The arrival of Spot Bitcoin ETFs in the United States was undoubtedly a game-changer for the industry. Moreover, the market is seeing a follow-up from the second-largest asset, with Ethereum’s incarnation headed toward approval. Could Solana (SOL) be the next asset to follow in their footsteps and receive its own spot ETF?

The digital asset financial firm Matrixport has seen its co-founder, Daniel Yan, recently express his belief that SOL could be next in line. Indeed, he noted that Solana’s potential to benefit from Ethereum’s ETF approval could make it a prime candidate to ascend to a significantly

Source: Decrypt

Also Read: Solana Weekly Price Prediction: Can SOL Hit $200?

Solana: The Next Crypto to Get an ETF?

The anticipation surrounding the arrival of a Spot Ethereum ETF in the United States seemingly has the whole industry talking. Just like they did following Bitcoin’s approval, all eyes were on what was next. Specifically, what asset could be nearing the approval of a similar investment product?

According to Matrixport co-founder Daniel Yan, Solana (SOL) could follow both Bitcoin and Ethereum and get its very own ETF. Indeed, in a post to X (formerly Twitter), Yan discussed ETH’s recent ascension. Moreover, he gave his opinion on Solana being the better investment.

A better trade I will argue for is: “BUY SOL/ETH”. This may sound absurd and definitely unpopular. Reasons are:
1) SOL will be the No.1 next in line if ETH ETF get approved.
2) ETH/BTC did +12% within a week after the BTC approval as people expect ETH ETFs
3) Not a crowded trade

— Daniel Yan (@_D_Y_A_N) May 21, 2024

Also Read: Solana (SOL) Passes $180 as 7% Surge Sets up Rally to End May

Specifically, Yan noted that “SOL will be the No. 1 next in line if [the] ETH ETF gets approved.” Subsequently, the approval of an Ethereum ETF certainly appears to be more likely than not, at this point. Bloomberg has recently updated its odds, increasing its approval likelihood to a remarkable 75%.

Solana has definitely benefited from the Ethereum discussions over the last several days. The cryptocurrency has increased by more than 23% over the last 7 days, according to CoinMarketCap. Furthermore, amid the market’s surge in popularity throughout 2024 thus far, an ETF for SOL does not appear out of the question.


Leave a Reply

Your email address will not be published. Required fields are marked *