'Solana Season' Is On The Horizon, Bitwise Investment Chief Matt Hougan Says

Core Insights - Bitwise investment chief Matt Hougan predicts a significant rise for Solana, referring to it as "Solana season," driven by exchange-traded fund (ETF) flows and strong corporate treasury demand [1][4] - The recent surge in Bitcoin's price from $40,000 in January 2024 to over $115,000 is attributed to similar market conditions, which have also led to Ethereum's price tripling since April [1][2] Group 1: Market Dynamics - The formula for strong returns in the cryptocurrency market has been identified as a combination of ETP inflows and corporate treasury purchases, which has consistently yielded high returns over the past 18 months [2] - Corporate treasuries are actively accumulating Solana (SOL), with companies like DeFi Development Corp., Upexi, and Sharps Technology each acquiring nearly $500 million worth of SOL [5] Group 2: Future Projections - The SEC is expected to make decisions on several spot SOL ETF applications in October, with a 95% chance of approval according to Bloomberg Intelligence analysts [4] - A new Solana treasury company is set to be launched with commitments of $1.65 billion from firms including Galaxy Digital, Jump Crypto, and Multicoin Capital, led by Kyle Samani [5][6] Group 3: Influential Figures - Kyle Samani is positioned to become a key promoter for Solana, similar to how Michael Saylor has influenced Bitcoin and Tom Lee has impacted Ethereum [6][7] - Hougan emphasizes that while ETFs and corporate treasuries create demand channels, the underlying fundamentals are crucial for sustained investor interest [7]