The REX Shares ETF went dwell at this time and garnered $8 million in quantity throughout the first 20 minutes, however SOL is lagging behind different main cryptocurrencies.
Lower than every week after Bloomberg ETF analyst Eric Balchunas reported {that a} Solana Staking ETF might launch quickly, REX Shares’ Solana ETF went dwell at this time. Nonetheless, SOL is underperforming ETH, regardless of respectable buying and selling quantity on the ETF’s launch.
SOL is up 4% at this time; nevertheless, ETH is main all main tokens at this time and is up 6.9%, almost reclaiming the $2,700 mark.
The token’s underperformance could also be as a result of ETF being handled as a “promote the information” occasion by holders, or is also exacerbated by the ETF’s controversial nature.
This ETF particularly is sparking debate on betting markets comparable to Polymarket, as a result of it launched with “no objection” from the Securities and Trade Fee (SEC), versus a conventional “ S-1 ‘33 Act Spot ETF” approval. Polymarket bettors are nonetheless divided over the decision of associated markets. Seyffart mentioned that this isn’t the primary time that Polymarket bets on ETF approvals have confronted such dilemmas.
The shortage of full SEC approval might doubtlessly act as a deterrent for institutional traders, who require full regulatory readability to deploy capital.
REX Shares can also be a comparatively small ETP issuer in comparison with behemoths like BlackRock. REX Shares reported simply over $5 billion in property below administration (AUM) in 2024, in comparison with BlackRock’s $11.5 trillion. This might additionally end in liquidity constraints for the REX Shares SOL Staking ETF.
Regardless of SOL’s underperformance, the primary Solana staking ETF opened the day with greater than $8 million in quantity over the primary 20 minutes, a “wholesome begin” in keeping with Bloomberg’s James Seyffart.
