Will SOL Become the Next ETF?

As the U.S. presidential election approaches, cryptocurrencies have seen a number of positive forecasts, including the prices of Bitcoin and Ethereum, as well as the approval of various altcoin ETFs (Exchange-Traded Funds). Recently, Brian Kelley, founder and CEO of digital currency investment firm BKCM LLC, suggested in an interview with CNBC that after the approval of a spot Ethereum ETF, Solana could potentially become the next cryptocurrency to have its own ETF.

Could SOL Be the Next ETF?

This statement was made in response to a question about which cryptocurrency might be the next to obtain an ETF, and it has garnered significant attention from cryptocurrency investors and institutions. To date, the U.S. Securities and Exchange Commission has approved two ETFs: Bitcoin and Ethereum. Currently, only the Bitcoin ETF has been launched, and the cryptocurrency community is eagerly anticipating the launch of the Ethereum ETF, which has recently been approved.

However, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has indicated that the Ethereum ETF will take some time to materialize. The U.S. presidential election and potential political changes will play a key role, and the outcome may affect the approval of more altcoin ETFs.

Institutional Perspective on ETFs

Ophelia Snyder, co-founder and president of 21.co, recently stated that despite high enthusiasm for the Ethereum ETF, its approval is unlikely to lead to a significant increase in new altcoin ETFs. Nevertheless, strong demand from institutional investors may prompt the listing of more altcoin ETFs.

A report from CoinShares indicates that hedge funds and wealth managers have significantly increased their holdings of altcoins, particularly Solana.

SOL Value Analysis

Currently, Solana (SOL) is trading close to $169, with a 2.5% decrease in price over the past 24 hours. Over a longer period, SOL’s price has remained stable over the past 7 days. In the last 30 days, SOL’s price has surged by 19%. While SOL’s price remains stable, its 24-hour trading volume has increased by 30%, highlighting an increase in investor and trader participation.

Sentiment: Neutral