$80M Bridged from ETH to SOL Following ETH Spot ETF Launch

IconCryptoNewsTerminal Staff25 Jul, 2024

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$80M Bridged from ETH to SOL Following ETH Spot ETF Launch

SolanaFloor, a news platform owned by Solana-based STEPN (STEP), reported via its official Twitter handle that, “Within 48 hours of the launch of the Ethereum (ETH) spot ETF, $80 million was bridged from the ETH chain to the SOL chain,” citing data from blockchain data platform Artemis. A surge in ETH-to-SOL bridging activity suggests that investors are rotating their ETH holdings into SOL in anticipation of increased demand for SOL-based projects and applications. Notably, ETH spot ETFs provide investors with exposure to ETH without having to directly hold the cryptocurrency, which could increase demand for ETH and related assets. This development highlights the growing interoperability between the ETH and SOL ecosystems, as investors seek to capitalize on opportunities across multiple blockchains. The bridging of $80 million from ETH to SOL is a testament to the strength and synergy between the two ecosystems.

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