Solana ETF: Bloomberg Analyst Highlights Odds Of SOL ETF Approval

Rupam Roy
June 28, 2024
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Solana ETF Bloomberg analyst US presidential election

Highlights

  • VanEck's Solana ETF filing has sparked investor optimism for a similar Bitcoin-like price rally.
  • Bloomberg's Eric Balchunas ties Solana ETF approval odds to potential U.S. political shifts.
  • The SEC's stance on crypto regulation could change with new U.S. presidential leadership.

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.

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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.

Also Read: DOGE Rebounds From Critical Support, Bullish Momentum Builds

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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.

Also Read: AVAX Price Rally To Surpass Solana Price Surge

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.