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With the increasing discussions about Solana ETF funds, whales are showing interest in the token. Following the approval and launch of Bitcoin and Ethereum ETFs, individual and institutional players can access these cryptocurrencies. The Solana ecosystem is a popular network due to its high transaction speeds and low costs. These fundamental principles, combined with a potential approval, increase demand and liquidity for Solana.
What Is Happening on the Solana Front?
The onchain data source Lookonchain reported that two whales withdrew 238,893 SOL worth $41.4 million from Binance in the last two days. The whales staked these assets, showing their optimism about the token’s interest and potential. Notably, staking demonstrates confidence in the assets while positioning them for rewards.
This show of confidence in SOL’s progress comes at a time when social dominance around Solana ETFs is increasing. Despite only two applications being submitted to the US Securities and Exchange Commission, analysts are optimistic about the Solana ETF fund. Senior ETF analyst Eric Balchunas, highlighting the popularity of crypto ETF funds, observed that the approval of the Ethereum ETF fund would pave the way for other similar financial instruments:
“After the launch of Ethereum ETFs, there will be additional flows and more Ethereum products, followed by Solana, and this will probably never end.”
Details on the Subject
So far, only VanEck and 21Shares have applied to list the financial instrument. The head of research at the former company, Mathew Sigel, explained the approval steps for the Solana ETF fund. What fuels the optimism is the belief that SOL shares the fundamentals of Ethereum’s decentralization and blockchain features.
The Chicago Board Options Exchange (CBOE) also increased its chances by applying for Solana ETF funds through 19b-4. The form invited public comment, a critical stage in the SEC’s evaluation process. However, while expectations for the Solana ETF fund have changed in recent weeks, it is impossible to ignore the regulatory hurdles Solana might face before approval.
Solana ETF fund’s market debut is still unknown. The wildly volatile SOL-based memecoin craze could end with increased regulation if it happens. For now, the enthusiasm for the Solana ETF fund keeps the price alive, up 10% in the last seven days and 1.2% since the opening on July 24. CoinGecko data shows it has outperformed both Bitcoin and Ethereum.
