As a researcher with experience in the cryptocurrency market, I find Brian Kelly’s prediction intriguing, especially considering the recent success of Bitcoin and Ethereum ETFs in the US. The approval of these ETFs led to significant price spikes, indicating strong investor interest in the crypto space. Solana, one of the “big three” cryptocurrencies according to Kelly, could potentially benefit from an ETF as well.
As a cryptocurrency analyst at BKCM LLC, I’ve been closely following the market trends and developments. One intriguing prospect that has caught my attention recently is Solana’s potential to secure the next spot for a cryptocurrency exchange-traded fund (ETF) in the US.
“Bitcoin, Ethereum, and Solana are probably the big three for this cycle,” Kelly added.
Ethereum ETF hopes
Following the triumphant debut of the Bitcoin ETF in January, there are indications that the Securities and Exchange Commission (SEC) could soon give its approval to Ethereum ETFs. The SEC’s unexpected change of heart at the last minute led to a significant surge in price.
As a researcher studying the potential approval of an Ethereum Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC), I believe with confidence that such an approval will occur at some point in the future, although I cannot pinpoint the exact timeline.
Little interest in altcoins
According to U.Today’s report, Robert Mitchnick, the digital assets chief at BlackRock, mentioned in discussions with their clients a notable lack of enthusiasm for Ethereum and minimal interest in other alternative cryptocurrencies.
As a researcher, I came across reports in January indicating that BlackRock did not intend to introduce an Exchange-Traded Fund (ETF) based on XRP, the cryptocurrency.
That said, there’s multiple Solana exchange-traded products (ETPs) in Europe.
Is Solana a security?
In the past year, lawsuits filed by the Securities and Exchange Commission (SEC) against Coinbase and Binance identified the Solana token as a security. However, the Solana Foundation disputed this assertion, emphasizing that the underlying Solana blockchain is decentralized.
The legality of a token’s status could add complexity to the process of approving an Exchange-Traded Fund (ETF) based on it in the United States. It is important to note that Solana has yet to secure approval for a futures-based ETF in this country.
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2024-05-23 09:09