Financial expert: This is why ETFs are unlikely for Solana

Many crypto fans are betting on more Altcoin ETFs after Ethereum. Solana is seen as the most likely candidate. Why the SEC might disappoint them.

After the huge success of the Bitcoin launched in January ETF's and the Ethereum ETFs launched only two weeks ago, many crypto enthusiasts are hoping for more. Solana (SOL) is the leading candidate for the next ETF endorsement. But one financial expert is skeptical. According to her, Solana, Cardano and other cryptocurrencies have only a slim chance of getting their own spot ETFs in the US.

Opposite Cointelegraph explains Katalin Tischhauser, head of the Investment Research department at Sygnum Bank, the approval of further crypto ETFs could already fail due to a lack of regulated trading venues.

"The availability of CME futures for Bitcoin and Ethereum was a stopgap measure," says the financial expert. For Solana, Cardano and Ripple. there are no comparable futures ETFs on the Chicago Mercantile Exchange to date.

From regulated marketplaces such as CME, the U.S. Securities and Exchange Commission (SEC) requires a clear assessment of product integrity. In addition, crypto exchanges such as Coinbase are considered "unregulated securities exchanges" by the SEC. That argues against new Altcoin ETFs.

Demand could also be modest. "The prominence of Ethereum is only half that of Bitcoin, and other tokens (such as Solana) have little prominence outside the crypto market," Tischhauser said. Meanwhile, Solana trades at $152, which could compare to the horror day increase by 20.5%.

On a weekly basis, SOL is still down 23.6%. More optimistic is asset manager VanEck, which already filed a Solana ETF application in late June.