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This Thursday, two ETFs tracking SOL Futures will be launched, which is considered a signal of the upcoming SOL spot Fund. Media estimates that the probability of approval for the SOL spot ETF this year is 75%. SOL is one of the strategic reserve currencies for Cryptos in the USA, and is the sixth largest Crypto in the Global market.
The first batch of SOL Futures ETFs has been launched, paving the way for potential spot ETFs and marking further acceptance of "crypto assets beyond Bitcoin" in mainstream financial markets.
According to registration documents, Volatility Shares LLC, located in Florida, USA, launched two exchange-traded funds tracking SOL futures this Thursday. These will be the first products to offer exposure to SOL, which currently has a Market Cap of approximately 67 billion dollars, making it the sixth largest crypto in the Global market.
Among them, $Solana ETF (SOLZ.US)$ This will track SOL Futures, while $2x Solana ETF (SOLT.US)$ will provide double leverage exposure. According to the documents, SOLZ has a management fee of 0.95%, while SOLT has a management fee of 1.85%.
On its first trading day, SOLZ fell by 2.35%, and SOLT dropped by 3.84%.
Justin Young, CEO of Volatility Shares, stated: "The launch of our products comes at a time when optimism about cryptocurrency innovation has been reignited in the USA. We believe the Trump administration recognizes the strategic importance of maintaining the USA's leadership in the fintech sector."
Earlier this month, Trump announced that the USA's Cryptos Global Strategy Reserve would focus on $Bitcoin (BTC.CC)$ and $Ethereum (ETH.CC)$ as the core, and would also include $Solana (SOL.CC)$ 、 $XRP (XRP.CC)$ and $Cardano (ADA.CC)$ And tokens with smaller scales and higher risks.
SOL initially gained widespread attention due to support from former cryptocurrency billionaire Sam Bankman-Fried. In 2022, after the collapse of his cryptocurrency Exchange FTX and the associated Alameda Research Fund, SOL's survival was in question. However, due to its lower fees compared to its competitors, SOL has since made a strong comeback.
However, this year so far, $Solana (SOL.CC)$ It has still declined by about 30%.
Several issuers, including Grayscale, Franklin Templeton, and VanEck, have submitted documents to prepare for the launch of a spot SOL ETF, which has not yet been reviewed by the USA Securities and Exchange Commission.
However, industry observers view the Volatility Shares Fund as a signal that the SOL spot Fund is imminent. Bitcoin and Ethereum followed a similar path: issuers first launched Futures products, followed by spot ETFs.
Eric Balchunas and James Seyffart from Bloomberg Intelligence estimate that the probability of the SOL spot ETF being approved this year is 75%.
Editor/Rocky
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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