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Scott Melker and Austin Arnold explore the potential influence of Shiba Inu and Solana ETFs on the cryptocurrency market, emphasizing their growth prospects.
Bitcoin's Rise Driven by ETFs
Scott Melker, host of The Wolf of All Streets, and Austin Arnold, co-host of Altcoin Daily, discussed potential future developments in the crypto ETF market.
The Street reports that Melker underscored how the introduction of exchange-traded funds (ETFs) has unleashed a deluge of institutional capital into the cryptocurrency market, propelling bitcoin's price from its cyclical lows to unbelievable highs.
Solana ETFs on the Horizon
According to Arnold of Altcoin Daily, ETFs are a great way for institutional investors to get into the cryptocurrency market. He mentioned that there are various files in the US and Canada for Solana ETFs, so they could be coming soon.
"Solana is gearing up to be that hidden gem in the space," Arnold pointed out.
On the other hand, Solana is only the prelude. Chainlink, Polkadot, Avalanche, Stellar Lumens, and Shiba Inu were five additional cryptocurrencies that Arnold mentioned as being in a good position to be considered for an ETF.
Per Yahoo Finance, in a significant development on the road to possible ETF certification, these digital currencies may soon release futures products regulated by the Commodity Futures Trading Commission.
Shiba Inu's ETF Potential
When Melker asked Arnold, "Are you an instant buyer of the Shiba Inu ETF?" he was trying to get Arnold to think.
Though the addition of Shiba Inu was unexpected, Arnold took heart in the fact that it bodes well for the expansion of the market. "If Shiba Inu gets an ETF, all bets are off." In light of the ever-changing landscape of meme coins and the growing acceptance of them, he stated that "There's no reason Dogecoin shouldn't get one as well."
While the US lags behind, Melker highlighted that some of these products are currently available abroad. There has been the launch of an XRP ETF and other cryptocurrency ETFs overseas. "It's not far-fetched to believe these can happen here," he stated.
The discussion shifted to the wider consequences of ETF approvals. Index funds that include a variety of cryptocurrencies might be the next step, according to Melker and Arnold. Following the pattern of American mutual fund and exchange-traded fund investments, these might comprise DeFi funds, metaverse funds, and top ten cryptocurrency funds.
"BlackRock loves making money and selling innovative products to their clients," he said. "This is just the beginning. I can easily see DeFi ETFs and other trending crypto ETFs emerging."
Photo: Traxer/Unsplash
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