Ethereum ETF Approval Analysis and Its Impact on the Crypto Market

 Bittime - The crypto community is eagerly awaiting the approval of an Ethereum ETF. While the exact time of approval is not yet known, it is expected to happen soon. Here is an explanation of the impact of an Ethereum ETF on the crypto market from altcoin daily observers.

SEC Delays Ethereum ETF Approval

The US Securities and Exchange Commission (SEC) has delayed the approval until after July 8 due to a national holiday in the US and has asked issuers to submit revised filings by that date. This development is significant as it makes it easier for institutions to buy Ethereum, potentially leading to a large influx of institutional funds.

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The Next Big Trade: Solana and the Regulatory Landscape

The question many investors are asking is: who’s next? An Ethereum spot ETF was a breakthrough, but the focus is now shifting to other crypto assets like Solana. VanEck, 21Shares, and ThreeIQ (a Canadian company) are among those that have filed for a Solana spot ETF.

The decision on the application is up to Gary Gensler of the SEC. If approved, it would confirm that Ethereum and Solana are treated as commodities, which would be a major milestone for these digital assets.

VanEck’s Matthew Sigel noted that Gary Gensler indicated that Ethereum applications are running smoothly, which is a positive sign. However, the lack of a regulated futures market for Solana may be a hurdle. 

That said, there is precedent for ETFs that have successfully traded without a futures market, such as shipping, uranium, and electricity ETFs. A slight regulatory shift in Washington could pave the way for Solana’s approval, potentially pushing its price to $1,000 if the ETF attracts significant inflows.

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Market Forecast and Inflows for Ethereum and Solana ETFs

Steno Research predicts that an Ethereum spot ETF could push Ether prices to $6,500 per coin later this year, attracting between $15 and $20 billion in inflows during the first year of trading. 

This optimistic view contrasts with more conservative estimates from Bloomberg’s Eric Balchunas and James Seyffart, who expect only 10% to 20% of Bitcoin ETF inflows, equivalent to $1.5 billion to $3 billion. The divergence highlights the mixed views on the potential success of Ethereum and Solana ETFs.

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Chainlink and the Future of Tokenized Funds

In other crypto news, Chainlink has partnered with Fidelity International and Signum Bank to bring net asset value (NAV) data on-chain, a critical component for tokenized funds. The partnership is set to revolutionize the fund industry, making it easier to tokenize assets and increasing transparency. 

Chainlink founder Sergey Nazarov explained that a reliable decentralized Oracle network is critical for DeFi protocols and secure tokenized funds, drawing parallels to the DeFi boom of previous years.

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Polkadot Transparency Report and Community Reaction

Polkadot has been in the spotlight for its transparency report, which detailed the spending of $87 million in DOT tokens on various marketing efforts. 

These expenditures, approved by the Polkadot community, include $4.9 million for influencers, $1.9 million for a sponsorship of race car driver Conor Daly, and $6.8 million for a deal with a prestigious football club.

 Despite some negative reactions from the community, the transparency of this spending has been praised, and the average DOT price has increased, resulting in better value for their spending.

Solana Efficiency and Adoption

Solana continues to differentiate itself with its low transaction fees and high efficiency. The platform’s average transaction fee of $0.025 is a stark contrast to Ethereum’s $40, making it a more attractive option for many users. This efficiency is a major reason for the bullish sentiment around Solana, as it positions itself as a faster and cheaper alternative in the crypto market.

Forward Looking and Community Engagement

The crypto community remains engaged and optimistic about the future. Standard Chartered’s prediction of Bitcoin hitting $100,000 by August adds to the bullish sentiment. As always, community feedback and engagement are vital, with forums and apps like Roundtable providing a platform for discussion and analysis.

How to Buy Crypto with Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application. 

Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.