VanEck and 21Shares File for Spot Solana ETFs, Triggering SOL Price Rally

Solana (SOL) has rallied over 12% in the past seven days, driven by recent spot Solana exchange-traded fund (ETF) filings by VanEck, a leading American investment management firm. SOL climbed from a low of $134.76 on June 27th to $151.15 the next day before retracing slightly.

Following VanEck’s lead, 21Shares, a Swiss-based crypto-native financial institution, also filed for a spot Solana ETF last Friday. Kaiko Research, a leading crypto analytics platform, attributed SOL’s recent rebound to these filings.

According to Kaiko, the ETF filings temporarily boosted market sentiment, which had been dampened by fears of a broad selloff due to Mt. Gox repayments. Further analysis by the firm revealed that SOL’s cumulative volume delta (CVD), a measure of net buying and selling, registered a net positive of $29 million over the past week.

A SOL CVD chart shared by Kaiko in its report indicated a surge in spot buying on Coinbase over the past weekend, contributing significantly to SOL’s positive CVD. However, the research platform noted a limitation in the overall market impact of the SOL ETF filings. The firm compared the recent market outcome to the situation in March when asset management firms filed for spot Ethereum ETFs.

Kaiko highlighted that the ETH to SOL ratio dropped sharply in March, suggesting that SOL outperformed ETH. However, this trend reversed after U.S. regulators approved the Ethereum ETFs. Kaiko revealed that the ratio has remained flat recently, showing no reaction to the recent SOL ETF filings.

Beyond SOL and ETH, Kaiko observed a limited impact on derivative markets from the SOL ETF news. The reaction was short-lived, unlike the sustained response in the spot markets.