CoinShares Withdraws SEC Filing for Staked Solana ETF Amid Growing Market Competition

CoinShares has withdrawn its Securities and Exchange Commission filing for a staked Solana exchange-traded fund, as competition intensifies in the rapidly growing Solana ETF market.

The staked Solana ETF sector has seen robust investor interest since REX-Osprey launched the first product in June, followed by Bitwise's offering in October. Bitwise's fund debuted with nearly $223 million in assets on its first trading day, capturing approximately 50% of the value REX-Osprey had accumulated over several months, according to Bloomberg ETF analyst Eric Balchunas.

Collectively, Solana investment products attracted more than $369 million in capital flows during November alone, bucking the trend of record outflows seen in Bitcoin and Ethereum ETFs during October and November's market downturn.

Despite strong ETF inflows, Solana's price has declined over 28% in the past month, trading in a medium-term downtrend alongside the broader cryptocurrency market pullback. Technical indicators including short-term Exponential Moving Averages, MACD, and RSI suggest continued bearish pressure, though SOL is attempting to break above its descending price channel, which could signal a potential momentum shift.