The REX Shares ETF went dwell right now and garnered $8 million in quantity inside the first 20 minutes, however SOL is lagging behind different main cryptocurrencies.
Lower than per week after Bloomberg ETF analyst Eric Balchunas reported {that a} Solana Staking ETF may launch quickly, REX Shares’ Solana ETF went dwell right now. Nevertheless, SOL is underperforming ETH, regardless of respectable buying and selling quantity on the ETF’s launch.
SOL is up 4% right now; nonetheless, ETH is main all main tokens right now and is up 6.9%, almost reclaiming the $2,700 mark.
The token’s underperformance could also be because of the ETF being handled as a “sell the news” occasion by holders, or is also exacerbated by the ETF’s controversial nature.
This ETF particularly is sparking debate on betting markets resembling Polymarket, as a result of it launched with “no objection” from the Securities and Change Fee (SEC), versus a conventional “ S-1 ‘33 Act Spot ETF” approval. Polymarket bettors are still divided over the resolution of related markets. Seyffart said that this is not the first time that Polymarket bets on ETF approvals have faced such dilemmas.
The lack of full SEC approval could potentially act as a deterrent for institutional investors, who require complete regulatory clarity to deploy capital.
REX Shares is also a relatively small ETP issuer compared to behemoths like BlackRock. REX Shares reported just over $5 billion in assets under management (AUM) in 2024, compared to BlackRock’s $11.5 trillion. This might additionally end in liquidity constraints for the REX Shares SOL Staking ETF.
Regardless of SOL’s underperformance, the primary Solana staking ETF opened the day with greater than $8 million in quantity over the primary 20 minutes, a “healthy start” in accordance with Bloomberg’s James Seyffart.
