Solana ($SOL): ETF Could Bring Unprecedented Institutional Flows

A dedicated ETF fund is now seen as the holy grail for Layer One cryptocurrency chains after Bitcoin and Ethereum were granted their own institutional funds earlier this year.

A new SEC filing from Canary Capital could pave the way for a Solana ETF.

After Bitcoin and Ethereum ETFs were launched earlier this year, crypto traders have been eagerly awaiting news of institutional funds for Layer One cryptocurrency chains. Now, Solana could be next in line.

Canary Capital applied to the SEC with their S1 filing for a Solana ETF on Monday. The Canary Capital ETF will be tracking the performance of Solana. Canary Capital also filed for Ripple and Litecoin ETFs this month.

Solana ETF Could Bring Unprecedented Institutional Flows

Three separate applications for a Solana ETF have now been filed this year. VanEck and 21 Shares also applied earlier. Finance giant Franklin Templeton is also reportedly considering an application.

However, the SEC is waiting for further clarity on how cryptos are classified, which could delay any approval. The SEC would also have to settle its lawsuits with Coinbase, Kraken, and Binance exchanges, which name Solana as one of the many coins they consider to be unregistered securities.

A further snag is that there are currently no Solana-based futures markets available to trade on the US stock exchange. For Bitcoin and Ethereum, futures contracts were traded for around 18 to 24 months before any spot ETFs were approved.

But if a Solana ETF is eventually approved, it will be insanely bullish for the entire ecosystem. A tsunami of institutional inflows would be expected to flood into Solana, potentially pushing prices north of $400 and cementing its position as the third-largest chain after Bitcoin and Ethereum.

Solana began the year trading at $140 and hit all-time highs of $260 in March. But the FTX collapse and Alameda Research scandal saw Solana plummet to lows of $8. After recovering to $25 by the end of 2022, Solana has doubled in price so far this year and is now trading at around $40.

Solana is currently ranked 10th by market cap, but it could easily re-enter the top five if an ETF is approved. Despite the recent bearish price action, Solana has outperformed both Bitcoin and Ethereum over the past 12 months with gains of over 100%.

Rollblock Disrupting Online Gambling With Blockchain Transparency

For a very different trading opportunity, the disruptive crypto casino token is still tearing through its early pre-sale stages and attracting great hype as it does so.

Rollblock aims to bring trust and transparency back in a big way to the $450 billion online gambling space. Blockchain technology is used to ensure that no market manipulation can take place and that bets can be verified on-chain.

With web3 utility and speed, the native RBLK token is used for all in-game payouts and offers holders a range of benefits, including VIP bonuses and regular free spins.

As the RBLK token grows in demand, supply will be limited as a unique revenue share scheme will buy up tokens each week using a portion of casino profits. 60% of these purchases are immediately burned from the supply, while the remaining 40% is allocated to stakers who can earn up to a 30% yield.

Investors looking for greater returns than Solana can head to the Rollblock pre-sale and secure a 100x bag at the bargain price of $0.033 before stage 7 coins sell out in the coming days.

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.