After some initial confusion, it seems confirmed that Bitwise and Canary Capital’s Solana and HBAR ETFs will begin trading tomorrow. This could further open the world of altcoin ETFs.
So far, uncertainty regarding financial regulators and macroeconomic situations have left the situation ambiguous. Neither token has posted a price rally, despite this ostensibly bullish news.
Solana ETF To Begin Trading
ETFs based on Solana and HBAR have been hotly anticipated in the markets, but there’s been a lot of confusion and false starts. Although analysts anticipated a wave of altcoin ETFs, confusion has reigned about these products’ actual launch.
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Today, however, Bitwise announced that its SOL-based product is ready to go:
Earlier today, Canary Capital claimed that its Solana and HBAR ETFs were about to be listed, and the NYSE Arca certified its approval. Leading ETF analysts took this as confirmation, but a little lingering doubt remained.
Now that two issuers have made similar statements, however, the launch seems like a foregone conclusion.
Doubt and Confusion
Now that institutional investors are pouring huge sums into the ETF market, the first altcoin products are posting huge successes. Friendly regulators have also encouraged new features like staking, allowing the markets to further diversify. In other words, a Solana ETF could make a huge splash.
However, SOL’s token price hasn’t reacted much to this news. Although analysts theorized that a Solana ETF would cause the underlying asset to surge in valuation, its price actually went down today. A few factors might help explain this trend.
For one thing, Solana’s price has been struggling lately, and the ETF isn’t even here yet. Although the launch tomorrow seems thoroughly confirmed, traders might remain skeptical until it happens.
The US federal government has also been shut down for several weeks now, disrupting altcoin ETF approvals and causing a lot of chaos. There’s no clear end in sight, and this policy is inflating market uncertainty.
For now, we’ll just have to wait for the Solana and HBAR ETFs to actually begin trading tomorrow. Hopefully, this will help rebuild some momentum for the crypto industry in these trying times.
