On the first day of trading in ETF based on cryptocurrency Solana (SOL) invested $69,5 million, but the coin’s price froze.
On October 28, the first SOL-based exchange-traded fund, The Bitwise, was launched in the US. Solana Staking ETF (BSOL). The derivative was popular, as evidenced by the capital inflow, which reached $69,5 million, thanks to which the capitalization level ETF increased to $106,6 million.
BSOL scores
As the analyst reported ETF Eric Balchunas, Solana-ETF significantly outperformed its competitors, the Hedera-based fund (HBAR) and Litecoin (LTC) by the amount of investments attracted. On Monday, Canary HBAR ETF (HBR) invested $8 million, and in Canary Litecoin ETF — only $1 million.
This can be explained by two reasons. Firstly, Solana occupies a higher place in the ranking of digital assets by capitalization, and secondly, storing BSOL shares brings passive income of 4,72%, since the coins purchased in exchange for the issued shares Solana send to staking.
However, the interest shown in the ETF did not affect the SOL price, which fell by 0,05% over the past 24 hours. This is apparently due to the small price by standards Solana capital inflows amounted to only 0,065% of the value of issued digital assets, which reached $106,75 billion. However, in the long term, the demand for BSOL will stimulate the growth of the cryptocurrency’s price.