Spot Ethereum ETFs Gets SEC Greenlight For Trading, Will Cardano, Ripple, And Solana Follow?

Crypto experts, analysts, and enthusiasts waiting eagerly for an update on the SEC's approval process for Spot Ethereum ETFs went to bed on July 15th, 2024 with good news.

The Securities and Exchange Commission (SEC) has finally asked Spot Ethereum ETFs issuers to submit the final S-1 forms and fees and has set a July 23 launch date for the assets, according to Bloomberg analyst Eric Balchunas.

Soon after Balchanus’s tweet, ETF Store president Nate Geraci posted a screenshot of a Reuters news article with a short announcement stating the SEC had given preliminary approval for three of the eight applications to open trading for their Spot Ethereum ETFs.

Many experts and analysts believe the launch and subsequent inflow of investments will positively influence price movement across other altcoins. Bitwise CIO Matt Hougan has speculated that Spot Ethereum ETFs could see up to $15 billion in net inflows in their first 18 months.

Proposals for Solana (SOL), Cardano (ADA), And Ripple (XRP) ETFs Already Submitted

VanEck and 21Shares have already filed proposals with the SEC to approve Spot Solana ETFs. While the SEC has implied that it views Solana (SOL) as a security, its core technology’s similarity with Ethereum (ETH) will leave the SEC no choice but to consider approving spot Solana ETFs.

Cardano (ADA), the 10th largest cryptocurrency in the world by market capitalization, has been speculated to be a top contender for obtaining ETF approval since January, when Bitcoin ETFs were first approved. Cardano’s (ADA) highly secure and scalable technology justifies the expectations as many Cardano (ADA) traders believe the arrival of Cardano ETFs is inevitable now that Spot Ethereum ETFs have become fully approved.

Despite Ripple’s (XRP) ongoing legal battles, the SEC is not challenging its classification as a commodity. This fact has many experts convinced that Spot Ripple ETFs may soon enter the crypto market. The increased expectations and speculations about Spot Ripple ETFs following the success of Spot Ethereum ETFs prompted a 10.25% Ripple (XRP) price rally over the last 24 hours.

Best Platform To Trade Ethereum, Solana, Cardano, And Ripple ETFs Revealed

As reported earlier, ETFSwap (ETFS) has prepared the best platform for trading Spot Ethereum ETFs when they start trading next week and eventually spot Solana (SOL), Cardano (ADA), and Ripple (XRP) ETFs. The platform’s easy-to-use UI and innovative features and tools have been praised by users who tested it ahead of its beta launch in a few weeks.

Two features that get lots of attention are the AI-powered ETF Screener and ETF Tracker. Both tools leverage artificial intelligence to analyze large amounts of market data and identify trends and patterns to extract insights that assist traders and investors in making better-informed investment decisions.

ETFSwap (ETFS) has also been praised for its industry-leading market-making algorithms and expertise that minimize slippage and ensure tight spreads on all orders. Consequently, buy and sell orders are always taken at the best possible prices, ensuring traders always have optimal liquidity.

ETFSwap (ETFS) has consistently demonstrated its commitment to security and efficiency, which is why the platform was built on the highly secure and scalable Ethereum blockchain. Furthermore, the team’s leadership and members completed KYC verification by SolidProof, a smart contract security auditing firm, further reinforcing investors’ confidence in the platform.

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