Spot SOL ETFs have been approved in Brazil: will SOL price to the moon?

[KryptoBull]

The rejection of Spot SOL ETFs in the US has disappointed many SOL investors ^[1], and BlackRock has also ruled out the possibility of launching spot ETFs for other altcoins in the market soon as they want to focus on spot BTC & ETH ETFs ^[2]. However, the SOL price has not been negatively impacted and has remained above 120 USD for the past few months.

Good news has just arrived for Solana fans: spot SOL ETFs ^{[3, 4]} have been approved in Brazil, a country that has become crypto-friendly in an effort to protect its economy from high regional inflation ^[5]. I don't dare expect that billions of USD will soon flow into these spot SOL ETFs and push SOL price to 1K USD, but this will still be positive news that strengthens confidence in SOL and helps SOL attract more investment. In countries with high inflation like Brazil, crypto is an option for asset preservation and investment. BTC will still be the crypto king, but SOL and spot SOL ETFs will also become more attractive to investors in this country.

Additionally, if spot SOL ETFs are truly successful in Brazil, top funds like BlackRock and Fidelity may reconsider and propose spot SOL ETFs in the US to gain additional profits from this potential market. That's the best I can expect for this season or the next.

I would like to know your opinion on this issue:

• Do you own SOL in your balance?
• Do you think that spot SOL ETFs in Brazil will drive SOL price up?
• Besides spot SOL ETFs, what are the main drivers for SOL price growth?

References:
[1] The SEC rejected Cboe’s 19b-4 filings for Solana ETFs: Source
[2] There won’t be a ‘long list of crypto ETFs,’ BlackRock’s Robert Mitchnick says
[3] Brazil poised to launch world’s first spot Solana ETF ahead of global markets
[4] Second Solana ETF Approved in Brazil
[5] Crypto in Brazil
Note:

• My opinion has been presented in a topic, on BitcoinTalk forum.
• This topic on AltcoinsTalks forum has included a minor change in the way my opinion is presented.
• This statement is to avoid accusations of plagiarism.

[rdluffy]

I think the listing on the B3 (Brazilian Stock Exchange) will take place on August 29th
While the BTC ETFs have moved the market a lot, with Grayscale's sales and BlackRock's purchases, the ETH ETFs don't seem to have had that much effect on the price, so I have my doubts about the potential for Solana's ETF to rise in Brazil, given that Brazil isn't such a big market

It's an example that can be followed and it may only be a matter of time before it's approved in the United States, where it's a market that can inject a lot of money
But I also have an opinion that the rumors of a possible approval may help the price of SOL to rise, but due to speculation rather than the fact of the ETF itself

[MrSpasybo]

I would like to know your opinion on this issue:

• Do you own SOL in your balance?
• Do you think that spot SOL ETFs in Brazil will drive SOL price up?
• Besides spot SOL ETFs, what are the main drivers for SOL price growth?

1. I have a small amount of SOL, probably just enough to cover transaction fees when investing in other tokens within the Solana ecosystem. Unfortunately, I didn't benefit from SOL impressive price increase from $10 to $200.

2. Brazil is not yet a large market, and most Spot ETFs that have a significant impact, such as Gold Spot ETFs or BTC Spot ETFs, need to be introduced in the world's largest market - the US. Therefore, although it has a positive impact, the SOL Spot ETF in Brazil cannot significantly boost SOL price.

3. SOL price increase has been driven by many positive factors: the strength and speed of Solana, huge inflows from investment funds, the success of memecoins and crypto-phones within the ecosystem. These will continue to be the main drivers of SOL success in this cycle.

[debra]

The rejection of Spot SOL ETFs in the US has disappointed many SOL investors ^[1], and BlackRock has also ruled out the possibility of launching spot ETFs for other altcoins in the market soon as they want to focus on spot BTC & ETH ETFs ^[2].

I think most investors understand it, they won't be very disappointed. The rejection doesn't mean to remove the chance of SOL be accepted in ETF spot someday. It is normal if an altcoin is difficult to be accepted, even ETH wasn't easy to be accepted in ETF spot. SEC may want to focus on BTC and ETH first, they may consider SOL and other altcoins later.

