The United States’ first Solana staking exchange-traded fund (ETF) ended its debut trading day with $12 million in inflows — a positive sign for crypto staking-enabled ETFs.
The REX-Osprey Solana Staking ETF debuted The Cboe BZX Exchange reported a trading volume of $33 million and a cash inflow of $12 million on Wednesday. according Eric Balchunas, Bloomberg ETF Analyst
It is important to note that the word “you” means “you”. fundSSK allows investors to trade spot Solana directly.SOLIt is the first ETF in America to have been approved for crypto-staking.
The aforementioned was the aforementioned “healthy start to trading,” James Seyffart of Bloomberg ETF, an analyst who observed It had traded $8,000,000 in its first 20 minutes.
Balchunas can also be called balchunas commented Because of the first-day volume, which was impressive, we can say that “blows away” The Solana ETF and XRP Futures ETFs, but was lower than spot Bitcoin.BTCEtherETHWhen they launch, they will receive a portion of the funds.
On their first trading day, January 20, 2024, US-listed Bitcoin ETFs traded a total of $4.6 billion in shares.
“The launch of crypto staking ETFs is a defining moment for digital assets and a significant step forward in full access to the crypto ecosystem,” said Nathan McCauley is co-founder of Anchorage Digital, and his firm serves as the custodian for REX-Osprey ETF.
Regulations affecting Fund
REX Osprey faced regulatory obstacles with the Securities and Exchange Commission (SEC), which objected in late may after it cleared an initial registration.
Question was, did the product qualify as an “investment company” The firm was able to avoid this requirement by investing at minimum 40% of assets in ETPs that are primarily domiciled abroad.
Solana ETF and altcoin ETFs attract more attention
REX-Osprey’s Solana ETF, unlike spot Solana ETFs, does not require SEC approval. It is structured according to the Investment Company Act of 1940 and avoids the 19b-4 standard filing process.
Nate Geraci, the president of NovaDius Wealth Management, described it in May as “regulatory end-around.” Some have, however. debated The fund is a Solana ETF.
While the ETF’s performance may shed light on institution demand for a Solana ETF which could launch in 2019, it is also possible that its recent performance will reveal institutional interest.
Seyffart Balchunas recently pegged a 95% chance By the end of this year, spot Solana ETFs will be available.
“We expect a wave of new ETFs in the second half of 2025,” Seyffart predicted earlier in the week that spot XRP (Solana), Litecoin, and Solana would be (LTCThe SEC will approve the products before the end the year.
Related: Analysts raise chance of SOL, XRP and LTC ETF approval to 95%
The regulator met on Tuesday. approved Grayscale submitted an application to turn its Digital Large-Cap Fund in ETF. The fund consists of a basket of five top digital assets, ranked according to market capitalization.
SOL prices show minor reactions
The major occurrences of the day were not a problem reaction Solana’s price has increased by 3.6% in the last 24 hours. This is lower than the majority of altcoins with high market caps.
The asset’s price was around $153 at the time I wrote this and it was up around 5 percent over the previous week. However, its peak in January was still 48% lower.
However, Solana CME futures saw “record demand, signaling rising institutional interest” Open interest reached $167 Million following the ETF’s launch. reported SolanaFloor.
Magazine: Bitcoin ‘bull pennant’ eyes $165K, Pomp scoops up $386M BTC: Hodler’s Digest
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
