Decentralization plays a critical role in the integration of digital assets into ETFs; Factors such as permissionless participation and the diversity of the network are important.
Critical metrics such as the Nakamoto Coefficient evaluate the concentration of operational power and reveal the risks of network centralization.
According to GSR data, the decentralization scores of XRP and Cardano are alarming; XRP is rated at -0.9 and Cardano is rated at -0.1. This may hinder ETF acceptance of these assets.
GSR's analysis indicates that factors such as market capitalization, trading volume, and community activity are important indicators of ETF demand. Despite their popularity, XRP and Cardano received low demand scores of -0.2 and -0.5 respectively.
These low decentralization and demand scores pose significant barriers to potential ETF applications in a dynamic and evolving market.
Solana and New ETF Focuses
GSR's ETF Probability Score gives a 33% weight to decentralization and a 67% weight to demand, indicating that market interest greatly influences ETF applications.
Leading asset management firms such as VanEck have filed the first Spot Solana ETF application with the US Securities and Exchange Commission (SEC), positioning Solana as a strong competitor to Ethereum.
âSolana's blockchain delivers an enhanced user experience across a variety of use cases with its scalability, speed, and low transaction costs,â said Matthew Sigel, head of digital asset research at VanEck.
The latest developments in the ETF space have complex implications for Bitcoin and Ethereum. While Bitcoin spot ETFs are experiencing fluctuating entries, the Ethereum ETF is still pending, but it is stated that the final S-1 approval may be close.
Despite recent positive trends, the market remains cautious about Bitcoin spot ETFs, and expectations for both Bitcoin and Ethereum ETFs remain high.
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