From XRP to Solana: Multi-Billion Dollar ETF Wave Set to Reshape Crypto Access This Autumn

Weiss Crypto Rating, a crypto and stock ratings platform, is hinting that the cryptocurrency market is about to witness a significant turnaround.

As market optimism heightens in anticipation of the approval of multiple altcoin-based ETFs, the bullish outlook for alternative coins has intensified.

However, a market expert at Weiss Crypto suggests that market expectations might not be met in the near term as approval dates might be shifted to the final quarter of the year.

Despite the possibility of an extension in approval date, the expert maintains that the coming months will be pivotal for the cryptocurrency market, particularly with the arrival of new institutional players. 

“ETF summer” might turn into “ETF autumn”. Either way, the next few months could reshape how institutions access crypto.” The expert wrote.

According to data from the crypto ratings firm, the odds of an ETF approval in October have skyrocketed for five leading altcoins. For SOL and LTC, the odds are at 90%, while the odds for XRP, DOGE, and ADA are at 85%, 80%, and 75%, respectively.

Notably, demand for SOL ETFs has continued to soar, with Coinshares, a European-based asset manager, joining seven issuers to file for a SOL ETF.

According to the filing, the Coinshares ETF will track the price of the SOL token, which is set to go live on the Nasdaq stock market. 

Demand for SOL and XRP ETFs hit rooftop levels

It comes as no surprise that institutional demand for SOL has intensified over the past year. The token has had a remarkable price run this year, with the market recording a new all-time high, as SOL hit $293.31 for the first time ever. At report time, SOL is trading at $148.

Similarly, excitement is trailing the XRP community as the Purpose XRP ETF filed by Purpose Investment Inc. went live on the Toronto Stock Exchange (TSX) on June 18.

With the ETF structured to give traditional investors access and direct exposure to XRP, anticipation for a price surge has heightened. At report time, the fourth most valuable cryptocurrency by market cap is trading at $2.17.