Ether ETF Could Lead to Solana ETFs and More Crypto Products, Balchunas Says
The new Ether (ETH) exchange-traded funds (ETFs) are stirring up excitement in the crypto community. ETFs make it easier for people to invest in Ethereum — the second biggest cryptocurrency, without directly buying it. Experts believe this move might open the door for ETFs focused on other cryptos, like Solana (SOL).
Balchunas on ETFs
Bloomberg senior ETF analyst Eric Balchunas thinks this is just the beginning. He says that we can expect more products based on Ether and Solana after the Ether ETFs. In his words, “The dam has broken.”
We could start seeing the first spot Ether ETFs trading as early as July 23.
Balchunas said the commission told the issuers to submit their final S-1 filings (official documents with all the details about the ETFs) by July 16. They’re aiming to start the new funds on July 23. These final documents need to include the fees that the issuers plan to charge for their new crypto funds.
Balchunas also thinks that we could see ETFs that include different cryptocurrencies. When asked about this, he said, “100%. They’re gonna go full Frankenstein.”
Solana Could Be Next
Solana is a hot topic because it’s fast and has low fees. This makes it popular for developers and investors. The Chicago Board Options Exchange (Cboe) has already filed the 19b-4 with the U.S. Securities and Exchange Commission (SEC) to start listing Solana ETFs for VanEck and 21Shares, major investment managers. This happened on July 8, showing how fast things are moving in the crypto world. If Solana ETFs get listed, it will be a big win for Cboe. It will also attract more investors to the crypto market, which could make the market even bigger.
— SolanaFloor (@SolanaFloor) July 3, 2024
NEW: @matthew_sigel, head of digital assets research at VanEck, suggests that the odds of a @solana ETF approval are higher without Gary Gensler at the SEC.pic.twitter.com/A6k76iDGtG
On CNBC’s Fast Money show, trader Kelly pointed out, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”
ETH/USDT Price Chart. Source: TradingView
Ether ETFs could help Ether’s price go up.
Data from TradingView shows that on July 8, the Ether (ETH) price started to go up again after falling for a whole month. It began to rise when it hit just over $2,800. At the time of writing, ETH is trading at a 1.24% uptick of $3,403.61 per CMC data.
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