Solana Joins “Big Three” Cryptocurrencies as Spot ETF Hopes Rise

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Solana Joins “Big Three” Cryptocurrencies as Spot ETF Hopes Rise

Author: Mustafa Mulla









 Jul 22, 2024 10:36





Story Highlights

Crypto market will see a Trio of combined Spot ETFs for BTC, ETH, and SOL soon.

Spot crypto ETFs have rapidly drawn billions from investors, reflecting high interest.

Combined ETFs could offer diversified exposure, increasing demand and reducing risk.

Solana (SOL), the fifth-largest cryptocurrency by market cap, has established itself alongside Bitcoin and Ethereum as part of crypto’s Big Three. With Bitcoin and Ethereum already having spot ETFs or about to launch them, it’s likely that Solana will get one too. This could significantly impact SOL, potentially even greater than what we’ve seen with Bitcoin and Ethereum.

Nate Geraci, President of The ETF Store, has speculated that issuers might soon pursue a combination of spot ETFs encompassing Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This prediction highlights the growing anticipation surrounding multi-crypto ETFs.

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Could this be the next big thing?

The Surge of Spot Crypto ETFs

2024 has been a landmark year for spot crypto ETFs, which have captivated the market and attracted billions from eager investors. The approval of spot Bitcoin ETFs on January 11 injected fresh optimism into the crypto space, paving the way for similar offerings for Ethereum. The success of Bitcoin ETFs has not only sparked increased investor interest in Ethereum but has also driven Bitcoin prices up to $74,000.

With Bitcoin and Ethereum ETFs launched, more crypto exchange-traded products are now possible, including a potential ETF for Solana. The success of these initial ETFs shows that investors are eager for more options and managed crypto investments.