A First for Wall Street: ETFs Finally Launched on Solana and These Two Altcoins! First Data In! Bloomberg Analyst Comments!

A significant milestone was reached yesterday on Wall Street with the commencement of trading for Exchange Traded Funds (ETFs) tracking Solana (SOL), Litecoin (LTC), and Hedera (HBAR).

Canary Capital introduced the Canary Litecoin ETF, symbolized as LTCC, and the Canary HBAR ETF, with the ticker HBR. These funds are notable as they are the first to directly track the spot price of Litecoin and Hedera. Concurrently, the Bitwise Solana Staking ETF, trading under the symbol BSOL, also began its operations, marking the first US Exchange Traded Product (ETP) to invest 100% directly in SOL, with the intention of staking all its SOL shares.

Initial Trading Performance and Analyst Commentary

The launch of these ETFs generated considerable interest, and initial trading data was promptly shared by Bloomberg ETF analyst Eric Balchunas.

Balchunas reported that the Bitwise Solana Staking ETF (BSOL) achieved a remarkable trading volume of $56 million on its inaugural day. This figure positions BSOL as having the highest trading volume among all new ETFs launched this year.

In a post on X, Balchunas detailed the intraday trading activity. He noted that within the first hour of trading, BSOL had already reached a volume of $10 million, while HBR recorded $4 million and LTCC garnered $400,000.

By the close of the first trading day, BSOL had indeed secured the largest first-day volume, culminating at $56 million. HBR and LTCC followed with first-day trading volumes of $8 million and $1 million, respectively.

Balchunas further highlighted the success of BSOL, mentioning that the fund was established with an initial investment of $220 million. He speculated that if the fund had been fully launched on its first day, its trading volume could have potentially reached approximately $280 million, a figure that would have surpassed the initial trading volume of the Ethereum ETHA fund.

Prior to the trading day, Balchunas had also provided his volume estimates for these ETFs. He had predicted a volume of $52 million for the BSOL ETF, $8 million for the HBR ETF, and $7 million for the LTCC ETF.