- Solana ETF approval could spark massive institutional demand, says CEO.
- Bitwise anticipates $1 trillion in inflows on U.S. Solana ETF.
- Solana’s staking ETP saw $60 million in inflows this week.
Bitwise’s CEO, Hunter Horsley, has provided insights into his expectations regarding the firm’s upcoming U.S. Solana exchange-traded fund (ETF). In a recent post on X, Horsley shared that Europe’s Bitwise Solana staking ETP saw a massive $60 million in inflows just this week. He remarked, “Solana on people’s minds,” highlighting the growing interest in the cryptocurrency.
In response to an inquiry from a user about his forecast for inflows into the U.S. Solana ETF following its anticipated approval, Horsley expressed an optimistic outlook. He stated, “$1 trillion first day,” underlining the potential scale of demand from institutional investors seeking exposure to Solana. Horsley added a note of uncertainty, stating that the second day of trading would be harder to predict, reflecting the volatile and evolving nature of the cryptocurrency market.
Horsley’s comments come as new filings for Solana spot ETFs, which include staking options, continue to gain traction. Nate Geraci, president of NovaDius Wealth Management, suggested that these filings could see approval as soon as mid-October. Several major asset managers, including Bitwise, have submitted amended S-1 filings for spot Solana ETFs with the U.S. Securities and Exchange Commission (SEC). Geraci expressed confidence that approvals for these ETFs would be granted within the next two weeks, creating a potentially significant milestone for the crypto industry.
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Institutional Interest Grows for Solana ETFs
As October approaches, there is an air of optimism surrounding the Solana ETF market. Industry experts, including Geraci, believe that October could become a pivotal month for the crypto market. The recent surge in institutional interest, particularly from large firms like Franklin, Fidelity, and Grayscale, signals a shift towards the mainstream adoption of Solana. The filings for these spot ETFs, featuring staking, could offer investors new ways to engage with the Solana ecosystem.
Additionally, the approval of Solana ETFs could align with the SEC’s recent moves to establish listing standards for crypto ETFs, further increasing the likelihood of approval. This shift comes on the back of the SEC’s recent approval of the Hyperliquid ETF filing, another positive indicator for the broader crypto market.
Despite the excitement, Solana’s price has experienced some fluctuations. At the time of writing, the cryptocurrency had dropped 2.81% in the last 24 hours and 19% over the past week. This drop is attributed to a broader sell-off in the market due to ongoing macroeconomic concerns.
The anticipated approval of Solana ETFs and growing institutional demand could mark a significant shift in how investors engage with cryptocurrencies, with Solana being at the forefront of this movement.
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