#MarketSentimentToday #Write2earn
Solana Outflows Peak Amid SOL ETF Approval Uncertainty
Solana (SOL) saw a record $39 million in outflows last week, raising concerns within the crypto market. This spike comes as uncertainty grows over the approval of Solana ETFs, following the removal of related filings from the Cboe website.
Record Outflows Spark Alarm
The unprecedented $39 million outflow from Solana investment products has worried the crypto community. This decline is linked to a sharp drop in trading volumes, especially in meme coins, which are crucial for Solana. While Solana struggled, Bitcoin (BTC) led with $42 million in inflows, showing strong investor confidence in spot Bitcoin ETFs. In contrast, Ethereum (ETH) had mixed results, with new Ethereum ETFs gaining $104 million, while Grayscale’s ETH products lost $118 million.
SOL ETF Approval in Doubt
The significant outflows coincide with growing doubts about the approval of Solana ETFs. Filings by VanEck and 21Shares were recently removed from the Cboe website, sparking speculation about regulatory hurdles. Concerns are rising that the U.S. Securities and Exchange Commission (SEC) may not view Solana as a commodity, casting further doubt on the future of SOL ETFs. This uncertainty has contributed to the decline in interest in Solana investment products.
