Crypto ETF Tsunami Looms In Uptober With SEC Rulings On Solana, XRP, Dogecoin
A crypto ETF (exchange-traded fund) tsunami is coming in October with the US Securities and Exchange Commission (SEC) set to deliver rulings on 16 funds for altcoins including Solana, XRP and Dogecoin.
Those rulings are expected to be delivered in a month that has historically been a bullish period for the crypto markets. As such, investors often refer to October as “Uptober,” with the expectation that prices will rise during the month.
Litecoin ETF Decision Will Come First
The first crypto ETF decision will be for decentralized exchange Canary’s Litecoin ETF. A decision will have to be delivered by the SEC for this proposed fund on Oct. 2.
The next decision deadline will be for asset manager Grayscale’s Solana and Litecoin trust conversion on Oct. 10, according to a list of pending ETF applications compiled by Bloomberg analyst James Seyffart that was shared on X.
The last of the decisions that the SEC will have to deliver is for WisdomTree’s XRP product on Oct. 24
Those decisions could happen any time before the final deadline.
According to Seyffart, there are 92 crypto ETFs awaiting approval from the SEC.
Bitfinex Predicts Altcoin Season As Analyst Sees “Enormous” Next Few Weeks
Analysts from crypto exchange Bitfinex predicted in August that the approval of the crypto ETFs could kick off the next altcoin season. Approval would give investors a way to gain exposure to the smaller tokens with less risk, they said.
Meanwhile, ETF analyst and NovaDius Wealth Management president Nate Geraci echoed the same bullish sentiment on X today.
“Enormous next few weeks for spot crypto ETFs,” he said.
While crypto trader Daan Crypto noted that major ETF players such as Fidelity and BlackRock are absent from the list, he said the SEC’s decisions should be closely watched.
Daily chart for altcoin market cap (Source: TradingView)
Next month’s deadlines come as the market cap for altcoins corrects from its all-time high (ATH) . MN Fund founder and renowned analyst Michael van de Poppe commented on this in an X post, telling his over 809.5K followers that the pullback is an opportunity to “buy the dip.”
He went on to predict that there will be “one more pushback” before the altcoin market cap “will break through the resistance and start printing massively new ATHs.”
CoinMarketCap’s Altcoin Season Index has also risen from 57 to 66 in the last month, which suggests the market anticipates a capital rotation from Bitcoin into smaller tokens.
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