Tether and Wax co-founder, William Quigley in a chat with Decrypt said that crypto ETF products won’t lose steam as the US greenlights Bitcoin and Ethereum ETFs. Quigley foretold an increase in ETFs for other major cryptocurrencies such as Solana (SOL) and Cardano (ADA), propelled by Wall Street’s never-ending quest for wealth.
Quigley: Watch Out For More Crypto ETF Approval
Quigley emphasizes that if a new crypto ETF or product succeeds, it sets a precedent for more similar offerings to follow suit. This follows the petition approval for a Shiba Inu ETF set by the memecoin community.
He compared Wall Street’s enthusiasm for crypto ETFs to the “next big trend” that aims to attract customers and boost sales. He mentioned that the launches of new ETFs will continue until there is a slowdown in the market.
However, he agreed that the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs in the US was a milestone, as it is making crypto more mainstream. Beyond Bitcoin, crypto enthusiasts are also hyped up about spot Ethereum ETFs, especially after regulators gave the green light in late May.
This enthusiasm is not optimal yet as it can’t kick off trading until the issuer’s spot Ethereum ETF S-1 registration forms bags approval.
Recently, Crypto-Vanguard reported that at least one issuer should be able to get S-1 feedback soon. Gary Gensler, SEC’s Chairman hinted that the Ethereum ETF approval process could wrap up by the end of the summer.
Bitcoin ETF Might be Taking a Landslide
Quigley wasn’t happy about traditional finance diving deeper into the crypto scene and the risks if big investors bail during market dips. It is noteworthy that the Bitcoin ETF has been on a significant inflow streak since its introduction, which has been crucial in generating excitement for other ETFs.
However, the narrative seems to be shifting as the digital asset has experienced substantial outflows in the past week despite holding a 5% Bitcoin supply in the market.
Market watchers and analysts are eyeing its counterpart, Ethereum as it continues to gain strong accumulation, taking the spotlight among investors before the official launch of trading for its underlying ETF.
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