The arrival of Spot Bitcoin ETFs in the United States was undoubtedly a game changer for the sector. Additionally, the market is seeing a follow-through from the second-largest asset, with the incarnation of Ethereum moving toward approval. Could Solana (SOL) be the next asset to follow in their footsteps and receive its own spot ETF?
Digital asset financial company Matrixport has seen its co-founder, Daniel Yan, recently expressed his belief that SOL could be next in line. He even noted that Solana's potential to benefit from Ethereum's ETF approval could make it a prime candidate to rise significantly higher.
Also read: Solana Weekly Price Prediction: Can SOL Reach $200?
Solana: The next crypto to get an ETF?
The anticipation surrounding the arrival of a Spot Ethereum ETF in the United States has seemingly got the entire sector talking. Just as they did after Bitcoin's approval, all eyes were on the future. Which asset in particular could be nearing approval for a similar investment product?
According to Daniel Yan, co-founder of Matrixport, Solana (SOL) could track both Bitcoin and Ethereum and get its own ETF. In a post on X (formerly Twitter), Yan discussed the recent rise of ETH. Moreover, he expressed his opinion that Solana is the better investment.
Also read: Solana (SOL) crosses $180 as a 7% rise fuels the rally through the end of May
Yan specifically noted that “SOL will be the #1 next in line if [the] ETH ETF is approved.” Next, the approval of an Ethereum ETF certainly seems more likely than not at this point. Bloomberg recently updated its odds, increasing the odds of approval to a remarkable 75%.
Solana has certainly benefited from the Ethereum discussions in recent days. The cryptocurrency is up more than 23% in the past seven days CoinMarketCap. Moreover, given the market's enormous popularity in 2024, an ETF for SOL does not seem out of the question.