Bloomberg Senior ETF analyst Eric Balchunas has significantly raised the expectations for new crypto exchange-traded funds (ETF), predicting a 90% chance we might see a Solana (SOL) ETF this summer.
His bullish outlook follows recent moves by the U.S. Securities and Exchange Commission (SEC) and NASDAQ to approve a number of new altcoin ETFs.
Accordingly, Balchunas predicts other cryptocurrencies like Litecoin (LTC) and (XRP) may also benefit from the trend.
New altcoin ETFs
Should the SEC plans materialize, it would represent a historic expansion of regulated crypto assets in the U.S. and usher in what Balchunas calls an “Altcoin ETF Summer.”
“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs.”
A notable feature under consideration is the inclusion of staking in Solana ETFs, which would be a major departure from earlier proposals.
The effects of the potential approval and Bloomberg predictions have already begun to show. Solana gained 3.61% over the past 24 hours, trading at $164.77 at press time, while its daily trading volume has spiked nearly 52% to $5.7 billion.
Institutional interest in Solana likewise continues to grow, adding to the bullish momentum. French banking giant Société Générale-FORGE, for instance, has announced plans to issue its USD-pegged stablecoin to the blockchain.
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