Good news has just arrived for Solana fans: spot SOL ETFs ^{[3, 4]} have been approved in Brazil, a country that has become crypto-friendly in an effort to protect its economy from high regional inflation ^[5].

This is good news for SOL holders. I think this should trigger the increase of SOL price. It may also be a reason for SEC to consider again the approval of SOL ETF spot in the future. Brazil is a more friendly with crypto, it makes sense if they aren't difficult to accept SOL ETF spot there.

[KryptoBull]

I think most investors understand it, they won't be very disappointed. The rejection doesn't mean to remove the chance of SOL be accepted in ETF spot someday. It is normal if an altcoin is difficult to be accepted, even ETH wasn't easy to be accepted in ETF spot. SEC may want to focus on BTC and ETH first, they may consider SOL and other altcoins later.

This is good news for SOL holders. I think this should trigger the increase of SOL price. It may also be a reason for SEC to consider again the approval of SOL ETF spot in the future. Brazil is a more friendly with crypto, it makes sense if they aren't difficult to accept SOL ETF spot there.

The reality is that both BTC and ETH had futures ETFs prior to spot ETFs being approved, and it was only after major funds officially entered this market that spot ETFs were passed. SOL has not yet met these favorable conditions. I hope all SOL holders understand this and continue to expect growth from Solana and the SOL price in the future.

I believe a spot SOL ETF in the US is a long-term goal we can strive for. In the meantime, the launch of spot SOL ETFs in other countries is a positive development for Solana. When Solana truly matures and has a strong position in the crypto market like Ether, we will have a spot SOL ETF in the US to receive a stable inflow from pension funds and investment funds.

[debra]

SOL has not yet met these favorable conditions. I hope all SOL holders understand this and continue to expect growth from Solana and the SOL price in the future.

SOL may not fit with the condition but it doesn't mean to have no chance to be approved. I think there is still chance to be approved in the future. Sure, all SOL holders understand it, they won't think about it too much. SOL price still grows well, investors mostly only focus on the price. 

I believe a spot SOL ETF in the US is a long-term goal we can strive for. In the meantime, the launch of spot SOL ETFs in other countries is a positive development for Solana. When Solana truly matures and has a strong position in the crypto market like Ether, we will have a spot SOL ETF in the US to receive a stable inflow from pension funds and investment funds.

I also believe it, SOL will be approved someday. When it is approved, there should be a big hype on SOL. It is good for the development of SOL in the future. But everyone must be patient, it should take time and progress. 

[erus]

-I don't have Solana in my wallet yet.
-I'm not sure if an ETF for Solana in Brazil will have a positive effect on increasing the price of Solana coins.
The real evidence is that currently Solana's price is still following the price of Bitcoin.
-It seems like a factor of Smartcontracts to create new tokens on the Solana chain, maybe more precisely Meme tokens that can provide such high hype to the community, although after that the Meme coin will fade again quickly.

[KryptoBull]

SOL may not fit with the condition but it doesn't mean to have no chance to be approved. I think there is still chance to be approved in the future. Sure, all SOL holders understand it, they won't think about it too much. SOL price still grows well, investors mostly only focus on the price. 

I also believe it, SOL will be approved someday. When it is approved, there should be a big hype on SOL. It is good for the development of SOL in the future. But everyone must be patient, it should take time and progress. 

Currently, several ETF funds have proposed ETFs for XRP, LTC, and SOL. This indicates that while BlackRock might be primarily interested in BTC and ETH ETFs, other funds are taking a broader approach. They're still pursuing crypto-based ETF products to enhance their clients' asset management revenue.

The future remains uncertain, but we can anticipate that Spot ETFs will be just one of many catalysts for SOL price increase. I'm more interested in the short-term media impact on SOL price rather than the immediate effects of increased inflows into SOL Spot ETFs, given that we're still grappling with the negative net flow of ETH Spot ETFs.

