Crypto ETFs are inching closer to potential approval in the U.S., following the recent appearance of multiple filings for Hedera (HBAR), Solana (SOL), and XRP ETFs from Fidelity Investments and Canary Capital on the Depository Trust and Clearing Corporation (DTCC) website. This move has ignited speculation among investors and analysts alike regarding the likelihood of approval by the Securities and Exchange Commission (SEC).
Eric Balchunas, a Bloomberg ETF analyst, emphasized that while a listing on the DTCC is a procedural formality, the majority of tickers that appear on the platform tend to launch eventually. Notably, despite the anticipation, regulatory approval from the SEC remains a critical hurdle, with the agency having delayed decisions on various altcoin ETFs repeatedly this year.
In the latest market activity, the price of Solana surged nearly 6% within a 24-hour period, driven by Galaxy Digital’s acquisition of over two million SOL tokens. This development has led to a notable increase in retail sentiment on Stocktwits, shifting from ‘normal’ to ‘high’ bullish chatter among investors. Some traders speculate that digital treasury companies may be accumulating SOL in anticipation of the upcoming ETF launches.
Conversely, Hedera experienced a smaller price increase of 2.5%, though retail sentiment on Stocktwits remained bearish. XRP also recorded a modest gain of 1.3% over the same period but, like Hedera, found itself in a bearish sentiment zone among retail traders. One XRP investor even mentioned intentions to incorporate the anticipated XRP ETF into their 401(k) plans once it becomes available.
Despite the optimism surrounding these crypto ETFs, it’s essential to note that DTCC listings do not constitute regulatory approval. The SEC continues to assess the proposed products, having recently postponed its decision on Canary’s XRP ETF to a timeframe between October 18 and 23. Additionally, approvals for Canary’s HBAR ETF and the Solana and XRP ETFs filed by Franklin Templeton have also faced delays.
Nevertheless, market expectations remain buoyed. Platforms such as Polymarket now indicate a 99.7% probability that Solana’s ETF will receive approval by the end of the year, with XRP trailing at a 92% probability.
As investors keenly watch these developments, the crypto market remains a focal point of intrigue, driven by both regulatory actions and the evolving landscape of digital assets.
