- SOL ETF futures products did not reflect BTC’s success.
- Have we found SOL ETF products?
The analyst ERIC BALCHUNAS of the senior Bloomberg ETF mentioned that it was recently released. Solana (SOL) The ETF (Exchange Traded Funds) futures did not match the performance of similar BTC products.
BALCHUN Sayed,,,
“The new Solana Future ETF hasn’t done much work, and it’s okay for the first million ETFs for the first few days, but about 80 times lower than the BTC vs. BTC is $ Bito’s first or $ Ibit.
Source: Bloomberg
Volatile stocks made their debut on March 20 and their trading volume was $ 1 million during the initial transaction.
However, as shown in the attached Bloomberg chart, Volumes was tank on March 31 and the record is $ 48K.
Solana vs. bitcoin
BALCHUNAS predicted that their dominance in the previous market could indicate interest in new ETF products.
Currently, BTC has 8%of Ethereum (ETH) after 61%of the market, and SOL is recently reversed by Binance Coin (BNB) and fifth place from 2.4%.
Source: Coinmarketcap
Like the market dominant chart, BTC ETF has the most traction since its debut. SPOT BTC ETF has been $ 36B since its launch last year.
On the contrary, the US SPOT ETH ETFS, which was released in July, saw $ 2.4B with a cumulative inflow of 15 times lower than the BTC ETF.
If it is approved, will the same trend find SOL ETF? In fact, even the recently released SOL CME (Chicago Mercantile Exchange) futures also revered for similar trends projected by BALCHUNAS.
On the day of debut, SOL CME FUTURES I had The trading volume is about $ 12 million, almost 10 times lower than the BTC CME FUTURES ($ 102m) and $ 31m of ETH.
The speculator also looked more comfortable with the BTC during the overall blow of the market than ETH or SOL. Among the Q1 sponsorship, SOL was almost 50%of BTC.
Source: SOL/BTC, TradingView
The extended weakening can drag the SOL/BTC ratio with 0.0012 (trend line support) before potential rebounds.
The indicators measure the price performance of SOL compared to BTC. Altcoin, meanwhile, was worth $ 128 at the time of writing and still received an important support of $ 120 a year.