Solana Staking ETF Outperforms XRP and SOL Futures ETF on Day 1

The Rex Shares Solana staking ETF (SSK) clocked a strong $33 million trading volume on the inaugural day, outperforming XRP futures ETF and SOL futures ETF, with assets under management (AUM) hitting $1 million. Bloomberg ETF strategist Eric Balchunas believes that the AUM could multiply ten times soon if SSK continues to drive similar interest ahead. SOL price has responded positively with 4% gains following this development, with CME futures volume hitting an all-time high.

Solana Staking ETF To See 10X Surge In AUM Says Analyst

The REX-Osprey Solana Staking ETF launch on Wednesday was pretty successful, clocking more than $33 million in trading volumes. Eric Balchunas, the senior ETF strategist at Bloomberg, stated that it is impressive considering that it is much higher than an average ETF launch, while beating the likes of XRP futures ETF and SOL futures ETF.

Additionally, the SSK fund saw $12 million in inflows on Day 1, which represents a healthy start for a staking ETF. Balchunas also stated that the assets under management have crossed $1 million, but he expects it to reach $10 million in the coming days. Responding to a query on the X platform, Balchunas wrote: “But based on todays volume prob see few more million -maybe even $10m – come in tomorrow in flows”

The introduction of the staking ETF will pave the way for spot Solana ETF, with nearly 13 issuers waiting for SEC approval. Previously, Balchunas raised the approval odds for spot Solana ETFs at 95%, above that of spot XRP ETF. The demand for crypto ETFs has been on the rise, with XRP, SOL, ADA, LTC, being the most in demand.

SOL CME Futures Trading Volume Hits All-Time High

Following yesterday’s development, the SOL futures trading volume on the Chicago Mercantile Exchange (CME) surged to its all-time high, above $1.7 million. This shows a strong demand among traders for the altcoin, following the staking ETF launch.

SOL price has also surged 4.5% in the last 24 hours, with daily trading volume reaching $4 billion. $159 is a crucial resistance for SOL, crossing which could set the stage for a rally to $235 and beyond.

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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