VanEcks Application for Spot Solana ETF Sparks Cryptocurrency Market Rebound

CoinDesk reported:
On Thursday morning, the cryptocurrency market surged after asset management company VanEck submitted a spot application for Solana ETF.
Bitcoin’s trading price was $61,600, while Ethereum rose by 3%. Solana jumped 8% and Polkadot surged 7%.
SOL Price
Akash Network (AKT) and MakerDAO (MKR) are the top two digital assets in the top 100 by market value, with increases of 13% and 10% respectively.
Bitcoin ETF Inflow
Meanwhile, the US spot Bitcoin exchange-traded fund (ETF) reported a net inflow of $21.4 million on Wednesday.
According to data from ETF tracking firm Farside, Fidelity’s FBTC led with an inflow of $18.6 million. Grayscale’s GBTC recorded a net inflow of $4.3 million, and VanEck’s HODL reported an inflow of $3.4 million.
Since its debut in January, the Bitcoin spot exchange-traded fund has attracted a net inflow of $14 billion.
Data from CoinGlass shows that in the past 24 hours, 34,818 traders were liquidated, with a total liquidation value of $87 million. The largest Bitcoin liquidation order occurred on OKX, valued at $9.17 million.
MN Trading CEO Michael Van de Poppe shared his outlook on the short-term performance of Bitcoin. He said, “It’s best to sweep the $60,000 area, where the bull market differentiation begins. Next week, the Ethereum ETF is set to debut, and a reversal will occur.”
The US stock market continued to trade sideways, with the S&P 500 and Nasdaq indices holding steady, and the Dow Jones Industrial Average rising by 0.2%.