Solana: VanEck Exec Says SOL ETF is ‘Inevitable’ After Brazil Approval
With Solana performing well throughout 2024 thus far, one VanEck executive has said a SOL ETF in the US is ‘inevitable’ after Brazil’s recent approval. Indeed, the South American nation recently approved the cryptocurrency’s investment vehicle. Subsequently, many believe the United States could be next.
There have been two crypto ETFs to be approved this year so far. Although Ethereum has gotten off to a rather slow start, Bitcoin has thrived. Now, all eyes are on what crypto could be next. It appears as though SOL is getting closer to receiving the coveted approval.
Also Read: Solana (SOL) Crash Alert: Will SOL Plunge Below $137?
VanEck Head Says Solana ETF in the US is ‘Inevitable’
Throughout this year, ETFs have dominated the crypto market. The investment product has been the talk of the sector as a whole. With Bitcoin’s driving the leading asset to an all-time high of $73,000 just three months after debuting, the market is anxiously awaiting what asset could be next.
Ethereum followed, but has certainly gotten off to a slow start. Yet, the path ahead looks promising. ETF tracker SoSoValue data shows that ETH ETFs reported net inflows of $104.5 million in the first full week of August. Moreover, that mark sth first positive net flow week for the products since their debut in late July.
They could be joined by a third crypto soon, according to one expert. Indeed, Solana could be on deck, with VanEck Head of Digital Asset Research Matthew Sigel calling a SOL ETF in the US “inevitable” amid Brazil’s recent approval.
Also Read: Solana: ETF Approval Drives SOL to $160 as it Outperforms Ethereum
“Brazil’s approval of a SOL ETF signals that a US counterpart isn’t just a possibility- it’s as inevitable as the next block in the chain,” Sigel told Decrypt. “That said, it appears US regulation needs a soft fork before it can launch and the White House controls the keys.”
That statement showcases the two sides of the argument. There is no denying Solana’s worthiness, only questions about the overarching regulatory climate of the country. That could determine a SOL ETFs ultimate fate.
Earlier this year, GSR Markets published a report showing SOL was worthy of the product. When discussing demand and decentralization, Solana outranked all opposing cryptocurrencies. Moreover, it noted the token was firmly entrenched in “Crypto’s Big Three.”