Is an expert from Matrixport predicting that Solana will have exchange-traded funds?
Release: 2024/05/23 05:09 Reading: 773
The bitcoin market has been experiencing unprecedented levels of activity lately. All eyes are on the U.S. Securities and Exchange Commission’s (SEC) decision regarding spot Ethereum-ETFs; participants can’t wait!
According to Daniel Yang, co-founder of the Matrixport analytical platform, comparable Solana-focused tools will be available on the market after Ethereum-based exchange-traded funds (ETFs) SOLUSD.
A detailed guide on how to buy Ethereum with rubles
The launch of SOL ETF is imminent.
Many are curious about which cryptocurrency might be the next one to be decided by the SEC before Ethereum spot ETFs. If Ethereum exchange-traded funds do as predicted, Daniel Yang claims that Solana will be the best beneficiary.
Want to know if spot Ethereum ETFs will be approved by the SEC in May?
Bitcoin exchange-traded funds (ETFs) BTCUSD, which debuted in January of this year, are compared by the expert. Interest in and valuation of Ethereum were both boosted by the event. The 12% increase in the ETH/BTC pair occurred one week following the instrument’s launch. Ian thinks Solana could be involved in a similar situation.
Many in the cryptocurrency community are betting that other altcoin-based exchange-traded funds will be in high demand once spot ETH-ETFs are approved.
If these (spot Ethereum ETFs) are greenlit, get ready for a plethora of bids for spot altcoins. The market is clearly not prepared for this. “Cough cough, SOL,” a renowned cryptanalyst wrote on X (formerly Twitter) under the username ted.
Some, though, insist on insisting there will be no haste. For the time being, at least, unlike Bitcoin and Ethereum, Solana-ETF futures are not available. When they applied for spot ETFs, the two biggest cryptocurrencies in terms of market cap already had comparable instruments.
“I can understand the crypto industry’s enthusiasm for the idea of an ETF listing on Solana, but unfortunately, it’s highly unlikely that this will happen. Solana does not have any futures contracts. As it is, BCH, LTC, and Dogecoin are already traded on the Coinbase Derivatives platform, which is regulated by the CFTC,” stated Dimitrios Kavvatas, founder of Ithaca, in a comment to BeInCrypto regarding the cryptocurrencies that are ahead of Solana.
Solana and traditional financial instruments
Even though spot Solana ETFs haven’t debuted in the US just yet, there are substitutes available. For instance, GSOL, VanEck’s Solana ETN, and 21Shares’ Solana ETP are all examples of Grayscale Solana Trusts. They all offer derivatives that give you access to SOL prices. By mirroring the price changes of the token, these products provide investors with indirect ways to trade SOL.
See also: Can institutions drive Solana past $200?
There is still a lot of interest in Solana. According to CoinGecko, the price of SOL has increased by 24.6% in the last week, indicating that investors are becoming more optimistic about the cryptocurrency’s future.
The SOL rate currently stands at $179. With a daily trading volume exceeding $3.5 billion, the asset’s capitalization reached $80.3 billion.
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