On Wednesday, the first US ETF allowing staking of the cryptocurrency Solana will launch. This event could impact the market and attract more investors to crypto investments.
Launch of Solana Staking ETF
The ETF, named REX-Osprey, will provide investors with direct access to Solana (SOL) and staking income. Issuer REX Shares has confirmed the fund's launch, made possible by favorable feedback from the US Securities and Exchange Commission (SEC) regarding its unique business structure.
Market Reaction to ETF Launch
Solana's price jumped following the ETF news, rising 6% to around $158. Over the past week, SOL has increased by more than 12%. However, the current price remains 46% below its all-time high from January.
Prospects for Solana and the DEX Market
Analysts speculate that the approval of Solana ETFs could spark a rise in other altcoins in the market. Solana is also demonstrating activity in the decentralized exchange (DEX) market, with transaction volumes recently exceeding those of Ethereum, driven by platforms like Raydium and Orca.
The launch of the Solana staking ETF represents a significant step for the cryptocurrency market and could promote greater interest from institutional investors. This event raises questions about the further development and potential of Solana and other altcoins.
