The REX-Osprey Solana + Staking ETF (SSK) demonstrated impressive results in its debut, becoming part of the growing interest in cryptocurrency ETFs.
First Day Trading Results
According to Bloomberg's analyst Eric Balchunas, the REX-Osprey Solana + Staking ETF generated $33 million on its first trading day. This is a significant amount for a new product in the ETF market.
Comparison with Other ETFs
SSK outperformed the XRP futures ETFs and Solana futures ETFs, but the level of demand is still significantly lower than that of spot Bitcoin (BTC) and Ethereum (ETH) ETFs. Notably, spot Bitcoin ETFs raised $4.6 billion on their first day after launch, while Ethereum ETFs attracted $1 billion.
Future of Solana ETFs
It is important to note that SSK is not a pure spot ETF, as it was set up as a corporation to bypass the traditional ETF approval process. This unconventional approach was specifically chosen to allow staking rewards. Bloomberg analysts assert that new spot Solana ETFs have a 95% chance of being approved this year, which could lead to even greater interest in Solana in the future.
The substantial trading volume of the REX-Osprey Solana + Staking ETF on its debut day reflects the growing interest in crypto investments, especially in products that allow staking.
