According to JPMorgan's report, there may be limited interest in Solana ETFs.

In recent days, the cryptocurrency market has come back into the spotlight with a report published by JPMorgan analysts. According to the analysts, even if the proposed spot exchange-traded funds (ETFs) for Solana (SOL) are approved, they may not see significant investor interest in the initial phase. The U.S.-based investment bank JPMorgan expects that the Solana ETFs, which are expected to be approved this week, could attract approximately $1.5 billion in their first year. However, it is worth noting that this amount is only one-seventh of the Ethereum (ETH) ETFs.

The report emphasizes that there is a high risk of falling below this estimate. Reasons cited include the weakness in current on-chain activity, the rise of meme coin trading, and the fatigue shown by investors toward the consecutive ETF launches. Additionally, it was expressed that the competition from multi-cryptocurrency index products, such as the S&P Dow Jones Digital Markets 50, could hinder corporate treasuries from directly investing in cryptocurrencies, which may also reduce interest in ETFs. On the other hand, weak positioning on Solana futures on the Chicago Mercantile Exchange (CME) indicates that current demand is limited.

Another striking point in the report was the dramatic drop in the net asset value (NAV) premium for Grayscale Solana Trust (GSOL). JPMorgan noted that this premium has fallen from around %750 last year to nearly zero. This situation reflects a similar process that occurred prior to the launches of Bitcoin (BTC) and Ethereum (ETH) ETFs. The U.S. Securities and Exchange Commission (SEC) is expected to make a decision in October regarding 16 different spot ETF applications, including Solana ETF applications.

While the likelihood of approval appears strong in the overall market, JPMorgan believes that investor interest may remain limited this time. Investors are advised to exercise caution regarding altcoins like Solana and closely monitor market conditions.