Matrixport released today's chart saying that Grayscale has submitted an application to convert Solana Trust into a spot ETF. Although the product currently has a relatively small asset management scale of US$134 million, if approved, it will set an important market precedent for other ETF issuers. It is particularly noteworthy that Solana's funding rate is currently as high as 70% annualized, which has created tremendous pressure on leveraged long positions. Historical experience shows that similar high funding rates are often associated with price pullbacks, as in March this year, when the SOL-USDT price fell against a similar funding rate background.
In our weekly "Matrix on Target" report, it is mentioned that after Trump is elected president, he is expected to nominate crypto-friendly legal counsel Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC). If this nomination comes true, it is expected to have a positive impact on the crypto industry.