🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

DOGE ETF, SOL ETF May Potentially Emerge by 2025, Lark Davis Explains How

Published 02/03/2024, 09:27 PM
Updated 02/03/2024, 09:30 PM
DOGE ETF, SOL ETF May Potentially Emerge by 2025, Lark Davis Explains How
ETH/USD
-

U.Today - Crypto YouTuber Lark Davis has shared a video in which he elaborates why he expects the second largest cryptocurrency, Ethereum, to see $4,000 as the first stop on its way to $10,000.

He also said that altcoin-based ETFs may flood into the market soon enough, and those would include Solana and Dogecoin ETFs in particular.

Ethereum heading for $4,000

The main message that Lark Davis wanted to get across on X was that he believes it is highly likely that Ethereum will reach $4,000 by the end of May this year — May 23, to be exact, this is the date when the regulator is expected to green-light a spot Ethereum ETF.

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.

DOGE, SOL, LINK, AVAX ETFs are likely: Davis

Davis voiced the opinion that once the SEC permits spot Ethereum ETFs to start trading, this would give a start to hedge funds deciding to launch exchange-traded funds based on other altcoins.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.