After the remarkable success of Bitcoin [BTC] ETFs, the cryptocurrency ETF market appeared ready for further expansion.
Could More Crypto ETFs be on the Horizon?
Experts in the field, such as Nate Geraci, the president of The ETF Store, have noted a surge in new filings, hinting at the potential introduction of ETFs linked to popular assets like Ripple’s XRP, Solana [SOL], and Cardano [ADA].
Recent discussions have raised the possibility that the U.S. presidential election could have a substantial impact on how regulatory bodies approach crypto ETFs, particularly those related to XRP and SOL. Industry analysts believe that the election results could influence the stance of the Securities and Exchange Commission [SEC] on digital asset ETFs, potentially affecting approval rates and setting new guidelines.
Commenting on this, Geraci recently shared,
“Anticipation… A number of new spot crypto ETF applications may emerge this week. XRP, SOL, ADA, and more. It seems many issuers were well-prepared for the election outcome. There’s no harm in being proactive now.”
Reactions from the Community
This statement garnered a positive response from many individuals in the community. One user, for example, expressed,
“Excited to see some $ADA applications.”
However, it also sparked debates and criticism within the crypto community, especially among meme coin enthusiasts who were surprised by the absence of any mention of Dogecoin [DOGE].
Voicing this sentiment, another member added,
“What about a Doge ETF?”
One reason for this could be the current market dynamics. The lackluster performance of Ethereum [ETH] ETFs in comparison to Bitcoin’s may have delayed the spotlight on meme coin-related ETFs. Nevertheless, Geraci was not the only one addressing these developments.
In an interview with Bloomberg TV in late October, Ripple CEO Brad Garlinghouse expressed confidence in the future of cryptocurrency ETFs, hinting at a broader approach that includes a variety of assets in the future.
He stated,
“It’s inevitable. We won’t just see Bitcoin and ETH; we’ll also see an XRP ETF.”
Moreover, as of November 1st, Canary Capital’s recent S-1 filing with the SEC for a Solana ETF marks a significant advancement, underscoring the increasing momentum in the crypto ETF sector.
Implications on Token Price Movements
Therefore, with Donald Trump’s election win and the growing interest in the cryptocurrency market, the unfolding events are poised to define the next chapter for digital assets.
Unsurprisingly, this news has already had a positive impact on the market, with Solana rising by 5.12% in the last day, alongside notable gains in Cardano (2.02%) and XRP (0.44%). Dogecoin also experienced a surge of over 20%, despite not being directly mentioned in recent filings.