The US Solana ETF’s first session has ended with a significant amount of momentum.
According to Eric Balchunas, Bloomberg ETF Analyst Eric Balchunas, the new fund received $12 million of inflows on day one and ended with a trading volume of $33 millions.
SSK outperforms Solana and XRP Futures volume
Under the ticker SSK, it is traded on Cboe BZX Exchange. This ETF, REX-Osprey Solana Staking, provides direct exposure in spot Solana, while giving investors the opportunity to maximize staking earnings.
This product debut coincides with the growing popularity of crypto-related exchange-traded funds (ETFs), but its performance was far from that seen in early this year when spot Bitcoin and Ether were ETFs.
Balchunas has also tweeted the most recent tweet. noted SSK’s launch exceeded the volume of Solana ETFs as well as XRP Futures ETFs. It even exceeded the usual ETF launches. However, the first-day trades of the SSK fund were significantly less than those recorded in January 2024 by the spot Bitcoin ETFs.
The ETF structure enabled it to proceed without the 19b-4 standard filing process by using the Investment Company Act of 1941.
As Balchunas had previously explainedThis was achieved by allocating at minimum 40% of assets to exchange traded products, predominantly outside the US. The SEC initially resisted this approach, citing concerns over the product’s eligibility under securities law.
Anchorage Digital will be the ETF’s custodian and staking partner.
SSK To A “Healthy Start”
James Seyffart is a Bloomberg reporter described Opening as a “healthy start,” In the first 20 minute, $8 million in shares were traded.
Analysts believe that the trading debut could help determine institutional appetite in regards to a possible spot Solana ETF, which they expect will be approved later this year. Balchunas Seyffart assessed that such approvals were 95% likely to occur before the end of this year. This reflects the optimism among the wider market, despite current low volumes for spot Bitcoin and Ether.
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Source: cryptopotato.com
