Is Solana (SOL) the Next Cryptocurrency to Get a Spot ETF?
On 22 May 2024, Brian Kelly, a renowned crypto investor and CNBC’s ‘Fast Money’ trader, made a bold prediction that Solana (SOL) could be the next cryptocurrency to secure a spot exchange-traded fund (ETF) in the United States. This prediction has sparked a lively debate among industry experts and market observers.
The Views of Industry Experts
– Brian Kelly, founder and CEO of BKCM LLC, suggested that Solana might be the next major cryptocurrency to be featured in a spot ETF, alongside Bitcoin and Ethereum.
– Nate Geraci, president of The ETF Store, expressed skepticism about the likelihood of a spot Solana ETF without certain conditions being met.
– Geraci mentioned the need for a Solana futures product listed on the Chicago Mercantile Exchange or a robust regulatory framework for cryptocurrencies.
– James Seyffart, a Bloomberg ETF analyst, also cast doubt on the immediate prospects of a spot Solana ETF, citing the requirement for a CFTC-regulated market.
Conflicting Opinions
– Adam Cochran, partner at Cinneamhain Ventures, disagreed with Kelly and Seyffart, suggesting that Litecoin (LTC) or Dogecoin (DOGE) could be more likely candidates for a spot ETF.
Current State of SOL
– As of 8:47 a.m. UTC on May 23, SOL was trading at approximately $177.31, experiencing a 1.6% decrease in the past 24 hours.
– Year-to-date, SOL has seen a 70% increase against the USD.
Hot Take: Are SOL ETFs on the Horizon?
As the debate around the potential for a Solana (SOL) spot ETF continues, the cryptocurrency market remains divided on whether Solana will be the next cryptocurrency to gain this coveted status. While Brian Kelly sees potential in SOL, others like Nate Geraci and James Seyffart urge caution due to regulatory and market conditions. Adam Cochran offers an alternative perspective, suggesting that LTC or DOGE may be stronger contenders. Only time will tell which cryptocurrency will secure the next spot ETF in the United States.
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