Solana Spot ETF Approved In Hong Kong: Here’s When It’s Dropping

The Hong Kong SFC has just approved the first Solana spot ETF, allowing the altcoin to join the ranks of Bitcoin and ￰0￱ To List First Solana Spot ETF In Hong Kong As reported by the Hong Kong Economic Times, the Securities and Futures Commission (SFC) has approved the first Solana spot exchange-traded fund (ETF) in Hong Kong. A spot ETF is an investment vehicle that allows investors to gain exposure to an underlying asset without having to directly own ￰1￱ the case of a cryptocurrency like SOL, this means that traders can invest without having to hold actual tokens on the ￰2￱ Kong approved spot ETFs for Bitcoin and Ethereum in April ￰3￱ BTC products followed three months after they were approved in the US by the Securities and Exchange Commission (SEC), but the Chinese city led the way with ETH ￰4￱ same dynamic appears to be playing out ￰5￱ the US government currently facing a shutdown that has frozen SEC operations, Hong Kong’s SFC has beaten the American regulator to approving a Solana spot ￰6￱ spot ETF, issued by Chinese asset management company ChinaAMC, is set to launch on October ￰7￱ will be available in three trading lots: HKD, RMB, and ￰8￱ is equivalent to 100 tokens of the ￰9￱ previously launched Bitcoin and Ethereum spot ETFs on the Hong Kong stock exchange as part of the initial wave of approvals granted by the SFC in April ￰10￱ in the US, several SOL ETF filings are waiting to be processed , but with the current government shutdown, it’s unclear when they will finally be ￰11￱ altcoins like Dogecoin and XRP have also seen their filings similarly ￰12￱ of the US spot ETFs, Bitcoin funds witnessed a notable amount of inflows on Tuesday, as data from SoSoValue ￰13￱ total, the Bitcoin spot ETFs captured net inflows of about $477 million, breaking the trend of outflows from the last ￰14￱ funds also saw the incoming of capital, but their inflows of $141 million weren’t as significant as those of BTC ￰15￱ mentioned before, spot ETFs allow investors to gain exposure to a cryptocurrency’s price movements without directly having to own tokens on the ￰16￱ traditional traders unfamiliar with digital asset exchanges and wallets, this quality can make these vehicles a convenient entry point into the ￰17￱ and Ethereum funds were able to tap into a new market in this way, and the same could potentially happen with ￰18￱ said, it only remains to be seen how demand for SOL spot ETFs will end up ￰19￱ Price At the time of writing, Solana is trading around $186, down 8% over the last week.