Odaily星球日报讯 Multicoin Capital 管理合伙人 Kyle Samani 表示，由于 Solana 费用和较低的市值，基于 Solana 的交易所交易基金（ETF）的表现可能优于基于以太坊的 ETF。据悉，Kyle Samani 是 SOL 及其许多生态协议的主要投资者，他一直在公开敦促美国证券交易委员会（SEC）对 SOL ETF 给予积极评价。 Samani 表示：“ETH ETF 之所以没有受到强烈欢迎，很大程度上是因为很多投资者看到 ETH 后说‘给我看看费用’”，Samani 认为，从投资角度来看，Solana 的理论市盈率比以太坊要健康得多，Solana 的市盈率为 30 至 50 倍，而以太坊的市盈率接近 1,000 倍。（CoinDesk）

Odaily星球日报讯 Multicoin Capital 管理合伙人 Kyle Samani 表示，由于 Solana 费用和较低的市值，基于 Solana 的交易所交易基金（ETF）的表现可能优于基于以太坊的 ETF。据悉，Kyle Samani 是 SOL 及其许多生态协议的主要投资者，他一直在公开敦促美国证券交易委员会（SEC）对 SOL ETF 给予积极评价。Samani 表示：“ETH ETF 之所以没有受到强烈欢迎，很大程度上是因为很多投资者看到 ETH 后说‘给我看看费用’”，Samani 认为，从投资角度来看，Solana 的理论市盈率比以太坊要健康得多，Solana 的市盈率为 30 至 50 倍，而以太坊的市盈率接近 1,000 倍。（CoinDesk）

Multicoin Capital管理合伙人：SOL ETF表现将超越ETH ETF

Odaily reports that Multicoin Capital managing partner Kyle Samani believes that an exchange-traded fund (ETF) based on Solana could outperform an ETH-based ETF due to Solana's lower fees and market capitalization. Samani, a major investor in SOL and many of its ecosystem protocols, has been publicly urging the U.S. Securities and Exchange Commission (SEC) to look favorably on a SOL ETF. Samani stated that the lack of strong enthusiasm for an ETH ETF is largely due to many investors seeing ETH and saying "show me the fees." From an investment perspective, Samani believes Solana's theoretical price-to-earnings ratio is much healthier than Ethereum's, with Solana's P/E ratio between 30-50x compared to Ethereum's close to 1,000x. (CoinDesk)

Odaily reports that Multicoin Capital managing partner Kyle Samani believes that an exchange-traded fund (ETF) based on Solana could outperform an ETF based on Ethereum due to Solana's lower fees and market capitalization. It is reported that Kyle Samani is a major investor in SOL and many of its ecosystem protocols, and he has been publicly urging the U.S. Securities and Exchange Commission (SEC) to give a positive assessment of the SOL ETF. Samani said that the reason the ETH ETF has not been warmly welcomed is largely because many investors look at ETH and say "show me the fees." Samani believes that from an investment perspective, Solana's theoretical price-to-earnings ratio is much healthier than Ethereum's, with Solana's price-to-earnings ratio being 30 to 50 times, while Ethereum's price-to-earnings ratio is close to 1,000 times. (CoinDesk)

Multicoin Capital Managing Partner: SOL ETF will outperform ETH ETF

Odaily reports that the Chicago Mercantile Exchange (CME) officially launched <Solana> (SOL) futures on March 17, which is the first regulated <Solana> futures product in the US market after <Coinbase> launched SOL futures in February this year. The contracts listed include standard contracts (500 SOL) and micro contracts (25 SOL) for retail investors, both of which are cash-settled. On the first trading day, the trading volume of SOL futures was around 40,000 SOL, with a notional value of nearly $5 million. Analysts say the launch of SOL futures by CME is a positive signal for the approval of a <Solana> spot ETF. Currently, five institutions, including <VanEck> and <Canary Capital>, have applied to the SEC for <Solana> spot ETFs, and the SEC is expected to make a decision by October 2025 at the latest, with Bloomberg Intelligence estimating a 70% chance of eventual approval.

Solana Completes First Day of Trading on CME Exchange

Odaily reported that according to application information, there are currently at least 13 Solana-based exchange-traded products awaiting approval from the U.S. Securities and Exchange Commission. The applicants include institutions such as Grayscale, Bitwise, Canary, and 21Shares. However, since Paul Atkins has not yet been officially appointed as the chairman of the U.S. Securities and Exchange Commission, these applications are currently pending. Last week, Nate Geraci, the president of ETF Store, predicted in a post that BlackRock will apply for Solana and XRP ETFs. In addition, a Bloomberg ETF analyst previously estimated that the probability of a Solana ETF being approved by the end of this year is 70%. (The Block)

At least 13 Solana-based exchange-traded products are awaiting SEC approval

Here is the English translation:

The Mars Finance news reported that on March 18, according to TheBlock, the Chicago Mercantile Exchange (CME) Solana futures were quietly launched on March 17, with a trading volume of only $12.3 million on the first day and an open interest of $7.8 million, far less than the previous brilliant performance of Bitcoin and Ethereum futures. In the latest report, K33 Research analysts Vetle Lunde and David Zimmerman pointed out that this data reflects the institutional indifference to <Altcoins>, even if the Solana ETF is approved in the future, its boosting effect on the SOL price may be weaker than market expectations. Bitcoin futures were launched at the peak of the bull market in December 2017, with a trading volume of $102.7 million on the first day and an open interest of $20.9 million. Ethereum futures were launched in February 2021 at the beginning of the <Altcoin> frenzy, with a trading volume of $31 million on the first day and an open interest of $20 million. The launch of Solana futures yesterday was in the context of a risk-averse market and lacked major catalysts. Judging by the proportion of market capitalization, the relative performance of Solana futures is close to that of Bitcoin and Ethereum previously, but the huge gap in absolute values reveals the lack of institutional interest. The latest report from K33 emphasizes that in the current environment, capital is more inclined to core assets such as Bitcoin, rather than more volatile <Altcoins>. The launch of CME futures is often seen as a prelude to the approval of spot ETFs, but analysts believe that even if the Solana ETF is launched, it will be difficult to replicate the frenzy effect of the Bitcoin ETF in 2024, as the Bitcoin ETF was born in the context of halving expectations and macroeconomic easing, while the current market lacks similar narratives to drive it. Except for Bitcoin and Ethereum, the institutional derivative markets of other <Altcoins> are also lacking in growth, reflecting that under the uncertainty of the macroeconomic environment, institutions are more inclined to allocate to "digital gold" rather than high-risk assets. The "commodity" positioning of Bitcoin brings a clear compliance path, while <Altcoins> are still in a gray area. Although it has encountered setbacks in the short term, the developer activity and technical innovation of the Solana ecosystem are still at the forefront of many public chains, and it is expected to usher in a brilliant performance after the spot ETF is approved, but for the time being, the "institutionalization" of <Altcoins> is still fraught with difficulties.

Multicoin Capital Managing Partner: SOL ETF will outperform ETH ETF

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