[Bitcoin Now] "Altcoin ETF Trading Begins in the U.S.... A New Phase for Virtual Asset Investment"

For the first time in the United States, spot exchange-traded funds (ETFs) based on major altcoins such as Solana (SOL), Litecoin (LTC), and Hedera (HBAR) have begun trading. NH Investment & Securities expects that this event will lead to the launch of a variety of altcoin spot ETFs.

According to NH Investment & Securities on October 29, on October 28 (local time), the U.S. market saw the launch of trading for the 'Bitwise Solana Staking ETF (BSOL)', 'Canary Litecoin ETF (LTCC)', and 'Canary HBAR ETF (HBR)'. In addition, starting from October 29, the 'Grayscale Solana Trust (GSOL)' is scheduled to be converted into an ETF and begin trading.

This marks the first appearance of single-asset spot ETFs for new virtual assets since the launch of the Bitcoin spot ETF in January 2024 and the Ethereum spot ETF in July of the same year.

Hong Sungwook, a researcher at NH Investment & Securities, stated, "Despite the ongoing U.S. government shutdown, the launch of altcoin spot ETFs appears to be the result of clearer and streamlined procedures." He predicted, "A variety of altcoin ETFs will be launched in the future."

Researcher Hong identified XRP (Ripple), Chainlink, Avalanche, Stellar, Polkadot, Dogecoin, Shiba Inu, Bitcoin Cash, and Cardano (ADA) as virtual assets with the potential for future spot ETF launches. He also anticipated the release of products such as the GDLC (Grayscale CoinDesk Crypto 5 ETF), an index-based spot ETF that bundles Bitcoin, Ethereum, Ripple, Solana, and ADA.

However, he forecasted that the supply and demand effects would take time to materialize. He explained, "Although the Ethereum spot ETF started trading in July last year, initial capital inflows fell short of expectations. It only gained attention after the passage of the stablecoin bill and Ethereum DAT (Digital Asset Treasury) in July this year." He added, "In fact, the inflow amount in July this year alone exceeded the total inflows during the 12 months from July last year to June this year."