November Offers New Opportunities for Altcoin ETF Approvals

Recently, notable developments have been occurring in the cryptocurrency markets. Particularly, interest from investors in Bitcoin, Ethereum, and other altcoins has been increasing, influenced by the effects of the government shutdown in the U.S. Cryptocurrency investors are eagerly awaiting November, as new opportunities may arise through an alternative ETF approval process.

It is known that the expected approvals for spot cryptocurrency Exchange Traded Funds (ETFs) in October in the U.S. have been delayed due to the government's shutdown. However, ETF issuers have been looking for ways to circumvent the delay by bypassing the Securities and Exchange Commission (SEC) approval process. Although related applications have been suspended due to the government shutdown, they could regain momentum through these new methods.

In particular, four new ETFs launched by firms like Canary Capital, Bitwise, and Grayscale are paving the way for the approval process that has been disrupted. Issuers aim to ensure that applications automatically become valid if the SEC does not intervene within 20 days by adding the phrase "no delaying amendment" to the updated S-1 registration forms. Following the successful trading of these ETFs in October, the same procedure is being followed for Fidelity's spot Solana (SOL) ETF and Canary Capital's spot XRP ETF. If the SEC does not intervene in this process, the launch of the first XRP ETF on November 13 may be possible.

Bloomberg Intelligence analyst James Seyffart emphasized that November could be a turning point for many new ETFs, but some applications still carry uncertainty. Seyffart stated, "Even if the government does not reopen, some ETFs could come to market in November. However, applications that have received no feedback from the SEC are likely to have to wait." This situation is quite significant for investors as it can be seen as a new phase in the long-standing struggle for spot crypto ETFs.

In conclusion, it is crucial for investors to closely follow developments in November. Whether the government will resume its activities can directly impact investment opportunities in the markets. In particular, the reduction of uncertainties for altcoins and the approval of new ETFs stand out as a noteworthy development attracting investors' attention.