REX-Osprey Solana ETF crosses $200M milestone as SOL hits seven-month high

The REX-Osprey Solana staking ETF (SSK) surpassed $200 cardinal successful cumulative flows for the archetypal clip connected Sept. 11, amid Solana’s (SOL) beardown terms action.

Trading nether ticker SSK, the money struggled with adoption during its archetypal months, signaling zero enactment connected 4 of six trading days done Aug. 8, according to Farside Investors data.

The signifier reflected broader organization hesitation toward Solana-focused concern products compared to Bitcoin and Ethereum alternatives.

Analysts attributed the dilatory commencement to structural complexity alternatively than request deficiencies.

Additionally, the money operates extracurricular modular SEC-registered spot ETF frameworks, incorporating staking mechanisms and offshore ETF allocations that differentiate it from accepted cryptocurrency products.

At 0.75% annually, SSK’s absorption interest positions astatine the higher extremity of crypto ETF disbursal ratios compared to large Bitcoin and Ethereum funds charging 0.15% to 0.25%.

Shifting tides

However, organization sentiment shifted successful precocious August, pursuing announcements astir firm Solana treasury strategies.

Galaxy Digital, Multicoin Capital, and Jump Crypto announced they were pursuing $1 cardinal to assemble a Solana treasury done a nationalist institution vehicle, with Cantor Fitzgerald serving arsenic pb banker.

The companies committed currency and stablecoins to Forward Industries, which closed a $1.65 cardinal backstage placement on Sept. 11.

In addition, SOL Strategies secured Nasdaq support to statesman trading connected Sept. 9 arsenic a Solana-first concern vehicle.

Institutional flows

Institutional flows reflected the momentum shift. Solana exchange-traded products (ETPs) registered $177 cardinal successful inflows during the week of Aug. 25-29, representing the largest altcoin travel excluding Ethereum.

The archetypal week of the period saw Solana products predominate altcoin flows with $16.1 million, portion Ethereum ETPs experienced $912.4 cardinal successful outflows. The organization involvement coincided with Solana’s maturation successful its DeFi ecosystem.

DefiLlama information shows that Solana crossed $13 cardinal successful full worth locked for the archetypal clip connected Sept. 12.

This backdrop provided cardinal enactment for a terms beforehand that lifted SOL by 20% successful September. On Sept. 12, SOL grew 5.5% to scope a $241.84 high, its highest terms level since Jan. 30.

The station REX-Osprey Solana ETF crosses $200M milestone arsenic SOL hits seven-month high appeared archetypal connected CryptoSlate.