Matrixport Cofounder Says SOL May Soar if Ethereum Spot ETF Gets Approved
CryptoNewsTerminal Staff21 May, 2024
Matrixport Cofounder Says SOL May Soar if Ethereum Spot ETF Gets Approved
Matrixport Co-Founder Predicts Solana's Rise with Ethereum Spot ETF Approval The crypto community eagerly awaits the approval of a spot-based Ethereum exchange-traded fund (ETF), and experts believe that Solana (SOL) could reap significant benefits if such an ETF is greenlit. According to Matrixport Co-Founder Daniel Yan, the approval of an Ethereum spot ETF could trigger a surge in SOL's value. He draws parallels to the aftermath of the approval of a Bitcoin spot ETF, which led to a 12% increase in the ETH/BTC trading pair within a week due to anticipation of a similar ETF for Ethereum. Yan believes that Solana is well-positioned to benefit from the anticipated increased demand for non-Bitcoin assets following the approval of an Ethereum spot ETF. The reasoning behind this is that Solana, as the second-largest blockchain by market capitalization, is often seen as the next logical choice for an ETF, similar to how Ethereum followed Bitcoin in the ETF approval timeline.
