Solana is soaring alone on the news of ETF application, while Bitcoin is showing a weak upward trend.

SOL surges following VanEck’s application for SOL spot ETF
BTC and altcoins continue to trend weakly as good news disappears
Kruger: “BTC rises with the flow of the US presidential election”

Solana (SOL) rose by about 10% while the digital asset (cryptocurrency) market continued to remain weak. This is because good news has been reported that asset management company Van Eck has submitted an application for Solana Spot Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC).

VanEck submitted America's first Solana spot ETF securities report 'S-1s' to the SEC on the 27th. VanEck's application classified Solana as a product rather than a security and designed an ETF that tracks Solana's spot price without Solana's staking function. If this product is approved by the SEC, it will become the third digital asset ETF to be approved for listing by the U.S. financial authorities, following Bitcoin and Ethereum.

However, Solana was the only coin that recorded a notable rise in the digital asset market on this day. Bitcoin (BTC) and other altcoins fell slightly. This is because there is no good news that can lead to a rebound after the recent plunge. Kimchi premium also continued to remain in the 1% range due to the dull market trend.

◇Bitcoin = As of 5 PM on the 28th, the price of Bitcoin (BTC) is 86.15 million won as of Upbit. Bitcoin market share (dominance) was 54.30%.

Even amid Bitcoin's continued decline, opinions have emerged predicting Bitcoin's rebound. Economist Alex Kruger predicted in an interview with 'Daily Hoddle', a media outlet specializing in digital assets, that "the Bitcoin bull market will continue until the US presidential election scheduled for November this year."

Kruger explained in the interview that the U.S. macroeconomic environment is significantly favorable to risky assets such as Bitcoin.

He emphasized, “Bitcoin is trading at a fairly attractive price range to enter,” and “Historically, Bitcoin has performed particularly well among risky assets during presidential elections.”

In addition, new funds are flowing in through Bitcoin spot ETFs and demand from institutional investors is increasing, he said, adding, "From a long-term perspective, it is highly likely that the good trend will continue not only through the presidential election but also into next year."

◇ Rising Coin = As of Upbit at 5pm on the 28th, the digital asset that recorded the largest increase compared to the previous trading day was Akash Network (AKT), showing an increase of approximately 12%. Akash Network rose for two consecutive days following the rise on the 27th.

Akash Network is a blockchain project that trades computing resources. Computing resources such as CPU, GPU, and memory can be traded through the Akash Compute Marketplace, and transaction records are recorded on the Akash blockchain.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Neutral’ stage with 47 points. The neutral stage is a period where psychological resistance and support from market participants appear, and important decisions regarding future price movements occur.

Reporter Seungwon Kwon ksw@