JPMorgan is tempering expectations for the upcoming Solana ETFs, as it expects them to attract a meager $1.5 billion in their first year, a fraction of the inflows recorded by spot Bitcoin and Ethereum funds.
Although the SEC is expected to approve the first spot Solana ETFs in the US before the October 10 deadline, JPMorgan analysts suggest that the market may be disappointed.
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They point to the dramatic collapse of the Grayscale Solana Trust (GSOL) premium, which has fallen from over 750% to near zero, as a sign that the news is already priced in.
The analysts stated:
"The strong likelihood of approval for Solana spot ETFs is reinforced by the fact that there is an already established futures contract at CME."