Market News

Solana ETFs Make Waves on Wall Street, Breaking Records According to Bloomberg Analyst

In a historic move, Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs commenced trading on Wall Street.

Canary Capital launched the Canary Litecoin ETF (LTCC) and Canary HBAR ETF (HBR), alongside the Bitwise Solana Staking ETF (BSOL).

The Bitwise Solana Staking ETF (BSOL) distinguishes itself as the first U.S. exchange-traded product to invest solely in Solana, with plans to stake all SOL shares held.

Bloomberg ETF analyst Eric Balchunas provided early trading data, revealing that BSOL achieved an impressive trading volume of $56 million on its inaugural day.

Within the first hour of trading, BSOL saw $10 million, while HBR and LTCC generated $4 million and $400,000, respectively.

By the end of the trading day, BSOL not only led in volume but also significantly surpassed initial estimates set by Balchunas, who had projected $52 million for BSOL.

He noted that if BSOL had launched fully at the outset, the first-day volume could have reached about $280 million, outpacing akin offerings like the Ethereum ETHA fund.

HBR and LTCC also performed respectably, with first-day volumes of $8 million and $1 million, respectively.

This groundbreaking debut not only indicates strong market interest in these altcoins but also sets a new benchmark for future cryptocurrency ETFs.

As the cryptocurrency landscape evolves, the successful launch of these ETFs marks a significant milestone in the integration of digital assets into traditional finance.