Spot Solana ETF Will Likely Explode After Spot Ethereum ETF: CNBC
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Key Points: BKCM CEO Brian Kelly predicts spot Solana ETF could be the next boom, following Bitcoin and Ethereum. The expected approval of a spot Ethereum ETF might boost Solana, as seen with past ETF approvals. The potential approval of spot Bitcoin ETFs in the United States has significantly impacted the cryptocurrency industry, setting the stage for further advancements. Ethereum is now on track for a similar breakthrough, with a spot ETF for Ethereum nearing approval. As this trend continues, spot Solana ETF may soon follow suit. Spot Solana ETF Poised for Further Progress, Predicts BKCM CEO Brian Kelly, CEO of BKCM, has speculated that Solana (SOL) could be the next cryptocurrency to have a spot exchange-traded fund (ETF). Kelly shared his insights during an appearance on CNBC, though he did not provide specific details or a timeline for when Solana might achieve this status. It is important to note that his prediction remains speculative and should not be considered financial advice. The potential approval of a spot Ethereum ETF could create a domino effect, benefiting other cryptocurrencies such as Solana. Historically, the approval of a spot Bitcoin ETF led to a 12% increase in the ETH/BTC trading pair within a week. Daniel Yan, co-founder of Matrixport, suggests that Solana might experience similar gains if the Ethereum ETF is approved. Solana has been attracting attention due to its high-speed, low-cost transactions, which have bolstered its position in the cryptocurrency market. Its inclusion in the ETF market could further enhance its visibility and acceptance among mainstream investors. However, investors should remain cautious, as the cryptocurrency market is known for its volatility. Current Investment Options for Solana Amid ETF Speculations Currently, no spot Solana ETFs are approved in the U.S., but alternatives like the Grayscale Solana Trust (GSOL) and products such as…
Filed under: News - @ May 23, 2024 5:26 am