Solana has made a significant move in the U.S. Exchange-Traded Funds (ETF) market by launching its first staking ETF, which demonstrated significant trading volume on its debut.
First Staking ETF for Solana
The first staking ETF from REX Shares, trading under the ticker SSK, recorded over $33 million in trading volume and $12 million in inflows on its first trading day. This outperformed both the XRP and Solana futures ETFs launched earlier this year.
Growing Interest in ETFs
Unlike Bitcoin and Ethereum spot ETFs, this Solana ETF is structured as a C-corporation, allowing it to skip the usual SEC approval process. This legal setup enables the fund to offer staking rewards, which traditional ETFs cannot currently provide.
Impact on SOL Price
Following the ETF launch, Solana's price rose by 4%, reaching around $154. Traders are closely watching the $160 resistance level, with analysts expecting a potential move towards $184 if that level is broken.
The launch of the staking ETF demonstrates real interest in Solana from larger investors and may signal the beginning of a new era for the cryptocurrency in regulated financial markets.
