Solana ETF: Bloomberg Analyst Highlights Odds Of SOL ETF Approval
The Solana ETF buzz has sparked excitement in the crypto community. With VanEck’s recent Solana ETF filing, there’s a growing hope that the SEC might approve it, following in the footsteps of U.S. Spot Bitcoin. In addition, the news comes amid a time when the anticipation is soaring over potential approvals for the U.S. Spot Ethereum ETF next week.
Meanwhile, amid this, Bloomberg analyst Eric Balchunas highlights that the odds of approval are increasingly intertwined with the political landscape, particularly the potential shift in U.S. presidential leadership.
VanEck’s Solana ETF Filing Sparks Optimism
The excitement around a Solana ETF is palpable, driven largely by VanEck’s filing with the SEC on June 27. Given the robust rally in BTC price following the U.S. Spot Bitcoin ETF approval, the investors are also anticipating a similar scenario of Solana.
Notably, the optimism in the market was witnessed by the significant gains in SOL price since yesterday, following VanEck’s development. Now, investors are speculating whether Solana could witness a similar price rally as Bitcoin.
Meanwhile, adding to the anticipation, there’s also keen interest in the potential approval of a U.S. Spot Ethereum ETF by the SEC, expected next week. The parallel developments in major cryptocurrencies suggest a trend toward broader acceptance and regulation of digital assets.
However, amid this, Eric Balchunas, a senior ETF analyst at Bloomberg, underscored the speculative nature of the Solana ETF approval. In a recent X post, he said that the chances of Solana ETF approval are closely tied to the political landscape in the U.S., especially on the “U.S. presidency”.
The statement from the Bloomberg analyst reflects a growing sentiment that political shifts could significantly influence the regulatory landscape for crypto assets. The odds of the approval are “closely tied” to the “change in POTUS”, Balchunas noted.
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Political Shifts and SEC Dynamics
Eric Balchunas said that the chances of Solana ETF approval and change in POTUS, both have increased significantly today.
For context, the recent presidential debate between Donald Trump and Joe Biden has sparked discussions in the crypto market. Following the debate, the chances of Donald Trump winning the U.S. presidential election jumped to 63%, while Joe Biden’s odds of continuing a second term slipped to 37% from 48%.
Having said that, and with the pro-crypto stance of former U.S. President Donald Trump, Eric Balchunas might have raised his bets toward the odds of Solana ETF approval. However, it’s worth noting that he hasn’t provided any specific numbers for his prediction, citing the scenario is still “too early”.
Meanwhile, Balchunas previously said that the initial reaction to Solana ETF approval was mixed. He cited that market watchers stressed the facts unlike Bitcoin and Ethereum, Solana Futures ETF are missing in the U.S. He said that this might cause trouble in the potential approval of the Solana ETF.
Despite no Solana Futures ETF, he has also previously stressed the change in POTUS and administration for future movements. For context, he said that if the SEC Commissioner Hester Peirce or someone like her runs the U.S. SEC, the odds of such approvals rise significantly.
Notably, Hester Peirce is also called the “Crypto Mom” for her supportive stance on digital assets. Unlike SEC Chair Gary Gensler, who is known for his anti-crypto stance, Hester Pierce usually supports cryptos and voices against overreach towards the sector.
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