The SEC must decide on the first U.S. staking ETF by November 15, but SOL has already fallen below $90.
What we know: The VanEck JitoSOL ETF is the first U.S. ETF proposal targeting a liquid staking token. The SEC used its final 60-day extension in September, and November 15 is the statutory deadline for a written decision, whether it approves or rejects the proposal.
SOL spot ETFs saw $26.3 million in net outflows last week, almost all of them on Friday. SOL is now around $89; it closed at $90.06 on November 6 and is down about 6% over the past 7 days.
Europe has had a similar product since January, but 21Shares' JitoSOL ETP has only reached about $1.19 million in assets so far.
My take: Approval would be the first step toward bringing staking yields into ETFs, but Europe's tepid response suggests the potential boost to the token's price may be overstated. The news is bullish, yet both the price and fund flows are moving in the opposite direction.
What I'm doing: Watching, not chasing. SOL needs to reclaim $91.34 (the November 6 high) before I’d say the downtrend has stalled; a drop below $88.48 (the November 5 low) would mean weakness is still in play.
On November 15, are you betting the SEC approves or rejects it?
$SOL $JTO
#Solana #ETF
What we know: The VanEck JitoSOL ETF is the first U.S. ETF proposal targeting a liquid staking token. The SEC used its final 60-day extension in September, and November 15 is the statutory deadline for a written decision, whether it approves or rejects the proposal.
SOL spot ETFs saw $26.3 million in net outflows last week, almost all of them on Friday. SOL is now around $89; it closed at $90.06 on November 6 and is down about 6% over the past 7 days.
Europe has had a similar product since January, but 21Shares' JitoSOL ETP has only reached about $1.19 million in assets so far.
My take: Approval would be the first step toward bringing staking yields into ETFs, but Europe's tepid response suggests the potential boost to the token's price may be overstated. The news is bullish, yet both the price and fund flows are moving in the opposite direction.
What I'm doing: Watching, not chasing. SOL needs to reclaim $91.34 (the November 6 high) before I’d say the downtrend has stalled; a drop below $88.48 (the November 5 low) would mean weakness is still in play.
On November 15, are you betting the SEC approves or rejects it?
$SOL $JTO
#Solana #ETF
