any altcoin ETFs apart from Bitcoin and Ethereum, but changes are anticipated.
Current Situation with SEC ETFs
Currently, the SEC has not approved any ETFs for altcoins besides Bitcoin and Ethereum. However, there are several pending applications for ETFs for altcoins such as XRP, Solana, and Dogecoin. Decisions on these applications are anticipated as their deadlines approach.
Predictions for Solana and Analyst Opinions
Bitwise CEO Matt Hougan has stated that Solana has all the necessary ingredients for a year-end rally. He mentioned that a large number of asset managers are filing for spot SOL ETFs, which will be a key driver for SOL's rise. 'Based on ETF inflows and institutional accumulation, it is projected that Solana may start a rally by the end of the year,' Hougan remarked.
Factors Driving Solana's Growth
Hougan highlights Solana's technology, noting its speed and low costs may allow it to outperform Ethereum in stablecoins and decentralized finance. The SEC is expected to rule on their approvals by October 10, and if approved, several SOL ETFs could launch simultaneously in the fourth quarter of this year.
The expectations surrounding SEC ETF approvals for Solana are a significant factor that could notably impact the cryptocurrency's value and adoption by the end of the year.
