Recent statements by Bloomberg analysts indicate optimistic forecasts regarding the approval of ETFs for major altcoins this year. The predictions are based on a positive response from the SEC.
Odds of Altcoin ETF Approval
Bloomberg analysts Eric Balchunas and James Seyffart stated that the probability of approval for applications for ETFs on XRP, Dogecoin, and Cardano stands at over 90%. They believe that the recent positive engagement with the SEC is an encouraging sign for ETF issuers.
"Eric Balchunas and I are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher," wrote James Seyffart in a post on X. "Engagement from the SEC is a very positive sign in our opinion."
Changes in SEC Approach
The beginning of the month was notable as the SEC requested that spot Solana ETF issuers amend their S-1 registration statements, signaling that approvals could be imminent. So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum, and a number of major asset managers are awaiting clearance from the Commission for other filings.
Impact on the Cryptocurrency Market
Approval of these pending filings could unlock institutional capital for the respective altcoins, amplifying their demand and potentially pushing prices higher. While approval timelines remain unclear, this could mark a step towards broader adoption of these alternative cryptocurrencies.
The gradual liberalization of the SEC's approach to crypto assets could alter the market landscape and positively impact demand for altcoins. The ongoing trend towards ETF approval opens new opportunities for growth in the crypto market.
