{"id":13721,"date":"2024-05-22T16:34:03","date_gmt":"2024-05-22T13:34:03","guid":{"rendered":"https:\/\/forklog.com\/en\/matrixport-co-founder-suggests-solana-as-next-etf-candidate\/"},"modified":"2024-05-22T16:34:03","modified_gmt":"2024-05-22T13:34:03","slug":"matrixport-co-founder-suggests-solana-as-next-etf-candidate","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/matrixport-co-founder-suggests-solana-as-next-etf-candidate\/","title":{"rendered":"Matrixport Co-Founder Suggests Solana as Next ETF Candidate"},"content":{"rendered":"<p>Should spot Ethereum ETFs receive approval, Solana (SOL) could be the next contender for launching exchange-traded funds, according to Matrixport co-founder Daniel Yan.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What&#8217;s the trade, if ETH ETF really get approved in two days?<\/p>\n<p>The popular trade would be &#8220;BUY ETH&#8221;. Can&#8217;t really argue with that but do note that ETH is almost +20% over the past 24 hours. In addition, Bitcoin had a -15% drawdown in the couple of weeks after the approval on\u2026 <a href=\"https:\/\/t.co\/xtDGHqbq81\">pic.twitter.com\/xtDGHqbq81<\/a><\/p>\n<p>\u2014 Daniel Yan (@_D_Y_A_N) <a href=\"https:\/\/twitter.com\/_D_Y_A_N\/status\/1792817016463908943?ref_src=twsrc%5Etfw\">May 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The expert also noted that ETH paired with BTC rose by 12% following reports of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> requesting issuers to update form 19b-4 in their product applications.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/R5nShv23ZD_eN45OLJbvX_cgR8a3q_JbCJbGobpYZ2d9vB_dItUeZU8-wAcdqjKS-4gybNNCM31DnGyEbiQAC6uHh8SxC1TAj7QbEEkkvD_RZX5mta6JJiU6dgw_R7-vnPUJI6xoO3qmzVTB4uy334c\" alt=\"\u0421\u043e\u0443\u0447\u0440\u0435\u0434\u0438\u0442\u0435\u043b\u044c Matrixport \u043d\u0430\u0437\u0432\u0430\u043b Solana \u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0435\u0439 \u0432 \u043e\u0447\u0435\u0440\u0435\u0434\u0438 \u043d\u0430 \u0437\u0430\u043f\u0443\u0441\u043a ETF\"\/><figcaption class=\"wp-element-caption\">15-minute ETH\/BTC chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHBTC\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Yan believes that after the potential launch of spot Ethereum funds, a correction might follow, similar to Bitcoin, which dropped by 10% in the initial days of ETF trading.\u00a0<\/p>\n<p>Another analyst, known as gumshoe, argues that the approval of instruments based on the second-largest cryptocurrency is &#8220;more optimistic for SOL than for ETH.&#8221;\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">ETH ETF approval is more bullish for SOL than ETH:<\/p>\n<p>\u2014 Approved? The next ETF is SOL<br \/>\u2014 Rejected? There is less reason to buy ETH, SOL is more attractive<\/p>\n<p>What I don&#8217;t like is that now the market will price in the approval and if it gets delayed we will nuke <a href=\"https:\/\/t.co\/UyxzvaIZeK\">pic.twitter.com\/UyxzvaIZeK<\/a><\/p>\n<p>\u2014 gumshoe (@0xGumshoe) <a href=\"https:\/\/twitter.com\/0xGumshoe\/status\/1792638863707414740?ref_src=twsrc%5Etfw\">May 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Approved [Ethereum funds]? Then SOL-ETF is next. Rejected? Then there&#8217;s less reason to buy ETH, but SOL becomes more attractive,&#8221; he added.\u00a0<\/p>\n<\/blockquote>\n<p>The user cited a negative factor, noting that the market will now evaluate each fund approval process, and in the event of a rejection, the sector risks experiencing a &#8220;nuclear hit.&#8221;<\/p>\n<p>At the time of writing, SOL is trading at $177, having gained nearly 20% over the past week. The coin&#8217;s market capitalization <a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\">stands at $79.2 billion<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/O0XNB9ofPNezUQF5ZfOAKZshakvV4yJOytXamVU3TK8gZrnfoV0VZkCNOiHysNkx5CYtd0rVtr1AwSz4SqjOe8_8miBo0F0SZKSR6E8Hlmt5VmIpV8PzN864mNc6xHeOd1yvWagTcBUveoQZyXmJoj0\" alt=\"\u0421\u043e\u0443\u0447\u0440\u0435\u0434\u0438\u0442\u0435\u043b\u044c Matrixport \u043d\u0430\u0437\u0432\u0430\u043b Solana \u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0435\u0439 \u0432 \u043e\u0447\u0435\u0440\u0435\u0434\u0438 \u043d\u0430 \u0437\u0430\u043f\u0443\u0441\u043a ETF\"\/><figcaption class=\"wp-element-caption\">15-minute SOL\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/SOLUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Previously, Merkle Tree Capital&#8217;s Chief Investment Officer Ryan McMillin predicted Solana&#8217;s rise to $400 by November 2024, attributing it to a wave of meme coins related to the U.S. election campaign.<\/p>\n<p>Daniel Chung, co-founder of the hedge fund Syncracy Capital, suggested SOL could return to $200 by the end of May.\u00a0<\/p>\n<p>Earlier, CoinGecko analysts recognized the Solana network as the fastest among major blockchains. On April 6, the average daily number of transactions per second reached a record high of 1504 amid a meme token boom.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Should spot Ethereum ETFs receive approval, Solana (SOL) could be the next contender for launching exchange-traded funds, according to Matrixport co-founder Daniel Yan. What&#8217;s the trade, if ETH ETF really get approved in two days? The popular trade would be &#8220;BUY ETH&#8221;. Can&#8217;t really argue with that but do note that ETH is almost +20% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46,989,1159],"class_list":["post-13721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum","tag-matrixport","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13721"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13720"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}