The cryptocurrency market witnessed a whirlwind of activity this week, marked by the SEC's expected approval of the first spot Ethereum ETFs and VanEck's filing for a Solana Spot Price ETF. Despite the excitement, not all cryptocurrencies benefitted from the spotlight.
Ethereum ETFs Near SEC Approval
The SEC's anticipated approval of spot price Ethereum ETFs in early July could be a game-changer for the market. The approval of spot Bitcoin ETFs previously led to significant market movements, hinting at a similar trajectory for Ethereum. However, Ethereum slid 0.23% this week, despite the optimistic outlook.
Mixed Fortunes for Bitcoin and Solana
Bitcoin faced a tougher week, losing 1.61%. This downturn stands in contrast to Solana, which enjoyed a remarkable surge, gaining 8.58%. Solana's price boost is largely due to VanEck's and 21Shares' recent filings for a Solana Spot Price ETF with the SEC, sparking investor interest and confidence in its potential.
Overall Impact on Cryptocurrency ETFs
The overall performance of cryptocurrency ETFs has been mixed. Cryptocurrency ETFs experienced a dip, losing 2.80%. Specifically, Bitcoin ETFs fell by 5.10%, and Ether ETFs declined by 2.84%. On the other hand, Solana ETFs saw a significant rise of 6.97% over the same period.
Performance of Specific ETFs
Among individual ETFs, the 21Shares Solana staking ETP (ETR:ASOL) stood out, gaining 6.44% this week. In contrast, the CoinShares Physical Bitcoin (BTC) (ETR:BITCG) saw a decline, losing 4.79%. These movements reflect the varying investor sentiment and market dynamics influencing different cryptocurrencies and their respective ETFs.