According to Farside Investors, Rex Osprey Solana (Sol) recorded a zero negotiation activity on four of the six days of negotiation until August 8, according to Farside Investors data.
Trading under Ticker SSK, the fund did not display any flow on August 1, August 4, August 5 and August 7, with a minimum of $ 6.4 million in activity on August 8 and $ 2.7 million outings on August 6.
The Rex Osprey Fund is the first ETF Solana side in the United States to integrate the native implementation mechanisms. The product operates outside of standard dry ETF frames, offering exposure to the ground via indirect vehicles rather than direct cryptography titles.
Institutional hesitation
Corners flow data have shown that Solana products have attracted $ 874 million in up to date, remaining behind Ethereum (ETH) and XRP among the main altcoins despite its position as fourth cryptocurrency by market capitalization.
The trading model could reflect a broader institutional hesitation towards Solana -oriented investment products compared to Bitcoin (BTC) and Ethereum alternatives.
The principal Nansen research analyst Jake Kennis attributed the disparity to the allocation strategies of the institutional portfolio. He explained in a note:
“The ETH sees many new activities because the institutions were probably in weight insufficiency and compared to the BTC. Solana was mainly in the rear seat for this new wave of attention, but the ETF de Sol would resume if the institutions seek to also diversify with the BTC and the ETH. ”
Structural complexity creates adoption barriers
The design of the Rex Osprey Fund incorporates ignition mechanisms and offshore ETF allowances which differentiate it from traditional cryptocurrency products.
The founder and CEO of Stabolut, Eneko Knörr, identified these characteristics as adoption obstacles rather than gaps.
Knörr said:
“SSK’s silent strip looks more like a brand and a distribution problem than a pure demand problem. Its design is not a simple ground floor in a wrapper ” – The ground funds and can allocate a part to other ETF / ETPS Sol, many offshore, which adds complexity that some buyers draw.”
The Fund invoices 0.75%management fees, positioning it at the upper end of expenditure ratios of cryptocurrency. The traditional FNB Bitcoin and Ethereum of the main transmitters generally carry costs between 0.15% and 0.25%.
Kennis, from Nansen, noted that the structure of the costs creates an analysis cost-dispatches for institutional investors weighing a direct exposure to cryptocurrency against the convenience of the ETF.
He referred to around 7% of Solana’s annual awards:
“The component of intention seems to be a major characteristic since the” passive “yield remains on the table.”
Market positioning and future perspectives
The absence of major financial institutions such as Blackrock and loyalty in the Solana ETF space contributes to limited market penetration.
REX actions work as a smaller ETF transmitter without distribution networks and the brand’s recognition of the biggest Wall Street asset managers.
Knörr supported:
“The first exchanges will probably remain lumpy until the big brands are part of the space. The structure, the complexity and the limited conservation space retain it – the interest of the exposure to Solana itself does not seem to be the problem.”
As of August 11, the American Commission for Securities and Exchange (SEC) still envisages the approval of Solana ETFs under the law more favorable to the 1933 tax.