[Crwth]

I didn’t know that the impact of the Brazil market is up to 15bn now. Since there are a lot of people there, I guess it could help retain the price at a good level and then wait for other businesses or countries that would support the ETF.

Personality, I have SOL. Some also staked.

[luckyledger]

I didn’t know that the impact of the Brazil market is up to 15bn now. Since there are a lot of people there, I guess it could help retain the price at a good level and then wait for other businesses or countries that would support the ETF.

Personality, I have SOL. Some also staked.

I do think it's a bullish event both for SOL and ETFs in general, and maybe it will be reconsidered in the future (about ETFs for SOL in the US).
Sol has potential, and it should be utilized accordingly by those who have the belief in it.

[KryptoBull]

I didn’t know that the impact of the Brazil market is up to 15bn now. Since there are a lot of people there, I guess it could help retain the price at a good level and then wait for other businesses or countries that would support the ETF.

Personality, I have SOL. Some also staked.

While the Brazilian crypto market may not be as prominent, the presence of a spot SOL ETF there is a positive indicator. It signifies that SOL has gained recognition and value in another country, preceding potential US approval for a spot SOL ETF.

I anticipate strong growth for SOL prices in the future, regardless of the availability of a spot SOL ETF. SOL's existence and success are not contingent upon spot ETFs. The Sol ecosystem has matured to the point where it can sustain itself long-term and continue to serve user needs.

[Azharul]

I think the listing on the B3 (Brazilian Stock Exchange) will take place on August 29th
While the BTC ETFs have moved the market a lot, with Grayscale's sales and BlackRock's purchases, the ETH ETFs don't seem to have had that much effect on the price, so I have my doubts about the potential for Solana's ETF to rise in Brazil, given that Brazil isn't such a big market

It's an example that can be followed and it may only be a matter of time before it's approved in the United States, where it's a market that can inject a lot of money
But I also have an opinion that the rumors of a possible approval may help the price of SOL to rise, but due to speculation rather than the fact of the ETF itself

I think that you could express your best opinion in this post. So i am also agree with your comment. We also saw that brazilian stock exchange could approved SOL in cryptocurrency market. So i am also believe that it will be best opportunity for sol. We also believe that next time sol also achieve best popularity in cryptocurrency market. Because if we follow in cryptocurrency market, we can see that sol price is increase day by day. So i believe that within a short time sol price could be best popularity in cryptocurrency world.

[KryptoBull]

I think that you could express your best opinion in this post. So i am also agree with your comment. We also saw that brazilian stock exchange could approved SOL in cryptocurrency market. So i am also believe that it will be best opportunity for sol. We also believe that next time sol also achieve best popularity in cryptocurrency market. Because if we follow in cryptocurrency market, we can see that sol price is increase day by day. So i believe that within a short time sol price could be best popularity in cryptocurrency world.

The approval of a spot SOL ETF in Brazil is great news for SOL, even though Brazil isn't typically known as a crypto powerhouse or on the radar of most crypto investors. We tend to focus more on the US spot SOL ETF as it could potentially open the doors for SOL to receive inflows from traditional investors and pension funds.

Rome wasn't built in a day, and we need to take things one step at a time to get a US spot SOL ETF. With several funds currently proposing and awaiting SEC approval, this has already bolstered investor confidence in SOL and its ecosystem.

[rdluffy]

If anyone wants to check it out, these are today's data from the SOL ETF in Brazil, the ticker is QSOL11


Source

The prices are in brazilian reais R$

[Mia Chloe]

The approval of spot SOL ETFs in Brazil is definitely some positive news for Solana investors. Well to an extent I think this development may increase liquidity, attract investors, and also to a nice extent drive up demand. However, market dynamics and global economic conditions will definitely still influence SOL's price.

Key drivers for SOL price growth include adoption just like every crypto currency in the market.  If the spot SOL ETFs in Brazil proves kinda successful, top funds like BlackRock and Fidelity may reassess their stance on SOL ETFs in the US and with quite a nice environment I think solana will definitely do better.