Markets
Crypto Markets Rebound as VanEck Files for Spot Solana ETF
Bitcoin ETFs reported net inflows of $21.4 million on Wednesday.
Crypto markets surged on Thursday morning following an announcement from asset manager VanEck Solana ETF Registration.
Bitcoin is trading at US$61,600, while Ethereum increased by 3%. Solana jumped 8% and Polkadot rose 7%.
Akash Network (AKT) and MakerDAO (MKR) are today’s biggest gainers among the top 100 digital assets by market cap, up 13% and 10%, respectively.
Bitcoin ETF Inflows
Meanwhile, US Bitcoin exchange-traded funds (ETFs) reported net inflows of $21.4 million on Wednesday.
According to the ETF tracker Far sideFidelity’s FBTC led with $18.6 million in inflows. Grayscale’s GBTC reported 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 last 24 hours, with total liquidations reaching $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 perspective on Bitcoin’s short-term performance. “Ideally we sweep the $60K area where a bullish divergence begins. The reversal comes next week with the imminent listing of the Ethereum ETF,” he he said.
US 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%.