Asia Morning Briefing: SOL up 4% as Analysts Say Staking ETF (SSK) Has Strong Launch
2025-07-03 02:24:50
Main Idea
The REX-Osprey Solana + Staking ETF (SSK) performed better than average on its first trading day, while BlackRock's Bitcoin ETF (IBIT) now generates more revenue than its flagship S&P 500 fund, highlighting growing institutional interest in crypto.
Key Points
1. The REX-Osprey Solana + Staking ETF (SSK) ended its first trading day with $33 million in volume, outperforming average ETF launches and Solana/XRP futures ETFs.
2. SOL's price rose roughly 4% to above $150 following the ETF news, though its volume was lower than BTC and ETH ETF launches.
3. BlackRock's iShares Bitcoin ETF (IBIT) is generating more annual revenue ($187.2M) than its flagship S&P 500 ETF (IVV), despite having fewer assets under management ($75B vs. $624B).
4. IBIT's higher fee (0.25% vs. IVV's 0.03%) reflects institutional demand for Bitcoin exposure through trusted wrappers like BlackRock.
5. Bitcoin (BTC) surged 3.6% to break above $109,000, while Ethereum (ETH) rose 8.6% to $2,608, both supported by strong trading volume and improving market sentiment.
Description
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. The newly launched REX-Osprey Solana + Staking ETF (SSK) , the first crypto staking exchange-traded fund (ETF) listed in the U.S., ended the day with $33 million in volume, with Bloomberg ETF analyst Eric Balchunas calling the l...
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