After approval SEC spot bitcoin-ETF registration of a similar product based on Ethereum will not keep you waiting. This was stated by Bernstein analysts, writes CoinDesk.
The specialists explained their thesis by the similarity of market structures of instruments based on the first and second cryptocurrencies in terms of capitalization.
Solana, Polygon, and DeFi tokens could be candidates for further expansion of the crypto ETF ecosystem.
The wealth management industry will have the opportunity to expand business through a growing asset class, experts said.
Analysts were prompted to such reasoning by the satisfaction of the Grayscale Investments petition by the US court.
In June, an asset manager sued the regulator for refusing to convert GBTC in ETFs. The company submitted an application to the SEC for product conversion in October 2021.
The Court of Appeal ordered the Commission to review its decision.
“Crypto-ETF opportunities will not be limited to bitcoin and will spread to many other digital assets,” analysts predicted.
Experts have suggested that the regulator will approve the launch of a digital gold-based spot exchange-traded fund at some stage from mid-October to mid-March. At the same time, the department will register all such proposals.
“Results in courts (Ripple and Grayscale in two months), increased ETF odds and growing institutional interest are positioning the cryptocurrency for an unprecedented capital-driven cycle. This makes the situation different from the previous ones, which were formed by retail investors.”experts concluded.
Recall that Grayscale’s legal victory in the case against the SEC forced Bloomberg analysts to increase the likelihood of launching a Bitcoin ETF in the US by the end of 2023 to 75%.
Earlier, the former head of the Commission, Jay Clayton, called the inevitable approval of such products.