My people! Get ready to hear this bombshell from the crypto world that is leaving more than one person speechless! 😮 The first staking ETF of Solana (SSK) has just made its debut and did so in grand style, leaving everyone astounded and igniting the debate about the long-awaited spot Solana ETFs! This is on fire! 🔥
Imagine the scene: this ETF, the REX-Osprey Solana Staking (ticker SSK), closed its first day with an impressive $12 million in net inflows and a trading volume that reached $33 million. Yes, you heard right, $33 million! 🤑 This is no small feat, my friends, because that volume surpassed the debuts of the futures ETFs for Solana and XRP. People are crazy to get their hands on Solana without all the hassle!
In the first 20 minutes of its launch on the Cboe BZX exchange, SSK moved $8 million in shares. This shows that there is a voracious appetite in the market to have exposure to Solana without the need to deal with private keys and all that hassle. It's that simple! 😉
The smart move from SSK: skipping the SEC's hurdles! 🧠✨
But here comes the juiciest part and where the real cleverness of this play lies. To avoid the long and cumbersome SEC approval process for spot ETFs (those people who regulate everything), the geniuses at REX Shares and Osprey Funds came up with a structure that is a marvel: they set it up as a C corporation. Pure Latin cleverness! 😜
And what does this mean? That 40% of their assets are invested in other ETFs that are already trading. With this ingenious design, SSK can offer staking rewards, which are currently around 7% annual (APY). Just imagine, earning money just for holding the ETF! And the best part is that they do it without having to ask for extra permission from the SEC. A masterful move! 🥋
Additionally, to ensure everything runs smoothly and the assets are safe, Anchorage Digital is in charge of custody and all staking. This way, we ensure that the money is well kept and that the rewards reach the ETF shareholders without fail! Total transparency! 💯
The price of SOL reacting and the next movements on the radar 📈👀
With this big news about the ETF launch, the price of SOL skyrocketed by 4%, and traders were more excited than a child with a new toy waiting for it to break the $150 barrier. At the moment of the news, Solana was around $154, and technical indicators are showing that the bullish momentum is rising rapidly. Let's keep an eye on it! 📈
The resistance, that barrier that can halt gains, is around $160. If buyers manage to break that level, experts say the next target could be $184. That would be a tremendous leap! 🚀 But if there is any pullback, support is in the $145-$150 area, which acts as a cushion to soften any drop. So, stay sharp with those numbers!
Are pure spot Solana ETFs coming? The prediction is strong! 🔮💰
The resounding success of SSK has put the topic of pure spot Solana ETFs on everyone's lips. Heavyweights like Franklin Templeton, Bitwise, and VanEck are already in the spotlight. And hold on tight, because ETF experts are giving these ETFs a regulatory approval probability of up to 95% before the year ends. Almost a done deal! 🎉
If these pure spot Solana ETFs get the green light, this could attract billions of dollars to SOL! Just imagine the impact that Bitcoin and Ethereum ETFs had at the beginning of this cycle. We could see a crazy amount of money flowing into Solana! So, stay alert because this could change the game! 🎲$SOL
