Solana Staking ETF Outperforms XRP and SOL Futures ETF on Day 1

Tech

Solana Staking ETF Outperforms XRP and SOL Futures ETF on Day 1

The Rex Shares Solana staking ETF (SSK) clocked a strong $33 million trading volume on the inaugural day, outperforming XRP futures ETF and SOL futures ETF, with assets under management (AUM) hitting $1 million. Bloomberg ETF strategist Eric Balchunas believes that the AUM could multiply ten times soon if SSK continues to drive similar interest ahead. SOL price has responded positively with 4% gains following this development, with CME futures volume hitting an all-time high.

Solana Staking ETF To See 10X Surge In AUM Says Analyst

The REX-Osprey Solana Staking ETF launch on Wednesday was pretty successful, clocking more than $33 million in trading volumes. Eric Balchunas, the senior ETF strategist at Bloomberg, stated that it is impressive considering that it is much higher than an average ETF launch, while beating the likes of XRP futures ETF and SOL futures ETF.

SSK Day 1 Trading Volume – Source: Eric Balchunas

Additionally, the SSK fund saw $12 million in inflows on Day 1, which represents a healthy start for a staking ETF. Balchunas also stated that the assets under management have crossed $1 million, but he expects it to reach $10 million in the coming days. Responding to a query on the X platform, Balchunas wrote: “But based on todays volume prob see few more million -maybe even $10m – come in tomorrow in flows”

The introduction of the staking ETF will pave the way for spot Solana ETF, with nearly 13 issuers waiting for SEC approval. Previously, Balchunas raised the approval odds for spot Solana ETFs at 95%, above that of spot XRP ETF. The demand for crypto ETFs has been on the rise, with XRP, SOL, ADA, LTC, being the most in demand.

SOL CME Futures Trading Volume Hits All-Time High

Following yesterdays development, the SOL futures trading volume on the Chicago Mercantile Exchange (CME) surged to its all-time high, above $1.7 million. This shows a strong demand among traders for the altcoin, following the staking ETF launch.

Source: Coinvo

SOL price has also surged 4.5% in the last 24 hours, with daily trading volume reaching $4 billion. $159 is a crucial resistance for SOL, crossing which could set the stage for a rally to $235 and beyond.