Analysts note that while Bitcoin may face selling pressure due to $8.5 billion being returned to creditors of the collapsed exchange Mt. Gox, Ether’s price action is poised for a significant boost from the new ETFs.
If approved, Solana ETFs could attract a significant influx of capital from institutional investors who have been cautious about entering the cryptocurrency market due to regulatory uncertainties and market volatility.
The move is a significant diversification strategy for Sony, which is valued at over $100 billion, and is known globally for its contributions in games, music, and cameras.
By offering an ETF, VanEck hopes to tap into the growing demand and provide a convenient investment vehicle for those interested in Solana.
Other exchanges, such as Uphold, are also delisting multiple stablecoins, including $USDT, in response to the MiCA rules.
Over 1.5 million $ETH has been burned since September 2022, while 1.36 million $ETH has been added, resulting in a net reduction of 345,000 $ETH, equivalent to over $1.1 billion at current prices.
Mass investor exodus, ETF outflows, Mt. Gox repayment concerns, and market-wide declines has fuelled a bearish sentiment for Bitcoin.
Brollups will support over 90% of DeFi use cases upon launch without needing a hard fork or issuing a non-Bitcoin token.
If approved, QSOL will be the first Solana ($SOL) exchange-traded product (ETP) listed in North America, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL”.
The cryptocurrency market’s downturn extended to altcoins, with many experiencing significant losses. $DOGE and $SOL were among the hardest hit.
