The SEC's approval of spot Bitcoin ETFs in early 2024 marked a turning point for the cryptocurrency market. Ethereum was the first to receive approval after Bitcoin, with many altcoins in line. At this point, companies have applied for ETFs for many altcoins, such as XRP, Solana (SOL), Litecoin (LTC), and TRUMP, apart from Bitcoin and Ethereum, and are awaiting approval from the SEC. While the SEC has postponed all altcoin ETF applications to date, analysts predict that a flurry of altcoin ETF approvals could occur starting in September based on the deadlines. While September is eagerly awaited in the market for altcoin ETFs, REX Financial CEO Greg King said that ETF issuing companies should be careful when choosing altcoins for their ETFs. The famous CEO stated that most cryptocurrencies are quite unreliable. Speaking to Bloomberg's ETF IQ program, Greg King said that issuing ETF products with cryptocurrencies outside the top 10 by market capitalization is risky. At this point, King stated that issuing companies should be careful when choosing altcoins for their ETF products. King also said he doesn't think there will be a “big boom” in ETF applications for various altcoins, but predicted there will be a lot of funding for a select number of altcoins. “Most cryptocurrencies are highly volatile. Therefore, caution should be exercised when issuing ETF products that include altcoins outside the top 10 by market capitalization. Currently, cryptocurrency-based ETFs are rapidly becoming widespread, following the spot Bitcoin ETF. There is a trend where multiple ETFs are concentrating on certain altcoins. “We've never seen a situation where so many similar products have emerged in the ETF industry. ETFs for these altcoins will continue to grow, and there will likely be a lot of capital flow.” REX Financial currently manages a Solana (SOL) ETF with staking rewards. It has also filed for an ETF tracking memecoins like Official Trump (TRUMP), Bonk (BONK), and Dogecoin (DOGE). Solana (SOL) Could Replace Ethereum! CEO King recently made positive comments about Solana, describing it as a promising altcoin that could usher in the future of stablecoins and potentially replace Ethereum. “It is a mistake to think that all stablecoins are based on Ethereum. I believe Solana will pioneer the future of stablecoins. Solana is designed for faster speeds and higher transaction throughput. Many see Solana as a promising candidate to surpass Ethereum. *This is not investment advice. Continue Reading: Famous CEO Praises Solana, Warns About Altcoin ETFs! "All Other Altcoins Are Risky!"
