Following the approval of Spot Ethereum ETFs this week, Standard Chartered analysts have predicted that Solana (SOL) and Ripple (XRP) ETFs could be launched by 2025. The bank anticipates that more crypto-based ETFs will emerge within the next year, according to a report from The Block.
Expanding ETF Landscape
Ethereum has now joined Bitcoin as one of the only cryptocurrencies to receive spot ETFs in the United States. However, Standard Chartered is among many financial institutions expecting this landscape to expand significantly in the coming months. The bank’s analysts identify Solana and XRP as likely candidates for future ETFs.
Market Growth and Adoption
The digital asset market made significant strides in exposure and adoption at the start of 2024. In January, the U.S. Securities and Exchange Commission (SEC) approved the first Spot Bitcoin ETF, which saw substantial success. Within three months, Bitcoin’s price surged to an all-time high of $73,000, attracting institutional interest from major global entities.
This week, Ethereum followed suit with its own spot ETF approval. As a result, market attention has turned to which asset might be next in line.
Also Read: Coinbase Resumes Ripple (XRP) Trading in New York After SEC Lawsuit
Future Prospects for Solana and XRP
Standard Chartered Bank suggests that Solana and XRP could be the next cryptocurrencies to receive ETFs by 2025. Geoff Kendrick, an analyst with the bank, noted that while interest in these assets for ETF products is likely, such developments are not expected to materialize this year.
Implications of Ethereum’s ETF Approval
The approval of the Ethereum ETF also has significant implications for the ongoing classification of cryptocurrencies as securities. The SEC’s decision suggests that Ethereum and similar coins are not classified as securities, a critical distinction as more assets seek similar investment products.
Ethereum’s Market Reaction
Despite the positive news, Ethereum’s value has not yet reflected the ETF approval. Over the past 24 hours, it has decreased by approximately 2%, trading just below $3,700 according to CoinMarketCap. However, the token is expected to experience a surge once the investment product begins trading.
