Cryptocurrency-based ETFs (Change Traded Funds) have taken the crypto group by storm in 2024. The yr started with the SEC Approving 11 spot Bitcoin (BTC) ETFs. The launch triggered a market rally, and BTC hit a brand new all-time excessive in March. The BTC ETFs foreshadowed the launch of Ethereum (ETH) ETFs just a few months later. The crypto group now braces itself for different altcoin-based ETFs, reminiscent of Solana (SOL).
Solana ETF Round The Nook?
Based on Matt Sigel, head of digital asset analysis at VanEck, Donald Trump’s pro-crypto stance might result in elevated altcoin ETF approvals. The monetary establishment filed for an SOL ETF in June. Based on Sigel, the submitting was a wager on a Trump victory within the US Presidential election. Sigel believes the Trump administration will probably be extra lenient towards the cryptocurrency sector. He additionally thinks the SEC will approve extra crypto merchandise than they did within the final 4 years.
Based on the VanEck govt, we might witness a Solana (SOL) ETF earlier than the tip of 2025. Sigel acknowledged, “I believe the percentages are overwhelmingly excessive that there will probably be a Solana ETF buying and selling by the tip of subsequent yr.“
Will An ETF Lead To The Asset Surging?
The spot Bitcoin ETFs from earlier this yr led to BTC hitting a brand new peak in March. The Ethereum (ETH) ETFs did no such factor for the asset. Solana (SOL) is shortly catching as much as ETH in its place. The SOL community is rising extremely quick whereas providing cheaper fuel charges.
SOL has additionally displayed unimaginable robustness. The asset’s worth fell to under $10 after the collapse of FTX in November 2022. Since its 2022 lows, the asset has made fairly a comeback. SOL is presently down by solely 6.4% from its all-time excessive of $259.96.
An SOL ETF might propel the asset’s worth to a brand new peak. Nevertheless, whether or not the SEC approves the submitting is but to be seen.
