Geoffrey Kendrick believes that by its decision to approve spot ETFs for ether, the US Securities and Exchange Commission (SEC) showed that this asset is a commodity, not a security. According to the expert, this also applies to other cryptocurrencies similar to ether.
“For other coins like SOL and XRP, markets will also be eagerly awaiting the emergence of ETFs, although this is likely a story for 2025 rather than 2024,” Kendrick said.
The analyst emphasized that in some cases the technology of other blockchains is very similar to Ethereum, and in the future it will be extremely difficult for the regulator to call them securities.
While the market awaits the emergence of new exchange instruments, Jeffrey Kendrick predicts an increase in the dominance of Bitcoin and Ethereum. The expert believes that ETF trading on ether will begin in June 2024, and will ensure an influx of capital up to $45 billion.
Earlier, the CEO of the investment company BKCM, Brian Kelly, suggested that ETFs on Solana would be next in line. Matrixport co-founder Daniel Yan also expressed confidence that Solana is the next candidate to launch a spot exchange-traded fund.
Source: Bits
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