Asset manager Bitwise recently filed for a spot Solana ETF, joining the race with other players like Canary Capital and VanEck. The filing comes at a time when the SOL price is nearing a fresh all-time high. Bitwise has registered a statutory trust in Delaware for its proposed Solana ETF, but further filings with the SEC are required. The asset manager is known for its approach to crypto ETFs, with Bitcoin and Ethereum ETFs already trading on Wall Street. Furthermore, they have also filed for a spot XRP ETF, anticipating regulatory clarity under the Trump administration.
The demand for XRP, HBAR, and DOGE ETFs is growing, with several major cryptocurrencies seeing spot ETF filings. ETF Store President Nate Geraci mentioned ongoing filings for Solana, XRP, and HBAR ETFs. Canary Capital recently submitted the first filing for a spot HBAR ETF, while speculation suggests that offerings could expand to assets like Cardano and Avalanche. Bloomberg’s senior ETF analyst Eric Balchunas predicts a DOGE ETF filing by the end of 2024. The market remains optimistic about the potential for further rally, especially with the anticipation of a spot Solana ETF.
The Solana price has held steady near $240, and analysts predict a new all-time high with a potential rally past $300 by the end of the year. The market is currently in a battle between bulls and bears, waiting for a catalyst for further momentum. With the Trump administration expected to bring more regulatory clarity to the crypto space, there’s renewed hope for a favorable environment for crypto ETFs. The growing interest in spot ETFs for major cryptocurrencies indicates a shift towards mainstream adoption and investor interest in the digital asset market.
Overall, the filing for a spot Solana ETF by Bitwise is a significant development in the crypto ETF space, reflecting the increasing demand for investment opportunities in major cryptocurrencies. With players like Canary Capital and VanEck also pursuing similar ETF offerings, the market is poised for further growth and diversification. The anticipation of regulatory clarity under the Trump administration adds to the optimism surrounding the potential for spot ETFs for assets like Solana, XRP, and HBAR. As the market waits for further catalysts and developments, investors are closely watching the price movements and potential opportunities in the crypto ETF space.
