Major Financial Institutions Eyeing Billions in Altcoins, Following Spot ETF Momentum

TL;DR
1.SEC poised for Ethereum ETF approval, mirroring Bitcoin's ascent.
2.Altcoin ETFs surge expected post-Ethereum approval, incl. Dogecoin, XRP, Solana.
3.Financial giants await Ethereum ETF decisions; SEC hurdles loom large.
4.XRP SEC classification clouds ETF approval; Ripple lawsuit outcome pivotal.

Crypto pundit Lark Davis anticipates a surge in institutional investment in altcoins, including XRP, Ether, Solana, and Shiba Inu, after the recent approval of spot Bitcoin ETFs. Davis, discussing insights on potential SEC approvals, highlights Ethereum's potential rally to $4,000 by May 23rd, driven by expectations of a spot Ethereum ETF approval.

Spot Ethereum ETF Catalyst

Davis cites a report from Standard Chartered Bank, suggesting an impending spot Ethereum ETF approval by the SEC on the specified date, projecting Ethereum's rise akin to Bitcoin before its ETF approval.

Altcoin ETF Surge Expected

Davis speculates on the likelihood of more altcoin ETFs following Ethereum's approval, predicting potential ETFs for Dogecoin, XRP, Chainlink, Avalanche, Solana, Cardano, and Shiba Inu by year-end. Major players like Franklin Templeton have shown interest in Solana, hinting at a potential Solana ETF post-Ethereum approval.

Institutional Involvement

Financial giants such as BlackRock, Fidelity, and VanEck have applied for spot Ethereum ETFs, with decisions expected by May. However, obstacles remain, as the SEC's scepticism towards cryptocurrencies, highlighted by ongoing litigations like SEC vs Ripple, poses challenges.

Ripple Lawsuit Impact

The SEC's classification of XRP as a security, despite previous rulings stating otherwise, adds uncertainty. The outcome of the Ripple lawsuit, anticipated in April, holds implications for approving diverse ETFs. A favourable ruling for Ripple may ease the ETF approval process, albeit with expected bureaucratic hurdles from the SEC.

Conclusion：Institutional Altcoin Surge

Crypto analyst Lark Davis foresees a surge in institutional investment in altcoins like XRP, Ether, Solana, and Shiba Inu, following the approval of spot Bitcoin ETFs. Davis predicts Ethereum's potential rally to $4,000 by May 23rd, driven by expectations of a spot Ethereum ETF approval. He highlights insights from a Standard Chartered Bank report suggesting an impending approval. Davis also speculates on the likelihood of more altcoin ETFs, including Dogecoin, XRP, Chainlink, and others, with major players expressing interest. However, obstacles remain due to SEC scepticism towards cryptocurrencies, exemplified by ongoing litigations like SEC vs Ripple, impacting XRP's classification and the broader ETF approval process.