Spot Bitcoin Exchange-Traded Funds (ETFs) have achieved a significant milestone, reaching $1 billion in trading volume just hours after the market opened, with cumulative volume hitting $8.7 billion. Despite being a new development, the satisfying trade volumes of these ETFs bolster optimism for the short to medium-term future of cryptocurrencies, indicating a positive trend without turning into a failure.
Regarding Solana (SOL), while there is speculation about a potential spot SOL ETF, the likelihood of its approval under the current SEC, led by Gary Gensler, remains slim due to the broader market’s classification as securities. Political changes, such as a possible Republican victory in the upcoming U.S. elections, may influence these speculations.
Currently, SOL Coin is trading at $96.6, having dipped below $100 due to a sudden sell-off triggered by Grayscale moving $380 million worth of BTC, along with alarms caused by the movement of 10-year-old Bitcoin holdings.
If SOL Coin fails to reclaim the $100 level, it risks breaching the rising trend line and could potentially fall to $64. However, there are no significant macro developments to support this short-term, and recent comments from Federal Reserve members have been moderate.
Meanwhile, Chiliz (CHZ) Coin has surpassed the $0.095 mark, driven by the excitement of upcoming league endings and cup matches. If it can close above $0.11, CHZ Coin’s price may rise to $0.125 and $0.142, with a potential target of the $0.17 peak, marking a recovery from the $0.054 level.
