The SEC has extended its decision on approving the Ethereum ETF trading from July 18, 2024, to July 23, 2024, sparking renewed discussions within the crypto community.
Balchunas expressed his views on the matter, highlighting that an Ethereum ETF approval could open the door for other crypto ETFs, with Solana potentially following suit. He suggested that Solana’s ETF might come next after Ethereum, pointing to Solana’s fast transaction speeds and scalability akin to Bitcoin and Ether.
“After the launch of Ethereum ETFs, we can expect additional capital inflows and more Ethereum-related products, followed by Solana. This trend signals a significant shift,” Balchunas commented.
VanEck filed for a Solana ETF on June 27, submitting an S-1 registration statement and becoming the first investment manager to pursue this initiative. The firm is actively advocating for Solana to be classified as a commodity.
In an interview with Tony Edward of Thinking Crypto, Matthew Sigel, VanEck’s head of Digital Assets Research, discussed Solana’s potential. He expressed optimism, drawing parallels between Solana and Ethereum in terms of decentralization and blockchain attributes.
“We’ve determined that Ethereum and Solana are fundamentally similar at this stage. No single entity controls more than 20% of Solana, and there’s no unilateral ability to halt the chain. Solana functions as a utility commodity, providing access to the second-largest open-source App Store,” Sigel stated.
Amidst growing enthusiasm, Solana is currently showing bullish momentum, trading at $161, marking a 10.94% increase since Monday’s opening, according to data from CoinGecko.
