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On Wednesday, January 14, the inflow of capital into exchange-traded funds (ETFs) linked to the SOL cryptocurrency amounted to $23.5 million. This is the highest figure in the last four weeks, according to data from the SoSoValue platform.
The leader in the influx of funds was Bitwise’s BSOL fund, which accounted for $20.8 million. Next come Grayscale’s GSOL with $976 370 and Fidelity’s FSOL with $1.7 million. All three ETFs are traded on the New York Stock Exchange (NYSE). The net inflow of funds into these funds is observed against the backdrop of Bitcoin rising to $97,000. Over the week, the Solana cryptocurrency has risen in price by 8% and is now trading at $145, with a market capitalization of $81.9 billion.
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Bitget Wallet market analyst Lacie Zhang believes that investing in exchange-traded funds on Solana could create momentum for further growth of the altcoin and push it towards $150. Robust demand for SOL-ETFs will indicate growing confidence among large investors in the reliability of the Solana ecosystem, Zhang added.
However, CEX.IO chief analyst Ilya Otychenko believes that demand for SOL-ETF alone will not be enough for the coin to break through to higher price levels. According to Otychenko, the total net assets of the ETFs on Solana are only about 1.5% of SOL’s market capitalization, and the daily trading volume of the funds’ shares is less than 1% of the total spot trading volume of this cryptocurrency.
Recently, the investment company Bitwise received permission from the American regulator to launch an ETF tied to the Chainlink (LINK) cryptocurrency. Previously, Bits.media wrote about new spot ETFs for altcoins in the United States and the reasons for the emergence of these investment products.
