On June 15, 2023, Solana experienced a significant price surge to $161 as REX Shares announced the launch of a Solana ETF, enabling staking opportunities.
The move underscores growing institutional interest in Solana, with potential impacts on market dynamics and future regulatory developments, as noted by Bloomberg analysts predicting SEC approval odds at 90%.
REX Shares and Osprey Funds Introduce Solana ETF
REX Shares, in partnership with Osprey Funds, launched a Solana ETF featuring staking capabilities. This innovative setup bypassed the conventional SEC approval process, employing a C-corporation structure that was designed for rapid market entry.
The ETF’s introduction has been marked by significant institutional interest, with filings from major players like Invesco and Galaxy Digital. These actions initiated a significant rally in Solana’s market price.
Solana Price Hits $161 After ETF Launch
Solana’s price surged 7%, reaching $161, following the ETF launch announcement. Trading volumes doubled, reflecting heightened market activity and investor interest in newly accessible crypto investment opportunities.
The financial implications include increased speculative positioning in Solana futures, with open interest hitting a two-year high. On-chain data supports trends towards rising investor confidence since the ETF’s launch.
Solana’s ETF Launch Mirrors Bitcoin and Ethereum Trends
Historically, the approval of Bitcoin and Ethereum ETFs has led to substantial inflows and price rallies. Solana’s ETF entry highlights comparable speculation but remains smaller in current fund allocations.
Kanalcoin experts suggest that Solana’s market performance could repeat similar patterns observed in past ETF launches, providing further growth opportunities if regulatory approval continues favorably.
Bloomberg Analysts, Financial Analysts, Bloomberg, remarked: “The US Securities and Exchange Commission could ‘act early’ on Solana and staking ETF filings, placing the approval odds at 90%.” Bloomberg
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