Solana

Bitcoin ETF

Bitcoin

The cryptocurrency market has taken another step towards regulated and mass investment in cryptocurrencies with the first-ever application for a Solana ETF in the US by asset manager and Bitcoin ETF issuer VanEck.&nbsp; 
Following the approval of spot Bitcoin ETFs in January and the anticipated launch of Ethereum ETFs in July, this development marks another milestone in expanding <a href="https://www.newsbtc.com/news/solana-trading-plunges-93-in-24-hours-where-did-the-100-billion-go/" target="_blank" rel="noopener ">cryptocurrency investment</a> options for retail and institutional investors. 
The news of VanEck’s Solana ETF filing with the US Securities and Exchange Commission (SEC) caused a surge in the native token SOL, with its price rising nearly 8% upon disclosure by Matthew Sigel, VanEck’s head of digital asset research.&nbsp; 
<h2 id="vaneck-s-confidence-in-its-solana-etf-filing">VanEck’s Confidence In Its Solana ETF Filing</h2> 
In a <a href="https://x.com/matthew_sigel/status/1806313241431138434" target="_blank" rel="noopener nofollow">social media post</a>, Sigel highlighted VanEck’s reasons behind the filing, emphasizing Solana’s potential as a competitor to Ethereum and its ability to support various applications such as payments, trading, gaming, and social interactions. 
Describing Solana as open-source blockchain software designed for scalability, speed, and low costs, Sigel explained that the platform offers an enhanced user experience across multiple use cases.&nbsp; 
Sigel also cited Solana’s ability to process thousands of transactions per second at low fees and use a <a href="https://www.newsbtc.com/news/master-of-scams-metallicas-hacked-x-account-promotes-solana-token/" target="_blank" rel="noopener ">secure mechanism</a> based on proof-of-history and proof-of-stake as reasons for the bold move to file the Solana ETF with the SEC on Thursday. 
VanEck believes that Solana’s high throughput, low fees, strong security, and vibrant community make it an attractive option for an ETF, providing investors with exposure to an innovative open-source ecosystem.&nbsp; 
In addition, Sigel believes that the native token SOL serves as a means of payment for transaction fees and computing services on the Solana blockchain, similar to Bitcoin and Ethereum in their respective networks, suggesting that it should be <a href="https://www.newsbtc.com/news/solana/solana-eyes-200-rebound-as-new-adoption-driving-technology-debuts/" target="_blank" rel="noopener ">classified as a commodity</a> rather than a crypto security, thus having a strong argument for SEC approval of the Solana ETF.&nbsp; 
<h2 id="analysts-anticipate-bullish-sentiment">Analysts Anticipate Bullish Sentiment</h2> 
While the news of a Solana ETF filing has generated excitement, some experts express caution.&nbsp;For instance, Bloomberg ETF expert James Seyffart <a href="https://x.com/JSeyff/status/1806322096924217412" target="_blank" rel="noopener nofollow">suggests </a>that the Solana ETF might only launch in 2025 under a new administration in the White House and SEC as the anticipated election date in the US nears, with crypto regulation as one of the main topics in the race for the White House.&nbsp; 
In addition, market analyst Adam Cochran <a href="https://x.com/adamscochran/status/1806317792100012263" target="_blank" rel="noopener nofollow">highlights </a>unresolved SEC claims and Chicago Mercantile Exchange (CME) futures volume requirements in the US as potential challenges to ETF approval. Cochran further said: 
<blockquote>
 If this does get approved though, floodgates opened, we’re getting ETFs for everything and it would be a wildly bullish market for every single coin.
</blockquote> 
Ultimately, the filing of a Solana ETF by VanEck sets an important precedent for the cryptocurrency market. If successful, it could pave the way for <a href="https://www.newsbtc.com/news/solana/solana-price-braces-for-potential-crash-below-100-amid-investigation-rumors/" target="_blank" rel="noopener ">broader adoption</a> and recognition of Solana as a valuable digital commodity, offering investors, builders, and entrepreneurs alternative opportunities. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/5qBmDitO/" alt="Solana ETF" width="1814" height="858"> 
At the time of writing, SOL was trading at $147 and even reached the $150 resistance line, which would be a near-term obstacle for the token in its intentions to regain previously lost levels.&nbsp; 
Featured image from DALL-E, chart from TradingView.com

SOL Price Soars As First-Ever Solana ETF Filing Surfaces In The US

Table of Contents

NewsBTC

Andre artikler udgivet 27. jun. 2024

MoonBag Crypto Ascends to the Top, Surpassing Pepe Coin and Aave Along The Way

Top Crypto Presale Race: MoonBag Coin’s 88% APY Triumphs Over Kangamoon and Dogecoin

Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target

Fenix Finance secures $300k seed investment

BREAKING: VanEck Files for Solana Trust

MoonBag Crypto’s Presale Predicted To Reach $1, Luring Investors Away From Hedera and Slothana

Join our free newsletter for daily crypto updates!