The US Securities and Change Fee (SEC) has delayed its choice on a number of spot Solana exchange-traded fund (ETF) proposals from Bitwise, 21Shares, and Canary Capital.
The regulator introduced on Aug. 14 that it requires extra time to judge the proposed rule adjustments, extending the evaluation interval by the utmost allowable 60 days.
Within the filings, the SEC said {that a} longer evaluation window is critical to totally assess the functions and the problems they increase.
Bloomberg ETF analyst James Seyffart famous that additional delays are unlikely, because the SEC has exhausted the complete extension for this ETF evaluation cycle.
As a consequence of this, he said:
“We’re anticipating normal spot Solana ETFs to be authorized by mid October at newest.”
Seyffart’s place is in keeping with different market analysts who imagine these monetary merchandise’ possibilities of approval are excessive because of the pro-crypto method of the present administration and the Fee.
Rising demand for Solana staking ETF
Whereas the SEC deliberates on spot Solana ETFs, the primary US Solana staking ETF, the REX Shares Solana Staking ETF (SSK), is attracting sturdy investor curiosity.
Farside Traders’ information reveals that on Aug. 14, SSK recorded a document $13 million in inflows and posted $66 million in day by day buying and selling quantity, marking its highest exercise since its July 2 launch.
These inflows have pushed the fund’s belongings underneath administration past $150 million in simply six weeks. The surge highlights rising demand for Solana-based funding merchandise, even because the broader crypto market faces volatility.
Regardless of the passion for SSK and different Solana-focused funds, Solana’s spot worth dropped about 6% up to now 24 hours, buying and selling at $191 at press time.
The decline mirrors a broader market correction that has weighed on main cryptocurrencies, together with Bitcoin and Ethereum.
