On June 15, 2023, Solana experienced a significant price surge to $161 after the announcement of the ETF launch, attracting the attention of institutional investors and signaling new market opportunities.
REX Shares and Osprey Funds Launch 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 designed for rapid market entry.
Solana Price Hits $161 Post 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.
Impact of Solana ETF Launch on the Market
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.
The launch of the Solana ETF signifies the increasing interest among institutional investors and has the potential for further growth in the cryptocurrency market, particularly in light of positive regulatory expectations.
