Markets
Solana ETF Forecast by Senior Analyst
Bloomberg senior analyst Eric Balchunas predicts a surge in the popularity of cryptocurrency exchange-traded funds (ETFs) following the introduction of Ethereum ETFs.
In fact, Balchunas believes that a Solana The ETF could be the next to hit the cryptocurrency market.
Solana ETF Spotlight
The SEC has extended its ruling on the Ethereum ETF Trading Approval from July 18, 2024 to July 23, 2024. This delay has sparked further discussions in the crypto community.
Balchunas shared his thoughts on X. He emphasized that the approval of an Ethereum ETF could pave the way for other crypto ETFs, with Solana potentially being next in line. He believes that Solana’s ETF will likely follow Ethereum’s approval due to its high-speed transactions and scalability, similar to Bitcoin and Ether.
“After the launch of Ether ETFs, there will be additional inflows and more Ethereum products, then Solana, and it will probably never end. The dam has broken,” Balchunas stated.
Read more: Solana ETF Explained: What It Is and How It Works
It is worth noting that VanEck files for Solana ETF on June 27, submitting an S-1 registration statement as the first investment manager to do so. The firm remains focused on this asset, defending its classification as a commodity.
In an interview with Thinking Crypto’s Tony Edward, Matthew Sigel, head of Digital Assets Research at VanEck, discussed the potential of Solana. He expressed optimism, comparing Solana to Ethereum in terms of decentralization and blockchain features.
“We concluded that Ethereum and Solana“At this point, they are fundamentally the same. No single entity controls more than 20% of Solana, nor can it unilaterally own the chain. Solana is a utility commodity that provides access to the second largest open source App Store,” Sigel said.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
Given the hype surrounding Solana, data from CoinGecko reveals that it is currently experiencing a bullish momentum. The asset is trading at $161, up 10.94% since Monday’s open.
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