Bitwise has launched various crypto-based exchange-traded funds (ETFs). The advent of the first Bitcoin ETF foreshadowed a cascade of crypto funds, with many generating significant investor interest. The newest ETF launched just this week is the Bitwise Solana Staking ETF (BSOL), which pays a yield to investors. BSOL launched on October 28th with $69.5 million in inflows. Today, with seed assets included, BSOL has around $300 million in assets.
Solana’s ecosystem is moving into mainstream finance, says JD Péquignot, Chief Commercial Officer of Deribit by Coinbase. Solana is a blockchain aiming to support the needs of institutions and large enterprises with fast, low-cost transactions. Solana can process thousands of transactions per second, using its “Proof of History” (PoH) consensus.
Péquignot notes that China Asset Management, via its Hong Kong arm ChinaAMC (HK), started accepting interest for Asia’s first spot Solana ETF on the Hong Kong Stock Exchange on October 22, with Bitwise’s BSOL following several days later.
“[BSOL] shattered expectations with $69.5 million in inflows and $55+ million volume on debut, followed by $70+ million volume on day 2,” says Péquignot.
“These ETF launches sparked a rally, with SOL price increasing ~15% from a $177 low (Oct 22) to $205 on Oct 28. A pullback has followed amid macro caution (Fed cuts, equities dip), settling at ~$196 today. Yet, ETF AUM exploded to ca. $290mio for BSOL alone, eyeing $3-6bio inflows in year 1 per JPMorgan,” Péquignot states. Deribit SOL options volume surged to 246.7K contracts in 24h post-Bitwise launch – the highest in weeks – with calls dominating amid ETF hype. Total open interest has increased to $347mio, signaling bets on $220-250 upside for December expiry where highest OI is seen in $220, $240 and $300 strikes. A Put/Call ratio of 0.49 confirms dominance in Call open interest.”
Péquignot adds that SOL options trading has seen increased volume on his platforms, rising to $837 million from $212 million in June.
SOL is a top ten crypto with a market cap of over $102 billion. Other firms are also offering SOL-based ETFs. Grayscale just launched the Solana Trust ETF (GSOL), which also includes staking benefits.
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