While the Solana ETF receives intense interest, the other two remain silent.

Recent developments in the cryptocurrency market continue to attract the attention of investors. In particular, the Bitwise Solana Staking ETF (BSOL), focused on Solana (SOL), has garnered interest from investors with its success on its first trading day. Launched on the New York Stock Exchange on October 28, BSOL recorded a net inflow of 69.45 million dollars on its first day, raising its total asset value to 289 million dollars.

This means that BSOL represents a share equivalent to 0.27% of Solana’s total market capitalization. Additionally, it offers investors 100% direct exposure to Solana, while also being noteworthy for providing staking returns. It is reported that within just one hour of the ETF’s opening, it achieved a trading volume of 10 million dollars. By the end of the day, total transactions reached 56 million dollars, reinforcing the notion that the fund had one of the best starts of the year.

Bloomberg analyst Eric Balchunas stated that BSOL launched with a “220 million dollars strong starting capital.” According to the analyst, this success has the potential to attract more interest than the launches of Ethereum (ETH) ETFs. However, the other two ETFs listed on the same day, Canary Litecoin (LTCC) and Canary HBAR (HBR), started quite quietly, recording no net inflows or outflows on their first days.

The total trading volume of the three funds was reported as 65 million dollars, with the majority coming from BSOL. Spot crypto ETFs have become more widespread in the U.S. market, especially with the anticipated approvals for Bitcoin (BTC) and Ethereum funds in early 2024. Currently, the total asset size of these funds is over 175 billion dollars.

In the upcoming period, the success of the Solana ETF may also increase investments in XRP and other altcoins. Therefore, it is essential for investors to closely monitor these developments and shape their strategies accordingly.