According to crypto bank Sygnum's Head of Research, US spot Solana ETF will attract less demand and wouldn't be 'exciting' to the market.
Sygnum’s Head of Research, Katalin Tischhauser, recently told Cointelegraph that the flows would be ‘minuscule’, citing Grayscale’s low AUMs from SOL trust GSOL.At the time of writing, GSOL’s AUM was $67 million, which was way too little compared to GBTC’s nearly $30 billion before the ETF conversion in January.The outlook comes weeks after asset managers like VanEck, Franklin Templeton, and 21Shares filed a U.S. spot SOL ETF application with the SEC .
However, BlackRock recently stated it would not apply for the SOL ETF, citing a lack of client demand in the near term. Interestingly, Tishchhauser’s flow projections mirror Bloomberg ETF analyst Eric Balchunas’s ETH ETF outlook before they went live on the 23rd of July.As a result, he projected 15%- 20% equivalent BTC ETF flows for day 1. ETH’s dominance was around 15% back then. However, the ETH ETF’s performance on its debut date was slightly higher,This meant that, as Tischhauser stated, it could see fewer flows for its ETF products if the trend followed market dominance and AUM.
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