Cryptocurrency-based ETFs (Change Traded Funds) have taken the crypto neighborhood by storm in 2024. The 12 months 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 a couple of months later. The crypto neighborhood now braces itself for different altcoin-based ETFs, corresponding to Solana (SOL).
Solana ETF Round The Nook?
In accordance with 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. In accordance with Sigel, the submitting was a guess on a Trump victory within the US Presidential election. Sigel believes the Trump administration can 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.
In accordance with the VanEck govt, we might witness a Solana (SOL) ETF earlier than the tip of 2025. Sigel acknowledged, “I feel the percentages are overwhelmingly excessive that there can be a Solana ETF buying and selling by the tip of subsequent 12 months.“
Will An ETF Lead To The Asset Surging?
The spot Bitcoin ETFs from earlier this 12 months led to BTC hitting a brand new peak in March. The Ethereum (ETH) ETFs did no such factor for the asset. Solana (SOL) is rapidly catching as much as ETH in its place. The SOL community is rising extremely quick whereas providing cheaper gasoline charges.
SOL has additionally displayed unimaginable robustness. The asset’s value fell to beneath $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 value to a brand new peak. Nonetheless, whether or not the SEC approves the submitting is but to be seen.