This market is up to its tricks again!
The $SOL spot ETF took a "shortcut" by using a C-Corp structure to bypass the SEC's regular approval process, which was created by the small firm REX Shares. It has high fees, unstable returns, and poor liquidity, and it doesn't represent a breakthrough in the industry at all.
The truly impressive SOL ETF (applied for by VanEck and others) is still in line at the SEC, and there may be hope in October.
The SEC has hit the brakes again, originally scheduled to give Bitwise's Ethereum ETF staking feature the green light in early July, but it has been postponed for public review, at least until October. Bitwise wants investors to earn staking interest (approximately 3% annualized) while lying back, but the SEC feels the risks are too high to approve it. This year, ETH's price has halved and its activity has plummeted; the ETF was supposed to be a lifesaver, but now it’s looking bleak.
However, Rex-Osprey's Solana staking ETF (with over 5% annualized returns) launched on July 2. If it succeeds, it will attract institutional funds away from Ethereum.
Additionally, applications for altcoin ETFs like $XRP and $DOGE have also been delayed in bulk by the SEC. October is a critical time point, so let's wait and see!
