After Bitcoin ETF launch and pending Ether ETF approval, demand for Solana ETF is sent to SEC

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Last Updated on 29 June 2024 by CryptoTips.eu

As the world watched the first televised debate between President Joe Biden and Donald Trump, most crypto analysts expected volatility for the price of TRUMP, BODEN or PEPE.

Volatility did indeed happen, but it was much more remarkable to see that the price of Solana suddenly jumped up 10%. That was because Van Eck, the New York investment fund, announced that it had applied for a Solana ETF

As an Ether ETF still needs to be approved by the SEC (the market is hoping for that news to come mid-July), analysts don’t really expect Van Eck to stand any chance, but it is anyway welcomed as very positive news by crypto fans.

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Better than Ether

Given the popularity of Bitcoin ETFs in the United States, it was to be expected that other cryptocurrencies would soon be offered for their own ETF, but no one thought it would happen this quickly.

An Ether ETF still needs to be officially approved, but investment company Van Eck is already venturing into a next application, that of a Solana ETF.

Solana is seen as a possible Ethereum killer and has noticed a remarkable increase in its price since the end of the FTX process (in November last year). This was because analysts at first thought that the large investments FTX had previously made in Solana would mean that a possible bankruptcy of FTX could put pressure on the Solana price.

After the conviction of former FTX founder Sam Bankman-Fried, it became clear that Solana would not be affected and the price of the digital currency rose from $50 in November last year to almost $200 in March this year.

When news of a Solana EFT application became known, the price of the digital currency jumped by 10%.

Bloomberg analyst Eric Balchunas expects that a Solana ETF could be approved by 2025 (if Trump wins the election).

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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