Solana's $SSK ETF launched with $33M in volume, marking the first U.S. crypto staking ETF and outpacing SOL and XRP futures ETFs.
BlackRock’s IBIT generated $187.2M in annual fees, overtaking its S&P 500 ETF IVV and dominating 96% of Bitcoin ETF inflows.
The SEC paused Grayscale’s ETF conversion plan despite earlier approval, maintaining regulatory caution over multi-asset crypto funds.
The U.S. crypto ETF landscape witnessed a historic milestone with the debut of the first-ever Solana Staking ETF, $SSK. On its launch day, $SSK recorded $33 million in trading volume. This surpassed the performance of Solana and XRP futures ETFs. However, it still fell short compared to the volumes seen during the launch of Bitcoin and Ethereum spot ETFs. Within the first 20 minutes alone, $SSK drew in $8 million in trading volume, which is a healthy start, as noted by Bloomberg ETF analyst James Seyffart.
Besides strong early performance, $SSK stands out by offering investors direct exposure to spot Solana along with staking yields. This makes it the first crypto staking ETF approved in the U.S., a move hailed as a key advancement for digital asset investment. Consequently, Anchorage Digital, acting as the custodian and staking partner, sees this launch as a major step forward. Its co-founder, Nathan McCauley, emphasized such products in unlocking full access to the crypto ecosystem.
Bitcoin ETFs Continue to Lead
Meanwhile, Bitcoin ETFs dominates the market. BlackRock’s iShares Bitcoin Trust (IBIT) has now surpassed its own S&P 500 ETF (IVV) in annual fee revenue. IBIT generated $187.2 million, narrowly beating IVV's $187.1 million. Since January 2024, IBIT has attracted $52 billion in net inflows. It also commands over 55% of all Bitcoin ETF assets, accounting for 96% of total Bitcoin ETF inflows.
Additionally, spot Bitcoin ETFs collectively saw a net inflow of $408 million on July 2. Fidelity’s FBTC led with $184 million. However, Ethereum ETFs faced headwinds. They recorded a net outflow of $1.82 million, with BlackRock’s ETHA accounting for $46.88 million of that.
SEC Puts Grayscale Conversion on Hold
Moreover, the SEC has paused Grayscale’s plan to convert its Digital Large Cap Fund into an ETF. Although the agency’s Division of Trading and Markets had greenlit the proposal, the commission has decided to review the approval. The fund, heavily composed of Bitcoin and Ethereum, also includes Solana, Cardano, and XRP in small percentages.
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