Investors are closely watching the launch of the first Solana staking exchange-traded fund (ETF), which is expected to inject billions of dollars into Solana and the broader altcoin market.
According to Bloomberg analyst Eric Balchunas, at least three altcoin ETFs are expected to be listed later on Tuesday: the Solana (SOL) ETF launched by Bitwise, and the Litecoin (LTC) and Hedera (HBAR) ETFs issued by Canary.
Ryan Lee, chief analyst at Bitget exchange, stated that the U.S. Securities and Exchange Commission (SEC) approving the first Solana staking ETF is a transformative milestone. He anticipates that this initiative will bring in $3 billion to $6 billion in new capital for Solana in its first year.
The new ETF features staking capabilities, providing holders with an additional 5% passive income. The analyst added that this mechanism may attract more institutional capital into the broader altcoin space beyond just ETFs.
Staking refers to locking tokens in a proof-of-stake (PoS) network to secure the network over a predetermined period, thereby earning passive income.
The new cryptocurrency ETFs are expected to drive related altcoins to achieve historical highs. After the Bitcoin spot ETF was listed on January 11, Bitcoin's price returned to the $50,000 mark by February 15, less than a month later. At that time, about 75% of the new investment shares came from the ETF.
Industry insiders believe that Solana is entering the "mainstream camp" alongside two major cryptocurrencies, a development that is expected to promote institutional adoption in the broader altcoin market.
Lee pointed out that, in addition to benefiting Solana itself, this initiative also signifies broader recognition of altcoins under a compliant and yield-generating structure. This will drive new capital into DeFi, tokenization of physical assets, and diversified asset ETF products.
Blockchain data aggregation platform SoSoValue shows that the U.S. spot Bitcoin ETF attracted $36.2 billion in investments in its first year. Meanwhile, the U.S. spot Ethereum (ETH) ETF raised $8.64 billion in its first year.
Based on the performance data of Bitcoin and Ethereum spot ETFs, multinational investment bank JPMorgan further predicts that the Solana ETF is expected to attract $3 billion to $6 billion in funds, while the XRP ETF could garner $4 billion to $8 billion in new investments.
Related: Bitcoin (BTC) and Ethereum (ETH) asset management firms have "disappeared collectively" since the cryptocurrency crash.
Original article: “Solana ETF Expected to Attract $6 Billion in Its First Year, SOL Joins the 'Mainstream Camp'”
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