对 SOL Crypto 的 ETF 申请反应不一

VanEck 和 21Shares 最近宣布 Solana 和 21Shares 首次提交 SOL 加密货币现货 ETF 申请，但未能激发市场预期的热情。

The recent announcement of the first spot ETF filings for Solana (SOL) by VanEck and 21Shares had sparked optimism in the crypto market. However, despite this promising news, enthusiasm quickly dissipated, leaving many observers puzzled.

VanEck 和 21Shares 最近宣布首次提交 Solana (SOL) 现货 ETF 申请，引发了加密货币市场的乐观情绪。然而，尽管这个消息充满希望，但热情很快就消退了，让许多观察家感到困惑。

The initial announcement on June 26 revealed VanEck's intention to launch a physically backed ETF tracking the performance of SOL. This move came shortly after the SEC approved the first Bitcoin futures ETF in October 2021.

6 月 26 日的初步公告显示，VanEck 打算推出一款跟踪 SOL 表现的实物支持 ETF。这一举措是在 2021 年 10 月 SEC 批准第一个比特币期货 ETF 后不久做出的。

The ETF filings for Solana, the seventh-largest crypto by market capitalization, were expected to generate significant interest from investors seeking direct exposure to the SOL token.

Solana 是按市值计算的第七大加密货币，其 ETF 申请预计将引起寻求直接投资 SOL 代币的投资者的浓厚兴趣。

But the ETF filings failed to ignite the expected enthusiasm in the market. While SOL crypto did see a 6% rise in price following the announcement, the overall impact was limited.

但ETF备案未能点燃市场预期的热情。虽然 SOL 加密货币的价格在公告发布后确实上涨了 6%，但总体影响有限。

According to a recent analysis by blockchain analytics firm Kaiko, open interest in the derivatives markets remains 20% below early June levels. This lack of sustained buying pressure has left the market largely unimpressed by the ETF filings.

根据区块链分析公司 Kaiko 最近的分析，衍生品市场的未平仓合约仍比 6 月初的水平低 20%。由于缺乏持续的购买压力，市场基本上对 ETF 申请不感兴趣。

While SOL crypto did record a positive Cumulative Volume Delta (CVD) of $29 million thanks to significant purchases on Coinbase, it failed to maintain the momentum. The volume-weighted funding rate of SOL briefly rose on June 27 before falling back to neutral levels, indicating a lack of sustained bullish demand. In short, the initial enthusiasm was insufficient to sustainably energize the market.

尽管由于 Coinbase 上的大量购买，SOL 加密货币确实实现了 2900 万美元的正累积交易量增量 (CVD)，但它未能保持这一势头。 SOL 的成交量加权融资利率在 6 月 27 日短暂上升，随后回落至中性水平，表明缺乏持续的看涨需求。简而言之，最初的热情不足以持续激发市场活力。

Several factors could explain this lukewarm reaction. On one hand, Solana's derivative market is still too small to attract massive interest. On the other hand, regulatory challenges heavily weigh on investors' optimism, especially since SOL crypto has been mentioned in several SEC lawsuits.

有几个因素可以解释这种冷淡的反应。一方面，Solana 的衍生品市场仍然太小，无法吸引大量兴趣。另一方面，监管挑战严重影响了投资者的乐观情绪，尤其是 SOL 加密货币在几起 SEC 诉讼中被提及。

At the same time, traditional investors seem increasingly attracted to combined ETFs, such as those recently filed by Hashdex and HashKey, offering a diversified portfolio in Bitcoin (BTC) and Ethereum (ETH). Kaiko's Value at Risk (VaR) tool indicates that an equally weighted BTC/ETH portfolio would have returned 58% in 2024, compared to 20.6% in 2021, thus offering a more attractive risk-return profile.

与此同时，传统投资者似乎越来越被组合 ETF 所吸引，例如 Hashdex 和 HashKey 最近提交的 ETF，提供了比特币 (BTC) 和以太坊 (ETH) 的多元化投资组合。 Kaiko 的风险价值 (VaR) 工具表明，同等权重的 BTC/ETH 投资组合到 2024 年的回报率为 58%，而 2021 年为 20.6%，从而提供更具吸引力的风险回报状况。

The expectations placed in Solana ETF filings have not been fully met. Regulatory challenges and the modest size of the derivatives market, combined with the growing appeal of BTC/ETH mixed ETFs, explain this mixed reaction. Investors must continue to analyze the market to anticipate movements and adjust their strategies accordingly.

Solana ETF 备案中的预期尚未完全达到。监管挑战和衍生品市场规模不大，再加上 BTC/ETH 混合 ETF 的吸引力日益增长，解释了这种不同的反应。投资者必须继续分析市场以预测走势并相应调整策略。