The launch of the REX-Osprey Solana Staking ETF on Wednesday was a complete success, with trading volume exceeding $33 million. Eric Balchunas, senior ETF strategist at Bloomberg, stated that it is impressive, considering it far exceeds the average ETF launch, surpassing the futures ETFs of XRP and SOL.
Additionally, the SSK fund recorded inflows of $12 million on the first day, representing a good start for a staking ETF. Balchunas also noted that assets under management have surpassed one million dollars, but he expects them to reach $10 million in the coming days. In response to an inquiry on platform X, Balchunas wrote: "But, based on today's volume, we will probably see a few million more, maybe even $10 million, in flows tomorrow."
The introduction of the staking ETF will pave the way for the spot Solana ETF, with nearly 13 issuers awaiting SEC approval. Previously, Balchunas raised the probability of approval for the spot Solana ETFs to 95%, surpassing that of the spot XRP ETF. Demand for cryptocurrency ETFs has been increasing, with $XRP , $SOL , ADA, and LTC being the most sought after.
Following yesterday's development, the trading volume of SOL futures on the Chicago Mercantile Exchange (CME) reached an all-time high, exceeding $1.7 million. This demonstrates strong demand for the altcoin among traders, following the launch of the staking ETF.
The price of SOL has also risen by 4.3% in the last 24 hours, with a daily trading volume reaching $4 billion. According to analysts, due to the good news, the price of Solana could rise by 47% from here to $235. Meanwhile, $159 remains a crucial resistance for SOL.