The arrival of a spot Bitcoin ETF in the U.S. is undoubtedly a game changer for the industry. Furthermore, the market is seeing the second-largest asset follow suit, with an incarnation of Ethereum set to receive approval soon. Could Solana (SOL) be the next asset to follow in their footsteps and get its own spot ETF?
Daniel Yan, co-founder of digital asset finance firm Matrixport, recently expressed his belief that Solana could be next. In fact, he noted that Solana’s potential to benefit from Ethereum’s ETF approval could make it a prime candidate for a significant move higher.
Solana: The Next Crypto to Get an ETF?
The anticipation surrounding the arrival of a spot Ethereum ETF in the United States seems to have the entire industry talking. Just as they did after Bitcoin’s approval, all eyes are on what happens next. Specifically, which assets might be on the verge of receiving approval for similar investment products?
According to Daniel Yan, co-founder of Matrixport, Solana (SOL) could follow both Bitcoin and Ethereum and get its own ETF. In fact, in an article on X (formerly Twitter), Yan discussed the recent rise of ETH. In addition, he expressed his opinion on whether Solana is a better investment.
Specifically, Yan noted that “if the ETH ETF is approved, SOL will become the next number one SOL.” Therefore, at this point, the approval of the Ethereum ETF seems more likely. Bloomberg recently updated its odds, raising its support probability to a staggering 75%.
Solana has certainly benefited from all the Ethereum discussion over the past few days. The cryptocurrency is up more than 23% over the past seven days, according to CoinMarketCap. Moreover, with the overall market’s popularity surging so far in 2024, an ETF for Solana doesn’t seem out of the question.
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