Bitwise Asset Management’s updated spot ETF applications for Dogecoin and Aptos have shown a positive trend in crypto ETF approvals.
According to Bloomberg’s senior ETF analyst Eric Balchonas, the applications show signs of improved relations and more active communication between fund issuers and the U.S. Securities and Exchange Commission (SEC).
Balchonas said the communication has been much more effective and positive than before the spot Bitcoin ETF was approved in January of last year, raising expectations that the ETF approval process will be easier and faster in the future.
The latest filings include the ‘in-kind creation and redemption’ feature, which is a priority for fund issuers and is considered a strong regulatory permit for crypto ETF markets.
This means that crypto assets can be directly exchanged for ETF shares, reducing the need for cash and reducing trading costs.
Balchonas predicts that Dogecoin, Aptos and other altcoin ETFs could receive approval within the next two to four months, but the approval will likely be phased in to avoid straining the market and market makers.
Meanwhile, Invesco recently filed for a Solana-based fund, while Cebu has proposed a rule change that would allow the listing of a product based on the price of the ‘Pudgy Penguins’ token.
In the past years, Bitwise has also filed applications for XRP, Solana, and NEAR, which are currently under consideration by the SEC.
Bitwise’s Spot Bitcoin Fund has raised over $2.1 billion since its approval in January 2024, and its Spot Ethereum Fund also has a significant investment.
Dogecoin is currently trading around $0.16 in the crypto market, while the Aptos token is trading around $5.
Both cryptocurrencies are experiencing some volatility in the current market conditions, but the approval of the ETF is expected to stabilize and improve the value of these crypto assets.
This is news, this is an analysis,
This is not financial advice from the author of the post, if you want to invest in the crypto market, first do thorough research, then buy.
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