VanEcks Application for Spot Solana ETF Sparks Cryptocurrency Market Rebound

CoinDesk Reports:
On Thursday morning, the cryptocurrency market surged after asset management company VanEck submitted a spot application for Solana ETF.
Bitcoin was trading at $61,600, while Ethereum rose by 3%. Solana jumped 8%, and Polkadot soared 7%.
SOL Price
Akash Network (AKT) and MakerDAO (MKR) are among the top 100 digital assets with the largest gains today, rising by 13% and 10% respectively.
Bitcoin ETF Inflows
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 $18.6 million in inflows. 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, spot Bitcoin exchange-traded funds have attracted a cumulative net inflow of $14 billion.
Data from CoinGlass shows that 34,818 traders were liquidated in the past 24 hours, with a total liquidation value of $87 million. The largest Bitcoin liquidation order occurred on OKX, worth $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 for us to sweep the $60,000 area, where bull market divergence begins. The Ethereum ETF is set to launch next week, 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%.