He also said that altcoin-based ETFs may flood into the market soon enough, and those would include Solana and Dogecoin ETFs in particular.
Davis made a reminder that Standard Chartered bank (LON:STAN) made this prediction, drawing the deadline at $4,000. The main reason why the banking giant made such a prediction is because it expects a spot Ethereum ETF to be approved by the Securities and Exchange Commission this year, therefore, the bank’s thesis says, the ETF will drive massive demand for Ethereum, the same as it did for Bitcoin.
BlackRock (NYSE:BLK) and the other spot-based Bitcoin ETFs started scooping up astounding chunks of BTC before the SEC regulator approved their filings, and they continue to buy 5x more BTC than the daily amount of Bitcoin produced by miners.
So far, the regulator has been delaying its decision on the Ethereum ETF, however, Davis agrees with the Standard Chartered (OTC:SCBFF) forecast that it is likely to make an approval on May 23.
The YouTuber supposed that the cryptocurrency market may see ETFs launched based on such altcoins as Dogecoin, Solana, Chainlink, Avalanche, maybe even by the end of 2024. What led him to this thought was the Franklin Templeton fund.
In a recent interview to Bloomberg, a rep of this fund hinted that the market may see more ETF filings coming from them, and the rep stated that Ethereum seems like a good candidate for that to begin with.
This article was originally published on U.Today
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