ETF Store President Predicts Multi-Crypto ETF Filing in Coming Months

President of ETF Store Nate Geraci foresees an exchange-traded fund (ETF) issuer filing for a combined spot Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) ETF in the near future.

“Prediction… An ETF issuer will file for combined spot btc, eth, & sol ETF in next few months. We’re quickly heading down path towards index-based & actively managed crypto ETFs,” Geraci wrote.

The forecast comes amid increasing anticipation of the U.S. Securities and Exchange Commission (SEC) potentially approving Ethereum ETFs.

Prediction…

An ETF issuer will file for combined spot btc, eth, & sol ETF in next few months.

We’re quickly heading down path towards index-based & actively managed crypto ETFs.

— Nate Geraci (@NateGeraci) July 22, 2024

CBOE Announces Launch Date for Spot Ethereum ETF

Last week, the Chicago Board Options Exchange (CBOE) announced that five spot Ethereum ETFs will begin trading on July 23, pending regulatory effectiveness.

The announcement follows the approval of rule changes by the SEC on May 23, allowing for the listing of spot Ether ETFs.

However, the launch is subject to final approval of each fund issuer’s respective S-1 registration statements by the regulator.

The five spot Ether ETFs that will commence trading are the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.

To gain an early market advantage, most of the ETF issuers have announced plans to temporarily waive or discount fees, aiming to compete for market share once the products are available for trading.

Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Bloomberg ETF analyst James Seyffart said.

He noted that a regulated market is needed to monitor these assets for fraud and manipulation.

In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States.

In a recent episode of CNBC’s ‘Fast Money’, Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”

He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

Bitcoin Addresses Decline, Indicating Potential Rebound

As reported, the number of Bitcoin wallet addresses holding BTC has been decreasing over the past month, according to data from onchain analytics firm Santiment.

While this may initially seem concerning, Santiment suggests that it could actually be good news for investors.

“When we see mass liquidations like this, the probability of a continued rebound only increases,” the firm wrote.

Meanwhile, there has also been a decline in the percentage of Bitcoin supply in profit, currently standing at 89.43%, according to Glassnode data.

While this might appear discouraging, other metrics paint a more bullish picture.

In a recent post, CryptoQuant founder Ki Young Ju noted that over-the-counter (OTC) markets are dominating centralized exchange markets, indicating institutional accumulation.

Large whale wallets, including spot ETFs and custodial wallets, have acquired 1.45 million BTC this year, totaling approximately 9% of the circulating supply.

The weekly inflow to these whale entities has surpassed the total for the entire year of 2021, with an impressive 100,000 BTC flowing in each week.