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How Bitcoin ETF acts as a ‘starting gun’ for Ethereum, Solana ETFs

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ETH and SOL ETF soon? Here’s why this exec believes so.

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  • Bitcoin ETFs could pave the way for similar products.
  • Exec advocates for long-term perspective amid volatility. 

2024 has ignited widespread excitement in the cryptocurrency market, primarily fueled by the introduction of Bitcoin [BTC] ETFs. While these ETFs have increased accessibility and led to massive price appreciation, there’s more to the story.

Diogo Monica, co-founder and president of Anchorage Digital, discussed the impact of these ETFs on CNBC’s Squawk Box. Monica pointed out that the approval of a Bitcoin ETF symbolizes a shift in regulatory perspectives.

The exec suggested that regulators cannot indefinitely block legitimate financial products from entering the market. Reflecting on the broader implications of this milestone, Monica stated, 

“What the market is actually counting on is definitely a set of new crypto products that will come to market soon, including Ethereum ETFs, Solana ETFs, and many other crypto products that I’m sure are coming to market. It’s really this starting gun that’s what is happening and not really just a Bitcoin ETF on its own.”

The 2024 ETF boom

Bitcoin ETFs’ swift institutional and general adoption surprised many, including Tom Lee, who acknowledged the accelerated pace. Monica concurred, highlighting, 

“One of the things that was necessary for a Bitcoin ETF to be approved in the first place was that we needed all of the infrastructure that was at the same level of quality and reliability as the infrastructure from traditional finance is for traditional ETFs and that’s what we’ve got.”

The exec observed that price action has also played its part in drawing attention to the space. With each price surge, the investor base expands, and more crucially, it attracts a wave of new talent into the ecosystem.

Developers, entrepreneurs, and engineers are drawn to the potential and opportunities that arise during these periods of heightened interest.

Bitcoin is not like gold

Addressing comparisons to gold, Monica clarified the fundamental differences between the two assets. He noted,

“Gold has been pretty steady, but Bitcoin is cryptographic; it is code.”

Monica emphasized that gold has a relatively steady inflation rate due to new gold being mined from the earth annually. Meanwhile,  Bitcoin operates under a programmatic and algorithmic framework.

This precise structure allows for a predictable outcome regarding its supply chain events. Additionally, it ensures that the total supply of Bitcoin will never exceed 21 million. 

Bitcoin back to $40K?

In the interview, the discussion ventured into the realm of Bitcoin’s volatility and the speculation on whether its price could revert to $40,000. 

Addressing this, Monica remarked, 

“Yes, it could go back to $40,000; it could go higher……It’s (volatility) not that surprising; it’s just part of it.” 

The exec drew attention to the importance of adopting a long-term perspective toward the cryptocurrency market, suggesting that such an approach is essential for maintaining sanity in a landscape inherently marked by significant volatility.


Kamina is a content writer at AMBCrypto. With a Journalism degree and MBA in International Business, she expertly navigates blockchain, crypto, and AI, melding her academic insights with future-forward interests to create compelling narratives that educate and inspire in the evolving digital landscape.
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