According to U.Today, the crypto market is witnessing a significant shift as Ethereum (ETH) faces intense competition from Solana (SOL). Michaël van de Poppe, a well-known analyst and founder of MN Trading Consultancy, highlighted this growing rivalry, noting that Solana might outshine Ethereum as market sentiment changes. Van de Poppe tweeted that the competition between SOL and ETH is reaching extreme levels, with Ethereum underperforming following the recent launch of spot ETFs.
The U.S. Securities and Exchange Commission (SEC) approved several spot Ethereum ETFs on July 23. However, these ETFs have struggled to gain traction, experiencing a total net outflow of nearly $98 million by July 29, marking the fourth consecutive day of net outflows. SoSoValue reported that Grayscale’s ETHE saw a single-day net outflow of $210 million, while the Grayscale mini-ETF ETH had an inflow of just below $5 million. In contrast, BlackRock’s ETHA received an inflow of $586 million, and Fidelity’s FETH saw an inflow of around $24 million.
Amid the waning interest in Ethereum, investors are increasingly turning their attention to Solana. Van de Poppe informed his 721.9K followers on X that the failure of Ethereum ETFs is driving traders toward SOL. He also mentioned that many investors believe Solana will surpass Ethereum in the near future. While recent market trends support this view, Van de Poppe cautioned that it is still too early to definitively claim that SOL will outperform ETH. He remains optimistic about his ETH investment and believes that market sentiment could shift again.