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- Bloomberg ETF analyst has readjusted his approval odds for various Exchange Traded Fund (ETF) applications, including Solana (SOL), to 100%.
- An official approval, coupled with other factors, is expected to send the price of SOL as high as $2000.
CNF recently reported on the US Securities and Exchange Commission’s (SEC) approval of the Generic Listing Standards for Commodity-Based Trust Shares proposed by top US exchanges. In that coverage, the Commission was also said to have given the green light for trading Grayscale’s Digital Large Cap Fund (GDLC) on the stock exchange.
These sudden approvals triggered excitement within the crypto community and rekindled hope for potential multiple altcoin ETF approvals. Fascinatingly, one of the many experts who have commented on this so far is Bloomberg ETF analyst Eric Balchunas.
According to him, the Generic Listing Standards approval implies that the S-1s are just pending formal greenlights from the Corp Finance.
Experts’ Comments on the ETF Development
As noted in our earlier discussion, the ETF analysts earlier adjusted their approval odds for various applications to up to 95%. With the Generic Listing Standards now in play, Balchunas has noted that the odds for these ETF approvals, including Solana, are now 100%.
It can be recalled that ETF Store CEO Nate Geraci recently hinted that the likes of Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary have filed S-1 amendments for spot Solana ETFs. According to Geraci, this amendment implies that the Solana ETF could be approved in the next two weeks.
Sharing a similar position, Balchunas has also hinted that this could “come out any day.”
As highlighted in our previous news article, SOL ETF is expected to attract $3 to $6 billion in inflows within the first 12 months.
Meanwhile, not everyone is happy about an ETF launch. A user identified as “100PctMaybe” stated in his reply to Balchunas that “ETF brings nothing by suppression.” According to him, ETFs have purchased hundreds of thousands of Bitcoin, but the market is still struggling.
The Bitcoin ETFs have bought over 700,000 BTC in 20 months while simultaneously bleeding price down a cumulative -11.2% during US market hours. The question we need to be asking is how?
This interestingly got Balchunas’ attention, who flagged this argument as baseless. According to the ETF analyst, there has actually been a more than 350% surge in two years.
If you see +350% in two years, it’s suppression; you have major issues. Pls seek immediate help. Peace and love.
However, 100PctMaybe disagreed, claiming the asset was already coming out of the bear market. Henceforth, he believes that “nothing has changed except diluted returns so far this cycle.”
Solana (SOL) Price Reactions
At the time of writing, SOL, which has been at the center of many positive discussions, was up by 0.9% in the last 24 hours and trading at $210. SOL’s daily trading volume is also up by 39% with $7 billion changing hands.
According to our recent analysis, SOL could hit $250 this cycle. However, this would depend on three key events, such as the ETF greenlight, institutional inflows, and on-chain revival. As also indicated in our earlier publication, an analyst has predicted that SOL could hit $2000 this cycle.
