Cardano (ADA) Might Join Spot ETF Race

Analyst Nate Geraci has predicted that ETF issuers will soon file for spot ETF products that will track the performance of Cardano (ADA) and Avalanche (AVAX). 

Various firms might be more inclined to jump into the altcoin ETF race due to a significantly friendlier regulatory environment. 

As reported by U.Today, there are already several altcoin ETF proposals for XRP and Solana (SOL). The odds of these products being approved by the next SEC boss recently jumped eh sharpy higher. 

Cardano (ADA) is currently ranked as the 10th biggest cryptocurrency by market capitalization after experiencing a 41% rally over the past week. This is why it is not far-fetched to assume that it could become another contender to get its own spot ETF in the US alongside other prominent altcoins. 

As reported by U.Today, there is already a combo crypto ETF proposal from Bitwise that includes exposure to the ADA token. However, the token has a relatively small weighing in that fund.      

In May, the SEC greenlit several Ethereum (ETH) ETFs. However, these products experienced relatively low demand compared to the spot Bitcoin ETFs that were launched earlier this year. 

As reported by U.Today, BlackRock has already ruled out launching more altcoin ETFs due to lackluster demand. It remains to be seen whether it will change its stance due to a friendlier regulatory environment.    

In the meantime, the total net asset value of Bitcoin ETFs has now topped $100 billion in just ten months. These products attracted $4.1 billion worth of inflows in less than three weeks.  

Bitcoin ETFs recently attracted renewed attention due to the launch of spot ETF options.