- Bitwise Solana Staking ETF defies U.S. shutdown with $10M trading.
- Solana price sees a 14% surge following the ETF launch.
- Predictions indicate potential $3 to $6 billion inflows for Solana ETF.
This week, Bitwise launched its Solana Staking ETF on Wall Street amidst a U.S. government shutdown, leveraging SEC’s automatic 20-day rule, underscoring regulatory flexibility.
The ETF’s debut indicates growing institutional interest in Solana, potentially igniting similar pursuits for other small-cap assets, despite legislative hurdles.
Industry Insights
Industry observers shared their insights. Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed that Solana ETF listing spurs optimism for the expanding market for crypto investment products. The regulatory bypass due to the government shutdown created a unique situation, facilitating ETF listings without direct SEC intervention.
As of the latest data, Solana (SOL) maintains a current price of $200.41, with a market capitalization of $110.17 billion and a market dominance of 2.84%, according to CoinMarketCap. The 24-hour trading volume stands at $6.88 billion, reflecting a 7.74% change. The price has experienced a mild 0.29% rise in 24 hours, a growth of 3.46% over the past week, and an 11.81% increase within 90 days. Solana’s circulating supply consists of 549,701,175 SOL with no max supply limit.
Historical Patterns and Future Projections in Crypto ETFs
Did you know? The Solana price rallied 14% upon the ETF listing, echoing previous market reactions to Bitcoin and Ethereum ETF launches, which historically triggered price hikes and institutional interest.
Expert analysis from the Coincu research team highlights potential developments. The team projects ongoing ETF launches could sustain bullish activity for Solana, potentially replicating Bitcoin and Ethereum’s spot ETF successes. The regulatory environment, influenced by operational shutdowns, provides an unexpected but temporary benefit for crypto ETF issuers amid increasing institutional adoption of blockchain assets.
Expert analysis from the Coincu research team highlights potential developments. The team projects ongoing ETF launches could sustain bullish activity for Solana, potentially replicating Bitcoin and Ethereum’s spot ETF successes. The regulatory environment, influenced by operational shutdowns, provides an unexpected but temporary benefit for crypto ETF issuers amid increasing institutional adoption of blockchain assets.
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Source: https://coincu.com/news/crypto-etfs-launch-wall-street/