Bloomberg ETF analyst Eric Balknas believes the US Securities and Exchange Commission (SEC) is likely to approve a new wave of Crypto Exchange Trade Funds (ETFs), including those related to Solana, Dogecoin, XRP and HBAR.
Speaking to TheStreet Roundtable host Scott Melker, Balchunas estimated the likelihood of approval for these ETFs at over 75%. “We’re really bullish on Solana, hbar, and even dogecoin,” he said. “To be honest, based on how the SEC dropped all these cases, and I’ve heard that Ripple cases are almost negotiated now – when they’re dropped, security means nothing.”
Balchunas noted that some of these tokens are reportedly part of the U.S. government’s strategic stockpile, which could make it difficult for regulators to refuse approval. “If it’s part of a stockpile, it’s not a good retail investment, that would be odd,” he pointed out.
However, he warned that approval would not come soon. “Perhaps we’ll see nothing until Atkins is confirmed and we get a job for a little while. I’ll look for an interesting summer,” he said. “If you and I spoke again in the middle of summer, we’ll have a more specific vision of what we’re trying to see.”
Despite his optimism about the new ETF, Balchunas was skeptical of its impact on the market. “All combinations containing ether will likely be lucky to acquire 20% of the assets in the category,” he predicted. “In particular, Spot Bitcoin is a by far the dominant investment in that sector and I think it will continue.”
Comparing Bitcoin to other assets, I say, “Bitcoin is your digital gold. It works, but it’s much more volatile, but I consider it digital gold.
He also predicted that the meme coin could shake the ETF market. “We have Melania coins, Trump coins, Bonk coins. We have some side shows, but this is all largely media feed,” he said. “After all, man, there’s nothing to beat that spot Bitcoin ETF, cheap, low-cost, frictionless.”