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According to Cardanians, a Cardano community-focused X account, Bloomberg analysts have updated their ETF approval odds, placing Grayscale’s proposed Cardano ETF at a 75% chance of approval.
Bloomberg ETF analyst James Seyffart recently revised the odds of approval for various crypto ETFs, including Cardano. A 75% likelihood of approval positions Cardano as one of the most promising contenders in the next wave of crypto ETF launches in the United States.
In February this year, NYSE Arca filed for a Cardano ETF on behalf of Grayscale, which already operates Bitcoin and Ethereum funds.
If approved, Grayscale's Cardano ETF would be the first exchange-traded product for the cryptocurrency, joining Grayscale's existing crypto ETFs, which include the Grayscale Bitcoin Trust ETF, Bitcoin Mini Trust ETF, Ethereum Trust ETF and Ethereum Mini ETF.
Altcoin ETF summer predicted
So far, only Bitcoin and Ethereum spot ETFs have been approved for trading in the United States, with the SEC giving the go-ahead for both last year.
In a recent prediction, Bloomberg analyst Eric Balchunas wrote, "Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via James Seyffart note this morning which includes fresh odds for all the spot ETFs."
In separate news, Kraken OTC has set up ADA options trading, as disclosed by the Cardano Foundation.
Input Output (IO) has proposed several improvements for the Cardano node to enhance its stability, reduce operational costs for stake pool operators (SPOs) and others, and improve scalability. These include log-structured merge (LSM) trees, tiered pricing and anti-grinding measures that aim to strengthen the Ouroboros consensus layer against grinding attacks (where leaders try to manipulate future leader elections).
Vladislav Sopov
U.Today Editorial Team