Institutions continue to add more crypto, whether directly or via ETFs. JPMorgan Chase & Dartmouth College recently released to the public their Solana ETF Holdings.
The crypto market structure Bill has passed the Senate Banking Committee. Adoption can only increase. The bill passed at the highest level, but it has not yet been signed into law.
Solana ETFs can be acquired by institutions
According to the most recent Q1 13F, JPMorgan Chase revealed that it held $523K in Solana ETF. This banking institution was buying Bitwise Solana Staking Staking ETF.
Dartmouth College increased their SOL ETF holdings, but not their Bitcoin [BTC] Ethereum [ETH] In other words, nothing changed. In the filing, it was revealed that the institution had added $3.30 millions to their crypto exposure totaling $14.50million.
Bitwise Solana Staking ETF gained more momentum as a result of these positions. The largest ETF, totaling $900,000,000 in new money. Post-launch, the ETF has received more than 677 million dollars.
All SOL ETFs have seen a strong inflow in May. In May, over $90,000,000 was purchased. On the 12th May, there was a large inflow of 26.57 million dollars.
As of the time of publication, more than $1.005 billion had been absorbed by eight different products. This was equivalent to 1.93 % of altcoins’ market capital. It was clear that the products attracted investors.
Most importantly, liquidity was flowing to Solana. Circle has minted $500 million USDC according to SolanaFloor in the last 24 hours. It shows that stablecoins are a popular way to get crypto exposure on SOL.
SOL’s price remains 70% lower than its previous high, $297.
SOL can you break SOL above $98?
Solana’s charts showed a trading range between $78 to $98, or a 20-dollar spread. This altcoin consolidation has been going on since February. Recently, $88 marked the turning point.
Altcoins are trading above the Ichimoku Cloud and this adds weight to any potential breakout. Choppiness Index, or CHOPP, is currently at 43. This indicates that sideways movements may be extended.
A shift in the market’s structure could only be seen if $98 is broken. SOL could then reach $107 and even $117. The level was rejected at least twice in this time period.
In the event that the $98, resistance level is not broken, the price will return to its mid-range of $88. A full retracement could be achieved at $78 if there is more selling pressure.
Final Summary
- JPMorgan is among the institutions that are accumulating Solana-related ETFs. This includes Bitwise.
- Solana’s price is moving in a range that could be extended, according to CHOPP.
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Source: ambcrypto.com
