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VanEck Teases Solana ETF Again As SOL Surpasses BNB for 4th Spot

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Now that the spot Ethereum ETFs have traded for almost a week on Wall Street, investors are keenly eyeing the next crypto ETF and gunning for the second-largest altcoin Solana. Interestingly, asset management giant VanEck is once again teasing the possibility of introducing a spot Solana ETF.

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Will VanEck Push for Spot Solana ETF?

During the ongoing Bitcoin conference, VanEck recently shared a tweet stating that a large number of attendees inquired about Solana with them. As we know, VanEck submitted its Solana ETF filing in the last month of June even before the spot Ether ETFs went live. The recent tweet from VanEck suggests that there’s a strong interest in the altcoin and liquidity won’t be a major hurdle for the SEC to approve a Solana ETF.

https://twitter.com/vaneck_us/status/1817007127459696797?ref_src=twsrc%5Etfw” rel=”nofollow

However, other asset management giants like BlackRock are not much in support of having more Solana ETF or other crypto ETFs in the market. Speaking at the Bitcoin Conference, BlackRock Head of Digital Assets Robert Mitchnick said that the SEC would be drawing a line somewhere. He added that apart from Ethereum, all other altcoins contribute less than 5% of the total crypto market cap. Thus, he believes that it makes no sense to have more crypto ETFs in the market.

Also Read: Anthony Scaramucci Clears Air On Political Debate On Crypto

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SOL Surpasses BNB for 4th Spot

In the latest development, Solana (SOL) has managed to surpass Binance Coin (BNB) as the fourth-largest cryptocurrency by market cap This is the first time in four years that SOL has managed to overtake BNB in the recent run-up.

Over the past two weeks, the Solana Price has been on a solid recovery path gaining more than 35%. In the same period, The Binance Coin (BNB) is up by 10%.

Courtesy: Santiment

As of press time, the SOL price is trading at 3.88% up at $182 with bulls holding firmly above the crucial support level of $175. Popular crypto analyst Rekt Capital stated that Solana has managed to successfully hold above the support eyeing its next move to $202 with the Solana TVL surging by 15% this month.

https://twitter.com/rektcapital/status/1816822764856131685?ref_src=twsrc%5Etfw” rel=”nofollow

Also Read: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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