As a seasoned crypto investor with a knack for spotting trends and a penchant for navigating the volatile digital asset market, I find the recent filing by Canary Capital for a Solana ETF quite intriguing. Having witnessed the impact of Bitcoin and Ethereum ETFs on their respective markets, I can’t help but feel a sense of anticipation about what a Solana ETF could bring.
On Wednesday, October 30, Canary Capital submitted an application for a Solana ETF to the US Securities and Exchange Commission (SEC). This is their third such filing this month, following applications for XRP and LTC ETFs earlier in October. Here are the current details of each:
According to Canary’s submission, the Solana ETF we are tracking is designed to reflect SOL‘s current value through the Chicago Mercantile Exchange’s CF Solana index. This index serves as a real-time price reference, as stated in Canary’s S-1 registration document.
Given approval, the suggested Solana exchange-traded fund (ETF) offers investors an accessible route to engage in the Solana market via conventional brokerage accounts, eliminating typical hurdles or direct risks that come with owning SOL directly.
As a researcher delving into the world of cryptocurrencies, I find myself drawn to Solana as a promising candidate that might secure SEC approval for a spot ETF in the near future. This potential development follows the path blazed by Bitcoin and Ether, which successfully gained such approval in January and July respectively. Furthermore, the clamor for an XRP ETF is escalating, given the ongoing legal settlement between Ripple and the US SEC.
However, Canary is not alone in its pursuit of a Solana ETF. In fact, companies like VanEck and 21 Shares had previously filed for US spot SOL ETFs in the months of June and July. Additionally, Franklin Templeton is also working on a similar ETF.
Keep in mind, it’s not yet disclosed who the custodian is for the SOL ETF in its spot market or the symbol under which the fund will trade publicly.
Will Solana ETF Drive SOL Price to All-Time Highs
Lately, the value of Solana (SOL) has displayed significant resilience, outperforming cryptocurrencies such as Bitcoin and leading altcoins in October. At present, the SOL price stands at approximately $175, representing a 12% increase over the past four weeks.
Additionally, it’s worth noting that Solana has managed to exceed both Ethereum and Binance Smart Chain in terms of market share among active addresses, taking this into account across layer 2 platforms as well.
More and more institutional investors and fund managers are showing interest in Solana, currently the fifth-largest cryptocurrency by market value – a development that was expected following the launch of Bitcoin and Ethereum ETFs in January and July. The unique characteristics of Solana’s blockchain and its high level of active usage have caught the attention of fund managers.
As a crypto investor, I’m currently observing the Solana price action. Right now, there’s a significant resistance level at around $185. If Solana can break through this barrier, it could lead to an instant jump past the $200 mark and potentially even reach its previous high levels above $260.
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2024-10-31 14:12