Bits + Bips: Ethereum and Solana ETFs and Why Crypto Is Poised for a Breakout - Ep. 668
Jul 3, 2024
Are Solana ETFs on the horizon? Delve into the factors influencing their potential approval and how political outcomes might shape the cryptocurrency market. Discover why the SEC is delaying Ethereum ETF launches and examine Bitcoin's odd performance compared to the NASDAQ. The hosts also discuss the upcoming U.S. presidential election and its implications for crypto, along with macroeconomic trends that may impact investments. Plus, don't miss the surprising performance of BONK amidst the shifting landscape!
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insights INSIGHT
Solana ETF as a Political Bet
VanEck filed for a Solana ETF, betting on a Trump win and a pro-crypto SEC.
This filing is a call option on Trump, anticipating a more favorable crypto regulatory environment.
insights INSIGHT
Futures Market Importance
A regulated futures market like the CME seems necessary for spot crypto ETF approvals.
While not theoretically required, the SEC's precedent suggests it's practically essential.
insights INSIGHT
High GSOL Premium and Demand
Grayscale's Solana Trust (GSOL) has a high premium, suggesting strong demand.
TradFi sees Solana as a potential catch-up trade, similar to Ethereum.
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Are Solana ETFs on the brink of approval? How might political outcomes influence this decision?
Join hosts James Seyffart, Alex Kruger, and Joe McCann as they delve into the latest buzz around Solana’s potential spot ETFs, dissect the SEC's puzzling delay on Ethereum ETFs, and debate why Bitcoin’s recent performance has diverged from the NASDAQ.
They also discuss the U.S. presidential election, the event that Alex says was the “second most bizarre thing” he’s seen in his life, what the bond market seems to indicate about expectations for a Trump presidency, and how upcoming nonfarm payroll reports and potential rate might affect the markets.
Show highlights:
00:00 Intro
01:47 How political outcomes might influence the approval of spot Solana ETFs
04:16 Whether futures ETFs are 100% needed for an approval of spot crypto ETFs
09:26 The high premium on Grayscale's Solana Trust (GSOL)
13:50 How the outcome of the 2024 U.S. presidential election could impact the crypto industry
20:55 Why the SEC delayed the launch of the Ethereum ETF
24:53 How the upcoming nonfarm payroll report and potential rate cuts impact market volatility and the Federal Reserve's decisions
27:51 How the rise of populist candidates in France and changes in currency markets might affect the US dollar and the broader economic landscape
31:40 How Bitcoin, Ethereum, and Solana performed in Q2, and the surprising outperformance of BONK
34:45 Why Bitcoin's performance diverged from the Nasdaq's recent rally
45:48 How recent movements in long-term bond rates are linked to political changes, such as the rise of right-wing populism and concerns about fiscal responsibility
52:45 How FTX creditors could potentially influence market dynamics, and the irony in the US government using Coinbase as a custodian
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
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