Analysts James Seyffart and Eric Balchunas have significantly increased their expectations regarding the approval of the most anticipated spot cryptocurrency ETFs following observed increased engagement from the U.S. Securities and Exchange Commission (SEC).
Change in ETF Expectations
Seyffart and Balchunas announced raising the odds of approval for the majority of spot crypto ETF filings to 90% or higher, which they view as a positive indicator of SEC's actions. The increase in confidence within the crypto investment sector is attributed to a friendlier approach from the SEC towards ETF issuers.
Most Likely Candidates
The analysts' forecasts indicate that Litecoin, Solana, and XRP have a 95% chance of approval. Additionally, Dogecoin, Cardano, Polkadot, Avalanche, and HBAR all have a 90% likelihood of being approved. Meanwhile, the odds for the SUi ETF are much lower at 60%.
SEC's Influence on the Market
Analysts note that the SEC appears to be losing its stance following recent court rulings and pressure from politicians. The developing demands from major issuers like BlackRock, Fidelity, and Grayscale for spot crypto ETFs also affect the situation. Market participants are now keenly awaiting important statements from the SEC that could pave the way for institutional investments in crypto assets.
The increased confidence of analysts regarding spot crypto ETF approvals adds optimism to the crypto investment sector, with all eyes now on the SEC's next actions.
