Ether and Solana Tokens Stealing Spotlight from Bitcoin as ETF Hype Grows

The spotlight in the world of cryptocurrency is shifting from Bitcoin to Ether and Solana, as excitement around US cryptocurrency exchange-traded funds (ETFs) focuses on these smaller digital assets.

Solana saw a significant surge after fund manager VanEck filed an application to start an ETF for the token, while Ether has been outperforming Bitcoin this year as final approvals for funds focused on the coin draw closer.

Bitcoin initially stole the show in 2024 with the launch of the first US spot ETFs for the largest digital asset, but demand and prices have since cooled. In contrast, Ether and Solana are now gaining momentum, with analysts predicting strong demand for ETFs holding these tokens.

Fundstrat’s Head of Digital Asset Strategy, Sean Farrell, believes that sentiment around the Ether ETF launch is too bearish and predicts a boost from hedge funds pursuing the basis trade.

While Bitcoin ETFs have attracted significant inflows since their launch, the SEC’s stance on approving spot-Ether ETFs has shifted, with potential launches expected soon. However, doubts remain about whether the regulator will approve Solana ETFs, given its classification as an unregistered security in previous lawsuits.

As of Friday, Bitcoin was trading around $60,850, Ether at $3,400, and Solana at $142. The cryptocurrency market continues to evolve, with Ether and Solana emerging as new frontrunners in the race for investor attention.