Analysts have unticked their possibilities for approval of Spot Ether ETF from 25% to 75%. The US Securities & Exchange Commission will also likely give a green light to two applications by the end of this week. If so, Ether ETF products will become the second product in the market only after Spot Bitcoin ETF.
While that is yet to happen, there are growing voices about having Spot Solana ETF in the market.
Not everyone is on board, but SOL holders and enthusiasts are optimistic that it might eventually happen and serve them well. There are two challenges for Solana, though. First, SOL lacks a futures ETF. Thereby making it a longer process to obtain approval for a Spot ETF. Second, SOL is a security, according to the Commission, and not a commodity. This adds to the complexity of having an SOL ETF anytime soon. All in all, two key challenges could delay having SOL ETF in the market.
Opposition to the idea also exists. Hunter Horsley, the Chief Executive Officer of Bitwise Investment, has said that there is no need for a separate crypto ETF in the market. Hunter has added that their 10 Crypto Index Fund already provides exposure to several top cryptocurrencies, including Bitcoin, Solana, and Ethereum.
The Bitcoin Therapist, Bitcoin Maximalist, has argued against having a Solana ETF. They have said that having more ETF products could cause a domino effect, meaning that less-known tokens could enter the sphere and flood the market. They have expressed a firm commitment to Bitcoin.
That said, Bitcoin was listed at $69,576.33 when I wrote this article, down by 0.48% in the last 24 hours. It is closer to the $70,000 mark and poised to surpass $84,000 in the next couple of months. If so, it would pave the way for Bitcoin to touch the mark of $100,000 by the end of this year.
Ethereum price has gained momentum, too, since the possibilities of ETF approvals have surfaced. ETH is exchanging hands at $3,809.10, up by 2.055 in the last 24 hours and 26.86% in the last 7 days. It is next expected to test the resistance at $3,900 before setting a benchmark above $4,000.
SOL has retraced to a lower mark of $176.31, with a dip of 1.955 in the last 24 hours. It was earlier teased to be inching toward $180; however, the reversal trend has ultimately prevailed. This is a surprise because there are several upticks in the market except for SOL. Nevertheless, Solana is anticipated to be in the correction phase, setting itself for a rebound. It is predicted to surpass $200 value by the end of this year, 2024.