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- Solana’s SSK ETF launched with $33M turnover and $12M inflow, ranking in the top 1% of U.S. ETF debuts.
- SSK allows partial SOL staking and offers investors up to 7% annual yield in a regulated ETF format.
- SEC urges Solana ETF applicants to refile by July 31, signalling accelerated approval for SOL products.
Solana made waves this week through the inception of its initial staking ETF, the REX-Osprey Solana + Staking ETF (SSK), which is based in the United States. On launch, July 2, the fund pre-traded $33 million and had primary inflows of $12 million on the first day. This positioned SSK as one of the highest opening-day volume among all ETF launches in the U.S., representing the top 1%.
The ETF runs under the 1940 Investment Company Act conditions which enable it to avoid the stiffer 1933 Act requirements that Bitcoin and Ethereum ETFs observed. Moreover, SSK incorporates partial staking of SOL, and investors could receive an annual income of approximately 7% of it. This structure exposes them to the possibility of staking rewards in the form of a regulated financial product.
SEC Accelerates SOL Filings
Following the successful launch, the U.S. SEC asked other Solana ETF applicants to amend and refile by July 31. This step shows that regulators are ready to speed up the approval process. If approved, SOL ETFs might reach the market first, depriving XRP or DOGE assets, which may potentially cause the flow of capital to small altcoins.
Meanwhile, greater liquidity pressure continues to hit the market with over $480 million worth of cliff and linear token unlocks. These planned releases come at a time of the year when trading volumes are low, and this may disrupt market stability. Nevertheless, the rising supply is not negatively influencing all tokens.
SUI, as an example, increased by above 12% this week despite a significant unlock. This result shows that market confidence and token narratives may occasionally be stronger than supply inflation worries. It also demonstrates that not all unlock events are followed by an immediate decrease in price.
Solana ETF Fuels Outflows
The activity measured on-chain showed a moderate decline. The overall Bitcoin network costs reduced 9.1% to $3.08 million. Fees on Ethereum dropped 0.6% to $6.42 million, which is an indication of a slowdown in the recent DeFi-related activity. These drops indicate weak on-chain activity even as prices have been escalating.
There were massive outflows on centralised exchanges. Bitcoin experienced a net outflow of $281 million, whereas the outflow of Ethereum amounted to $493 million. These numbers indicate that a huge number of investors are still taking assets out of exchanges and storing them long-term.
Source: Into TheBlock
Ethereum and Bitcoin ETFs continue to accumulate capital. The average inflows of the previous seven days were $298 million. Although these flows assist in terms of absorbing the poorer sell force, smaller altcoins can, however, be at liquidity risk.
SSK creates a new milestone and is the first ETF in the U.S. to transfer staking profits directly to investors. This advancement might have an effect on ETF models to come, particularly with assets that have the ability to stake, such as Ethereum.
