Standard Chartered Bank’s Head of Foreign Exchange and Digital Asset Research, Geoffrey Kendrick, stated that following the approval of the Ethereum spot ETF, other cryptocurrencies such as SOL and XRP may not be considered securities due to their technical similarities with ETH. It is possible that these cryptocurrencies will have their own ETF products by 2025.
The U.S. Securities and Exchange Commission (SEC) officially approved the 19b-4 filings (exchange rule changes) for eight Ethereum spot ETF applications, including BlackRock and Fidelity, taking a significant step towards the listing of Ethereum spot ETFs. Industry experts see this move by the SEC as an implicit recognition that ETH is not a security and believe it may extend to other tokens.
James Seyffart, an ETF analyst at Bloomberg, stated on the Bankless Podcast that Standard Chartered Bank may welcome cryptocurrency ETFs for assets like SOL and XRP next year. In response, Geoffrey Kendrick, the Head of Foreign Exchange and Digital Asset Research at Standard Chartered Bank, mentioned that after the approval of the Ethereum spot ETF, other cryptocurrencies may have their own ETF products by 2025. Kendrick also predicted that the market dominance of Bitcoin and Ethereum will continue to rise, especially in terms of the Sharpe index.
Kendrick also maintained his predictions for the future market of Bitcoin and Ethereum, expecting Bitcoin to reach $150,000 and Ethereum to surpass $8,000 by the end of the year.
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