SEC delays Solana ETFs despite 90% approval odds: ‘Timeline unknown’
The post SEC delays Solana ETFs despite 90% approval odds: ‘Timeline unknown’ appeared on BitcoinEthereumNews.com.
The U.S. spot SOL ETFs approval could happen in July or October. SOL saw modest selling pressure but recorded a low spot and Futures market demand. The U.S. Securities and Exchange Commission (SEC) has delayed a decision on Franklin Templeton’s spot Solana [SOL] ETF (exchange-traded funds) application. Reacting to the update, Bloomberg ETF analyst Eric Balchunas said the delay was ‘expected’ and added, “(Approval) odds 90%. Ball in the SEC’s court after the S-1s refiled. Dialogue between the SEC and issuers is a great sign. Timeline less clear, though 2-4 weeks is ambitious.” His Bloomberg colleague, James Seyffart, highlighted that he won’t be surprised if the products are launched ‘next month’ or by the October deadline. “I wouldn’t be completely shocked if we see approvals for Solana ETFs in the next month or so. But i also wouldn’t be surprised if we have to wait until the final deadline in October. Timeline unknown.” Here, it’s worth noting that the regulator has engaged with issuers regarding the SOL ETF staking filings, a move the analysts deemed positive for approval. SOL’s modest pressure, low demand In fact, even VanEck’s SOL ETF (VSOL) was already on the Depository Trust and Clearing Corporation’s (DTCC) active pre-launch list. This mirrored the BTC and ETH ETF approval timeline, further boosting SOL’s chances. Source:: DTCC That said, despite the ongoing geopolitical tensions, SOL didn’t record massive profit-taking or sell-offs. Glassnode data showed that realized profit dropped to $32 million on the 17th of June. Meanwhile, past SOL local price peaks have attracted profit taking between $700M and above $1 billion. Put differently, current modest sell pressure suggested participants expected SOL to climb higher. Source: Glassnode That said, SOL’s spot market demand has dropped since mid-May, as shown by the declining spot CVD (Cumulative Volume Delta). Similarly, speculative…
