The REX Shares ETF went reside as we speak and garnered $8 million in quantity inside the first 20 minutes, however SOL is lagging behind different main cryptocurrencies.
Lower than per week after Bloomberg ETF analyst Eric Balchunas reported {that a} Solana Staking ETF may launch quickly, REX Shares’ Solana ETF went reside as we speak. Nevertheless, SOL is underperforming ETH, regardless of respectable buying and selling quantity on the ETF’s launch.
SOL is up 4% as we speak; nonetheless, ETH is main all main tokens as we speak and is up 6.9%, almost reclaiming the $2,700 mark.
The token’s underperformance could also be because of the ETF being handled as a “promote the information” occasion by holders, or is also exacerbated by the ETF’s controversial nature.
This ETF specifically is sparking debate on betting markets equivalent to Polymarket, as a result of it launched with “no objection” from the Securities and Alternate Fee (SEC), versus a conventional “ S-1 ‘33 Act Spot ETF” approval. Polymarket bettors are nonetheless divided over the decision of associated markets. Seyffart stated that this isn’t the primary time that Polymarket bets on ETF approvals have confronted such dilemmas.
The shortage of full SEC approval may 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 beneath administration (AUM) in 2024, in comparison with BlackRock’s $11.5 trillion. This might additionally lead to 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 accordance with Bloomberg’s James Seyffart.
