New Analysis Lays Out a Bullish Case for the Imminent Approval of Multiple Altcoin Spot ETFs

Prominent crypto analyst Dan Gambardello has set the stage for a potential surge in altcoins, tying his expectations to the imminent approval of multiple altcoin spot ETFs.

In his latest analysis, the analyst highlighted several technical and macro indicators to support his thesis. Suggesting that after Bitcoin (BTC) and Ethereum (ETH), altcoins like XRP, Solana (SOL), and Dogecoin (DOGE) are next in line for ETF products.

ALTCOIN ETFs Are Coming… The Masses Are Not Ready For The EXPLOSIONIntro 00:00I’m happy I’m bullish 00:20Altcoin ETFs big news 1:20Bitcoin vs. altcoins 5:00 pic.twitter.com/ApxDIWrFW

— Dan (@DanGambardello) July 1, 2024

According to the analyst, the total altcoins market cap trended sideways over the past months, revealing the dominant investors’ attitude, which reflects an ongoing accumulation of altcoins amid consolidating prices.

According to the analyst, the spot ETF approvals of identified altcoins are getting closer despite a recent drop in odds. The analyst predicts a surge in those odds and possible ETF approvals for some altcoins by the SEC as early as July 2, 2024.

In the meantime, the analyst noted that XRP, Solana (SOL), and Dogecoin (DOGE) are the altcoins ready for the SEC to approve their ETFs in the coming months.

He included Cardano (ADA), another top altcoin whose chance of ETF approval dropped recently. The analyst showed how the odds of an ADA ETF approval dropped from around 70% to 41%, while the odds of approving an XRP ETF tumbled from nearly 100% to 87%.

The analyst believes that the odds of ADA and XRP ETF approvals will bounce, and users will see them return to higher levels shortly. He based his odds resurgence prediction on emerging macro indicators, including the SEC approving SOL, XRP, and ADA in a basket fund.

The core of the analyst’s thesis rests on the argument that recent regulatory approvals have implicitly classified top altcoins like SOL, XRP, and ADA as commodities. This classification, he argues, removes a major barrier bringing them closer to spot ETF approvals.

After Bitcoin, Ethereum ETFs, Focus Shifts to Altcoins; XRP Leads with 83% Approval Odds

The analyst highlighted that multiple ETF approvals by the SEC and the launch of many spot ETFs by asset managers who have already submitted their applications would trigger an altcoin season and lead to massive rallies in the crypto market.