Brian Kelly, a well-known crypto investor and trader, has suggested that Solana (SOL) might be the next cryptocurrency in line to have a spot exchange-traded fund (ETF) in the United States. During a recent segment on CNBC's 'Fast Money', Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, raised the question of who could be the next contender for an ETF.

Kelly pointed towards Solana, stating, "You've got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle." This speculation arises just ahead of the Securities and Exchange Commission's (SEC) upcoming decision on at least one proposed spot Ether (ETH) ETF.

While Kelly is optimistic about a potential Solana ETF, others like Nate Geraci, president of The ETF Store, are more cautious. Geraci believes that a spot Solana ETF may not materialize until a futures product for Solana is listed on a major exchange or until there is a clear regulatory framework established by Congress for cryptocurrencies beyond Bitcoin and Ethereum.

James Seyffart, an ETF analyst at Bloomberg, shares similar sentiments, suggesting that the launch of a spot Solana ETF could be years away, contingent upon regulatory milestones such as approval from the Commodity Futures Trading Commission (CFTC). Despite the regulatory challenges, Seyffart highlights the potential demand for a Solana ETF, indicating it could attract significant interest compared to other digital assets apart from Bitcoin and Ethereum.

However, regulatory hurdles remain a significant obstacle. The SEC, under Gary Gensler's leadership, has previously classified Solana as a security in legal actions against Coinbase and Kraken, adding complexity to the path for potential ETF applicants. Adam Cochran, a partner at Cinneamhain Ventures, suggests that Litecoin (LTC) or Dogecoin (DOGE) might beat Solana to the ETF race due to perceived smoother regulatory paths, despite lower demand compared to Solana.

While the possibility of a spot Solana ETF is being discussed by some ETF issuers, Franklin Templeton, a trillion-dollar asset management firm, has shown admiration for Solana and its founder Anatoly Yakovenko, sparking speculation about a potential Solana ETF launch in the future.

In a separate development, Fidelity recently submitted an amended S-1 application to the SEC for its spot Ether ETF. The updated application clarifies that the underlying Ether tokens of the ETF will not be staked. This move by Fidelity comes amidst growing anticipation around the approval of spot Ether ETFs, which has also positively impacted spot Bitcoin ETFs, with increased inflows observed recently.

The surge in funds into BlackRock's iShares Bitcoin Trust (IBIT) on May 21, totaling $290 million, signals renewed interest in Bitcoin ETFs, marking a significant shift from the minimal inflows seen in previous weeks. Despite Bitcoin's price fluctuations, with a recent high followed by a slight dip, the overall market sentiment towards ETFs appears to be gaining momentum, reflecting a growing investor appetite for crypto-related investment products.