English
91843
|
Hong Kong and the United States, two Solana spot ETFs, the same code but different starts. The global cryptocurrency market has recently ushered in a far-reaching event - Hong Kong and the United States launched the Solana spot ETF almost simultaneously. This is not only an important step for digital assets to move into mainstream finance, but also an excellent window for observing financial competition and cooperation between the East and the West. On October 27, Hong Kong’s “China Solana ETF” (code: 3460) was officially listed for trading on the Hong Kong Stock Exchange. Following closely, on October 28, the U.S. “Bitwise Solana Staking ETF” (code: BSOL) also debuted on NYSE Arca. Both ETFs are committed to providing investors with convenient investment channels in Solana, but their performance after listing is completely different. Hong Kong’s 3460 had a trading volume of HK$20 million in the four days after its listing, while the United States’ BSOL set a record $56 millionThe first-day transaction volume record showed a situation of "cold in the east and hot in the west". 01 Hong Kong First: The Steady Layout of ChinaAMC Solana ETF The Hong Kong Securities Regulatory Commission officially approved the issuance and listing of the "China Solana ETF" on the Hong Kong Stock Exchange on October 17, 2025, making Hong Kong the first region in Asia to launch the Solana spot ETF. It is also the third type of cryptocurrency spot ETF approved in Hong Kong after Bitcoin and Ethereum. ChinaAMC Solana ETF has three currency counters - Hong Kong dollar (03460.HK), RMB (83460.HK) and US dollar (09460.HK), providing convenience for investors with different currency preferences. The fund’s management fee is0.99%, plus hosting and other expenses, the total annual expense ratio is approximately1.99%。 In terms of trading mechanism, ChinaAMC Solana ETF sets each trading unit to be 100 fund units, with a minimum initial investment of approximately US$100, which significantly lowers the participation threshold for retail investors. Unlike similar products in the United States, Hong Kong’s Solana ETF clearly states in the fund’s prospectus that“No part of the SOL held will be pledged”, which reflects the cautious attitude of Hong Kong regulators towards the security of staking. 02 American Advance: High-profile debut of Bitwise Solana Staking ETF In stark contrast to Hong Kong's prudent style, the U.S.-based Bitwise Solana Staking ETF debuted on the market with a more aggressive attitude. BSOL attracted a lot of attention on its first day of listing$69.5 millionThe capital inflow not only set the highest first-day trading volume record for ETFs in 2025, but also significantly surpassed other cryptocurrency ETFs listed during the same period (such as Canary's HBAR ETF and Litecoin ETF). The biggest feature of BSOL is itsstaking mechanism——The trust will pledge a portion of its Solana holdings with the Solana Custodian. As consideration for participating in the staking activities, the trust will receive part of the staking rewards in the form of additional Solana, which may be regarded as income of the trust. This design significantly increases its appeal to income-seeking investors and sets a new benchmark for the integration of traditional financial products into the cryptocurrency world. By the end of October, BSOL’s net asset value had soared to$289 million, equivalent to 0.01% of Solana’s total market value, showing the strong interest of institutional investors in this type of innovative products.  03 Transaction volume gap: "cold in the east and hot in the west" caused by multiple factors” The significant gap in trading volume between Hong Kong and the U.S. Solana ETF is not caused by a single factor, but is a comprehensive reflection of differences in many aspects.
04 Price drops: The sober reality of the ETF craze Although both ETFs attracted market attention, Solana's price fell after the ETF was listed, even falling by more than 3% at one point. This seemingly contradictory phenomenon is actually not uncommon in financial markets. common in the market“Buy expectations, sell facts”Behavior is the main reason. The expectations of Solana ETF have been partially reflected in the currency price even before its official listing. Once the benefits are realized, some investors will choose to take profits. At the same time, early holders also began to Reduce holdings and cash out, their selling pressure was absorbed by the newly established ETF products. Throughout October, Solana-focused ETFs saw inflows of$381 million, these institutional funds took over the selling orders of early investors. market rotationIt is also a factor that cannot be ignored. Some investors may take advantage of the timing of the ETF listing to divert funds from Solana to other potential opportunities, resulting in short-term pressure on prices. 05 Future Outlook: Potential Impact and Development Path of Solana ETF Despite the different performance in the initial stage of listing, the long-term impact of the two Solana ETFs is still worthy of attention. JPMorgan analysts predict U.S. Solana ETFCould attract around $1.5 billion in inflows in first year, and some more optimistic predictions even reachMore than US$6 billion。 As the pioneer of Solana ETF in Asia, Hong Kong is expected to attract investors interested in this field in the region and gradually expand its influence. In the future, if Hong Kong regulators relax restrictions on staking, ChinaAMC Solana ETF is likely to follow up with relevant functions to enhance product competitiveness. The competition between Solana ETFs in the two places also reflects theHong Kong and the United States take different paths in financial innovation——Hong Kong is more cautious and the United States is more aggressive, both providing global investors with more diverse options. Competition in the financial market is never just about the products themselves;The competition between ecosystem and influence. Hong Kong has the advantage of being backed by the Chinese mainland market, while the United States relies on its huge network of institutional investors. Two different paths are destined to lead to different futures. |
|
|
|
|
|
