The crypto market maker’s forecast for Solana was based on a “blue sky” scenario, while its “bear” scenario only predicted a 1.4x increase in Solana’s price.) exchange-traded funds in the United States could potentially surge the price of SOL by a factor of nine, suggests crypto market maker GSR Markets.Coincidentally, GCR’s report was released on the same day that VanEck filed to issue a spot Solana ETF, surprising many.
GSR — which holds a long position on SOL — reached the"8.9x" estimate on the assumption that the spot Solana ETFs would take in 14% of the flows that the spot Bitcoin ETFs have seen since launching in January, based on their relative market cap size. GSR’s “blue sky scenario” would take Solana’s current price of $149 to over $1,320, while Solana’s market cap would increase to $614 billion .
Meanwhile, GSR’s “bear” and “baseline” scenarios would see the spot Solana ETFs take in 2% and 5% of Bitcoin’s, which would trigger 1.4x and 3.4x price rises in Solana, respectively.The firm said these estimates could be even larger if the spot Solana ETFs include income from staking rewards — though staking wasn’t allowed in the approved spot Ether (
“Solana is poised for a spot ETF if and when additional spot digital asset ETFs are allowed in the US, and the impact on price may just be the largest yet.”in its lawsuits against Binance and Coinbase, which arguably makes the pathway toward approval much tougher than the now-approved spot Bitcoin (from $1.5 trillion asset manager Franklin Templeton — however the firm hasn’t confirmed it will for a spot Solana ETF in the future.