It made a big splash when it launched as the first Solana staking ETF in the U.S, it’s called REX-Osprey Solana Staking ETF (SSK).
Eric Balchunas, an ETF expert at Bloomberg, says SSK finished the day with $33 million in trades.
It’s much more than the numbers for the SOL futures ETF and the XRP futures ETF. Even though the launch volume is huge, Balchunas points out that it is still much less than the spot ETF numbers for Bitcoin (BTC) and Ethereum (ETH).
If the market starts to turn around, Solana will benefit.
The market for cryptocurrencies looks like it’s breaking through its stops. SOL has increased 4.1% in one day, 7.6% in one week, 6.3% in one 14-day period, and 4.4% since July 2024. Even though the price of SOL is rising, it is still down 2.4% from a month ago.
The market’s comeback might be because more big investors are putting money into spot Bitcoin (BTC) ETFs. Bitcoin has gone over the $109,000 mark.
SOL and other crypto assets may follow BTC’s path. The first cryptocurrency is only 2.2% lower than its all-time high of $111,814.
Is the market going to keep going up?
A lot of money from institutions is flooding into the market right now. If banks keep growing their crypto exposure, the rally could go on for a while longer.
Geoffrey Kendrick, a digital asset expert at Standard Chartered, says that BTC could keep going up over the next few weeks. Kendrick thinks the item’s value will reach $135,000 in the third quarter of this year. If BTC hits a new high, SOL could also get a new monthly high.
Only a few spot Solana (SOL) ETF forms have been sent to the SEC for approval. Many people think the SEC will approve at least one SOL ETF this year.
Large investors will likely put much more money into the project after ETH goes live. The news could cause SOL’s price to go through the roof. We still don’t know how the SEC will make its choice.
The market may go through a slump. Investors might be afraid when there are trade wars and other government problems.
