Spot Solana ETF Approval Odds Rise to 71%

The odds of the U.S. Securities and Exchange Commission (SEC) approving a spot Solana exchange-traded fund (ETF) have risen to 71%, according to Polymarket. This represents a significant increase from the 58% low recorded earlier this week and 50% last month.

Rising Possibility Fueled by Regulatory Changes

The rising possibility of a SOL ETF approval has been fueled by the incoming presidency and the subsequent nomination of Paul Atkins as SEC chair. Additionally, President-elect Donald Trump has begun to assemble his crypto council, naming Bo Hines as executive director and David Sacks, a former PayPal executive, as “crypto czar.”

Previous Rejections and Current Developments

A spot Solana ETF approval would come months after the SEC rejected applications by companies like 21Shares, Canary Capital, and VanEck. The agency, under Gary Gensler, claimed that Solana was an unregistered security. However, the rising odds of SOL ETF approval suggest that investors anticipate Atkins will adopt a different approach than his predecessors.

Futures-Based Solana ETFs and Market Impact

VolatilityShares has filed for a futures-based Solana ETF, which will offer users 1x, 2x, and -1x exposure to the coin. According to Eric Balchunas, Bloomberg’s Senior ETF analyst, this application is significant, especially since Solana futures do not currently exist. This development could be a positive sign for the spot ETF approval odds.

This is wild. Solana futures ETF filing before Solana futures even exist! Oh, and let’s do a 2x while we’re at it. Hard core… and probably a good sign that Solana futures are on the way, which arguably bodes well for spot odds.

Solana’s Growing Popularity and Market Presence

Solana has become a highly popular cryptocurrency and blockchain project, with its token boasting a market cap of over $90 billion, making it the sixth-largest cryptocurrency. The Solana blockchain has also become the second-biggest chain in the industry, with over $8.25 billion in assets. Its DEX protocols, such as Raydium and Orca, lead in volume, having handled over $636 billion cumulatively and $18.9 billion in the last seven days.

Potential for Investor Capital Attraction

Given the rising odds of spot Solana ETF approval, it is likely that these funds would attract investor capital, following the trend of Ethereum ETFs. Data shows that Ether ETFs have attracted over $2.68 billion in inflows, indicating a growing interest in cryptocurrency-based investment products.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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