Solana
Will Solana (SOL) follow Bitcoin and Ethereum as the next crypto ETF?
The arrival of Spot Bitcoin ETFs in the United States has undoubtedly been a game-changer for the industry. Additionally, the market is seeing a follow-up from the second largest asset, the Ethereum incarnation heading towards approval. Could Solana (SOL) be the next asset to follow in their footsteps and receive its own spot ETF?
Digital asset financial firm Matrixport saw its co-founder, Daniel Yan, recently expressed his belief that SOL could be next in line. Indeed, he noted that Solana’s potential to benefit from Ethereum ETF approval could make it a prime candidate to achieve significant ranking.
Source: Decrypt
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Solana: the next crypto to get an ETF?
The anticipation surrounding the arrival of a Spot Ethereum ETF in the United States seems to have the entire industry talking. Just like they did after Bitcoin was approved, all eyes were on what comes next. More specifically, what asset could be close to being approved for a similar investment product?
According to Daniel Yan, co-founder of Matrixport, Solana (SOL) could follow both Bitcoin and Ethereum and get its own ETF. Indeed, in a message on X (formerly Twitter), Yan discussed the recent rise of ETH. Additionally, he gave his opinion on Solana as the best investment.
A better trade that I will advocate is: “BUY SOL/ETH”. This may seem absurd and definitely unpopular. The reasons are:
1) SOL will be the next #1 if the ETH ETF is approved.
2) ETH/BTC rose 12% in the week after BTC was approved as people expect ETH ETFs.
3) Not a crowded business-Daniel Yan (@_D_Y_A_N) May 21, 2024
Read also: Solana (SOL) tops $180 as 7% surge sets up rally through end of May
Specifically, Yan noted that “SOL will be the next number 1 if [the] ETH ETF is approved. Therefore, the approval of an Ethereum ETF certainly seems more likely than not, at this point. Bloomberg recently updated its odds, increasing its approval probability to a remarkable 75%.
Solana has certainly benefited from the Ethereum discussions over the past few days. The cryptocurrency is up more than 23% in the last 7 days, according to CoinMarketCap. Additionally, amid the market’s growing popularity throughout 2024 so far, an ETF for SOL does not seem out of the question.