The crypto community has been swept up by the ETFs (Exchange Traded Funds), which are based on cryptocurrency. SEC Approved 11 Bitcoin (BTC), spot ETFs to start the year. BTC reached a new high of all time in March after the launch. BTC’s ETFs paved the way for Ethereum ETFs to be launched a couple of months later. Crypto community braces for altcoin ETFs like Solana (SOL).
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Solana ETF Around the Corner?
Matt Sigel of VanEck Digital Asset Research believes Donald Trump’s support for crypto could result in more altcoin ETF approvals. Financial institution applied for SOL ETFs in June. Sigel claims that the SOL ETF filing was an investment in a Trump win at the US Presidential elections. Sigel is confident that the Trump Administration will show more tolerance towards cryptocurrency. Sigel also believes that the SEC would approve more crypto-products than in the past four years.
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VanEck’s executive said that we may see a Solana ETF (SOL), before 2025. Sigel stated, “I think the odds are overwhelmingly high that there will be a Solana ETF trading by the end of next year.“
Does an ETF cause the asset to surge?
BTC reached a new high in March thanks to the spot Bitcoin ETFs that were launched earlier this year. Ethereum ETFs have not done the same for Ethereum. Solana is quickly catching up with ETH. SOL is growing at an incredibly rapid rate while also offering lower gas fees.
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SOL demonstrates incredible strength. In November 2022 the asset price dropped below $10. The asset’s price has recovered remarkably since its lows in 2022. SOL has fallen only 6.4% since its high point of $259,96.
The SOL could reach a new high with an ETF. The SEC has yet to approve the application.
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Source: watcher.guru
