A Potential Tidal Wave for the Altcoin Market: Solana ETFs
- VanEck files the first spot Solana (SOL) ETF application.
- 21Shares quickly follows with a similar ETF filing.
- BlackRock’s CEO hints at a forthcoming Solana ETF during a July 1 investor call.
Investors in the altcoin market have closely monitored recent filings for Solana (SOL) Exchange-Traded Funds (ETFs). While the news initially boosted Solana’s price, the overall market response has been less enthusiastic than expected.
VanEck became the first U.S. asset manager to file for a spot SOL ETF, followed closely by a similar filing from 21Shares. Additionally, BlackRock’s CEO recently hinted at the company’s plan to apply for a Solana ETF. These developments triggered a 6% surge in SOL’s price amid broad market sell-off fears due to the Mt. Gox repayments. However, the uptick was short-lived.
A detailed analysis by Kaiko of SOL’s cumulative volume delta (CVD) revealed a net positive CVD of $29 million over the last week. This surge was attributed to increased spot buying on Coinbase over the weekend, which catalyzed SOL’s positive market performance.
However, the initial excitement did not translate into sustained upward price action for SOL or the broader…
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