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- Brian Kelly predicts Solana as subsequent potential crypto spot ETF.
- Solana ETF approval faces regulatory hurdles, consultants say.
- Some consultants favor Litecoin or Dogecoin for the subsequent ETF resulting from their less complicated mechanisms.
Crypto investor Brian Kelly urged Solana (SOL) could possibly be the subsequent cryptocurrency to safe a spot exchange-traded fund (ETF) within the US, following the SEC’s anticipated determination on a spot Ether ETF.
Kelly, who can be the CEO of BKCM Digital Asset Fund, believes Solana is among the “massive three” cash alongside Bitcoin and Ethereum. Nevertheless, some business analysts disagree.
Approval for a spot Solana ETF hinges on a futures product being listed on the Chicago Mercantile Change (CME) or the institution of a transparent regulatory framework from Congress. At present, solely Bitcoin and Ether futures have been permitted.
Even when permitted, consultants consider there could be vital demand for a Solana ETF, probably surpassing all different digital property besides Bitcoin and Ether. Nevertheless, the SEC’s classification of Solana as a safety in previous lawsuits might pose challenges.
Others like Adam Cochran of Cinneamhain Ventures consider Litecoin or Dogecoin is perhaps subsequent resulting from a “cleaner path” with proof-of-work mechanisms just like Bitcoin.
Whereas few ETF issuers have spoken of a Solana ETF, Franklin Templeton’s current reward for Solana has sparked hypothesis. Moreover, Bitwise’s Matt Hougan has known as Solana the “crypto asset of 2024” resulting from its institutional potential.
Market analysts who predicted that Solana (SOL) would surpass Ether (ETH) within the upcoming bull run are dealing with a actuality test as ETH levels a formidable surge. On Monday, Ether (ETH) recorded features exceeding 19%, boosting its market capitalization by a big $70 billion. This surge brings ETH’s general market cap to $439 billion, narrowing the hole with Solana’s whole market worth.
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