Market News

SEC to Review 72 New ETF Applications, Including Solana and Others

The landscape of cryptocurrency investment is poised for further expansion as 72 new exchange-traded fund (ETF) applications await approval from the U.S. Securities and Exchange Commission (SEC).

Among the applicants are funds linked to popular cryptocurrencies such as Solana (SOL), XRP, and Dogecoin (DOGE).

James Seyffart, an analyst at Bloomberg Intelligence, has compiled these submissions, reflecting the growing interest in cryptocurrency ETFs.

In addition to Solana, other cryptocurrencies like Litecoin (LTC), Cardano (ADA), and Avalanche (AVAX) are also represented in the applications.

Analysts predict that while altcoin ETFs may receive approval, Bitcoin (BTC) ETFs will continue to dominate the market.

Eric Balchunas, also from Bloomberg Intelligence, points out that Bitcoin ETFs currently command 90% of all crypto fund assets globally.

Despite the influx of new altcoin options, BTC is expected to retain an 80-85% market share in the long run.

The SEC has already made significant moves in 2024 by approving the first spot market Bitcoin ETFs, generating billions in inflows for the asset.

Following this, Ethereum ETFs were greenlit for trading last July, further solidifying BTC's position in the market.

As the SEC prepares to evaluate these applications, the crypto industry eagerly anticipates how this will shape the investment landscape moving forward.