Crypto Markets Rally as VanEck Files For Spot Solana ETF

Crypto markets surged on Thursday morning following asset manager VanEck’s spot Solana ETF filing.

Bitcoin is trading at $61,600, while Ethereum spiked by 3%. Solana jumped 8%, and Polkadot climbed 7%.

Akash Network (AKT) and MakerDAO (MKR) are today’s top gainers among the top 100 digital assets by market capitalization, up 13% and 10%, respectively.

Bitcoin ETF Inflows

Meanwhile, U.S. spot Bitcoin exchange-traded funds (ETFs) reported net inflows of $21.4 million on Wednesday.

According to ETF tracker Farside, Fidelity’s FBTC led with $18.6 million in inflows. Grayscale’s GBTC recorded net inflows of $4.3 million, and VanEck’s HODL reported $3.4 million in inflows.

Since their debut in January, spot Bitcoin ETFs have cumulatively attracted $14 billion in net inflows.

CoinGlass data indicates that 34,818 traders were liquidated in the past 24 hours, with total liquidations amounting to $87 million. The largest single Bitcoin liquidation order occurred on OKX, valued at $9.17 million.

Michael Van de Poppe, CEO of MN Trading, shared his outlook on Bitcoin’s short-term performance. “Preferably, we sweep the $60K area where a bullish divergence kicks in. Reversal coming from next week with the impending Ethereum ETF listing,” he said.

U.S. stock markets continued to trade sideways, with the S&P 500 and Nasdaq flat on the day and the Dow Jones Industrial Average up 0.2%.