Solana News Update: Solana ETFs See $15 Million in Investments Despite Token Price Decline
- Solana ETFs gained $14.9M on Nov 4, contrasting Bitcoin and Ethereum ETF outflows. - Institutional demand driven by Solana's 7-8% staking yields and tokenized asset infrastructure. - SOL price remains bearish, trading below 9-day SMA at $186.92 despite inflows. - Upexi's 2.1M staked SOL holdings signal long-term confidence in Solana's value.
Solana spot ETFs have recently drawn considerable investor interest, attracting notable capital inflows at a time when traditional crypto funds for
The
Despite these inflows, Solana’s token price continues to face downward pressure. On November 4,
Upexi, a leading Solana treasury manager, recently increased its holdings by 88,750 SOL, bringing its total to 2.107 million tokens worth $397 million, according to Lookonchain. Nearly all of these tokens are staked, generating daily returns of about $75,000, the Lookonchain report noted. This approach reflects the company’s confidence in Solana’s long-term potential, despite ongoing price fluctuations in the short term.
So far, the ETF inflows have not triggered a breakout for Solana. Although the token has shown early signs of recovery from the $150 level, it is still trading below its 9-day simple moving average of $175.85, as observed by Crypto.news. Experts remain cautiously optimistic, suggesting that Solana’s growing involvement in stablecoin transactions and tokenized assets could support future growth, according to the Bitwise Solana ETF report. Matt Hougan, Bitwise’s CIO, believes that Solana’s infrastructure and developer community position it well for broader adoption, as highlighted in the report.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Non-Farm Payroll Report Missing Amid Government Shutdown
The Garden Hack Transfers Millions to Tornado Cash
ZachXBT Warns of Fake Hyperliquid Apps on Play Store