VanEck Files for First Solana ETF in US Amid $37M Market Outflows

Jul 1, 2024, 01:36 PM

VanEck has filed for the first Solana ETF in the United States, marking a significant development in the digital asset investment landscape. This move follows the introduction of Bitcoin and Ethereum ETFs, and it comes alongside a similar filing by 21Shares. The SEC has acknowledged the filings, indicating a potential shift in the regulatory environment for digital assets. SEC Chair Gensler noted that Ethereum ETF approval is going 'smoothly.' Meanwhile, the digital asset market has experienced a third consecutive week of outflows, with Ethereum seeing its largest outflow since August 2022, totaling $61 million. Overall, there were $37M in net outflows last week. Despite these outflows, altcoins like Solana and Litecoin have seen some inflows, with Solana gaining $1.6M and Litecoin $1.4M. Additionally, the SEC has returned S-1 forms to Ethereum ETF issuers, signaling ongoing regulatory scrutiny.