The cryptocurrency market is currently focused on the anticipated approval of a spot Ethereum ETF by the US Securities and Exchange Commission (SEC). Amid this anticipation, Daniel Yan, co-founder of Matrixport, has suggested that Solana (SOL) could be the next cryptocurrency in line for spot ETF approval.
With the SEC's decision on a spot Ethereum ETF imminent, speculation about the next cryptocurrency to follow suit is intensifying. Daniel Yan believes Solana is a strong contender, potentially poised to benefit from the momentum generated by Ethereum's success. He draws parallels to the approval of the Bitcoin ETF, which significantly boosted Ethereum's market value and interest. Following the launch of the spot BTC ETF in the US, the ETH/BTC pair saw a 12% increase within a week, a pattern Yan suggests Solana might emulate.
The broader crypto community is also speculating about the ripple effects of an Ethereum spot ETF approval, anticipating subsequent filings for other altcoins. Popular crypto analyst Ted hinted at this possibility, stating:
"The market is certainly not priced for this… if it’s approved, get ready for all kinds of spot altcoin filings. Cough, cough SOL."
However, the path to a Solana spot ETF is not without challenges. Experts point out that Solana does not yet have an actively trading futures ETF, unlike Bitcoin and Ethereum when their spot ETFs were approved. This absence might hinder immediate consideration for a Solana spot ETF. Dimitrios Kavvathas, Founder of Ithaca, noted:
"It is natural for the crypto sphere to be excited about the potential of Solana ETF to be listed, but this would be a major stretch. There are no futures listed on Solana. If anything, the ones surprisingly ahead of Solana, by virtue of these being listed on CFTC-regulated Coinbase Derivatives, are BCH, LTC, and yes Doge (not a surprise, fair launch POW chains)."
While Solana does not yet have an approved ETF in the US, there are alternative products available that offer exposure to SOL prices through derivatives. These include the Grayscale Solana Trust (GSOL) and products like VanEck’s Solana ETN and 21Shares’ Solana ETP. These instruments allow investors to indirectly trade Solana, reflecting its price movements.
Solana has recently seen a surge in market value, rising over 23% in the past week. This significant increase indicates growing investor confidence and speculation surrounding Solana's potential. The impressive rise reflects the market's anticipation of regulatory developments and the broader optimism within the industry.
SOL Chart. Source:BeInCrypto
While challenges remain, particularly the lack of a Solana futures ETF, the potential for a Solana spot ETF is being actively discussed. The optimism from industry leaders like Daniel Yan highlights the possibility that Solana could soon follow in the footsteps of Bitcoin and Ethereum, achieving spot ETF approval. If regulatory conditions align, Solana's inclusion in the ETF market could mark a significant milestone in its development, further solidifying its position in the cryptocurrency landscape.
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