A $200,000 bet was placed on the approval of the Solana ETF

Decentralized prediction market platform Polymarket has seen more than $200,000 in wagers for Place Solana exchange-traded funds (ETFs) approved through December 31, 2024.

This interest reflects a significant bet on Solana's future in the cryptocurrency market.

Speculators bet big on Solana ETF

Earlier this week, US Securities and Exchange Commission (SEC) Chairman Gary Gensler signaled approval of spot Ethereum ETFs in the US by the end of the summer. This is the first time a non-Bitcoin digital asset has received such a designation, creating potential speculation about Solana ETFs.

Despite this optimism, the bet for Solana ETF proof on Polymarket remains cautiously at 7%. The discussion around the Solana ETF is fueled by a changing regulatory environment and increasing bipartisan support for cryptocurrency.

For example, Republican presidential candidate Donald Trump has positioned himself as a staunch supporter of crypto, criticizing Democratic efforts to regulate the sector. Mesari CEO Ryan Selkis noted that while Trump emphasized his advocacy for the industry, he did not provide specific policy details.

“I didn't expect to share with you tonight that I'm at Mar-a-Lago, but President Trump has been very vocal about crypto,” Selkis said.

Additionally, the recently approved Financial Innovation and Technology for the 21st Century (FIT21) in the House of Commons reflects a political shift. Crypto advocates have welcomed the bipartisan bill's success in the House of Representatives, but will keep a close eye on its final form.

While the industry sees this as a symbolic victory in overcoming regulatory ambiguity, there is caution about potential regulatory implications. The approval of Solana ETF will be a major milestone, signaling the wider acceptance and integration of crypto into mainstream finance.

Read more: Solana vs. Ethereum: The Ultimate Comparison

However, with Ethereum ETFs still awaiting final approval, the crypto community is cautiously optimistic. The focus of the industry is to navigate the regulatory environment and ensure that new policies support rather than hinder crypto innovation.