The REX-Osprey Solana staking ETF (SSK) surpassed $200 million in cumulative flows for the primary time on Sept. 11, amid Solana’s (SOL) sturdy value motion.
Buying and selling underneath ticker SSK, the fund struggled with adoption throughout its preliminary months, recording zero exercise on 4 of six buying and selling days by means of Aug. 8, based on Farside Traders knowledge.
The sample mirrored broader institutional hesitation towards Solana-focused funding merchandise in comparison with Bitcoin and Ethereum options.
Analysts attributed the gradual begin to structural complexity relatively than demand deficiencies.
Moreover, the fund operates exterior customary SEC-registered spot ETF frameworks, incorporating staking mechanisms and offshore ETF allocations that differentiate it from conventional cryptocurrency merchandise.
At 0.75% yearly, SSK’s administration charge positions on the increased finish of crypto ETF expense ratios in comparison with main Bitcoin and Ethereum funds charging 0.15% to 0.25%.
Shifting tides
Nonetheless, institutional sentiment shifted in late August, following bulletins about company Solana treasury methods.
Galaxy Digital, Multicoin Capital, and Leap Crypto introduced they had been pursuing $1 billion to assemble a Solana treasury by means of a public firm automobile, with Cantor Fitzgerald serving as lead banker.
The businesses dedicated money and stablecoins to Ahead Industries, which closed a $1.65 billion personal placement on Sept. 11.
As well as, SOL Methods secured Nasdaq approval to start buying and selling on Sept. 9 as a Solana-first funding automobile.
Institutional flows
Institutional flows mirrored the momentum shift. Solana exchange-traded merchandise (ETPs) registered $177 million in inflows throughout the week of Aug. 25-29, representing the most important altcoin circulate excluding Ethereum.
The primary week of the month noticed Solana merchandise dominate altcoin flows with $16.1 million, whereas Ethereum ETPs skilled $912.4 million in outflows. The institutional curiosity coincided with Solana’s progress in its DeFi ecosystem.
DefiLlama knowledge reveals that Solana crossed $13 billion in complete worth locked for the primary time on Sept. 12.
This backdrop supplied basic assist for a value advance that lifted SOL by 20% in September. On Sept. 12, SOL grew 5.5% to succeed in a $241.84 excessive, its highest value degree since Jan. 30.
The publish REX-Osprey Solana ETF crosses $200M milestone as SOL hits seven-month excessive appeared first on CryptoSlate.