Solana·XRP ETF first-day trading volume 'highest this year'… spot prices weak

Solana (SOL)·XRP (XRP)-based exchange-traded funds (ETFs) recorded the highest first-day trading volumes among ETFs launched this year, yet reports say the underlying asset prices have continued to show weakness.

According to crypto asset (cryptocurrency) specialist media CryptoSlate on the 19th, Bitwise's Solana Staking ETF (BSOL) posted $56 million in trading volume on its first day, and Canary Capital's XRP spot ETF (XRPC) posted $58 million, marking the highest figures among ETF launches this year. However, SOL fell nearly 20% from around $205 before listing to $165 within a week, and XRP also slid from the $2.40–$2.50 range before listing to the low $2.20s.

The outlet analyzed that the first-day trading volume includes market makers' or institutions' position adjustments, arbitrage, and reallocation of existing holdings, and that such trades can form hedging structures between ETFs and spot/futures that may exert short-term downward pressure on the underlying asset prices. In fact, the Solana and XRP ETFs recorded net inflows, but the outlet assessed that those amounts were limited relative to the market capitalizations of the two assets.

It also noted that recent Bitcoin adjustments of more than 20% from early-month highs have put risky assets broadly into a 'risk-off' mode, which was cited as another factor weighing on prices. Given that Solana and XRP had rallied ahead of ETF listings on launch expectations, the outlet also suggested that profit-taking selling strengthened immediately after listing.

The outlet said, "Demand for ETF products and asset price movements can diverge in the short term," and added, "Due to the structural characteristics of ETFs, if actual purchases of the underlying assets through creation/redemption are limited, short-term price correlation can be reduced."