The newly launched REX-Osprey Solana Staking ETF (SSK) made a powerful market debut on Wednesday, registering over $33 million in trading volume on its first day and significantly outperforming both XRP and SOL futures ETFs.

Eric Balchunas, a senior ETF strategist at Bloomberg, reported that SSK had a Day 1 performance far above the average ETF volume of creation.

The fund also received $12 million inflow, and assets under management (AUM) surpassed the $1 million threshold within no time. Balchunas observed that in the short term, the AUM has the potential to increase 10 times as fast as it is now with the current momentum.

SOL Price Surges Following ETF Launch

Responding to a query on X (formerly Twitter), Balchunas remarked, “Based on today’s volume, we’ll probably see a few more million, maybe even $10 million, come in tomorrow in flows.”

The offering is also regarded as a major milestone to the future listing of a spot Solana ETF, with almost 13 issuers already said to be waiting for a green light to list an ETF in the United States. Balchunas now has a 95% chance of success with Solana, edging out XRP, by far the most likely of them all.

Solana Staking ETF Launch Sees $33M First-Day Surge

The launching performance of the ETF has also sent a ripple to the Solana market. In the last 24 hours, SOL jumped up 4.3%, achieving a daily volume of trading with 4 billion dollars.

Meantime Solana futures trading at the Chicago Mercantile Exchange (CME) recorded a new high, and volume soared past the $1.7 million mark: a sure sign of increased trader interest after the ETF was launched.

Solana Staking ETF Launch Sees $33M First-Day Surge

According to market analysts, in case the bullish momentum continues, Solana price may gain momentum by rising by up to 47% to reach a possible maximum of $235. Nevertheless, one particular level to note is the level of $159 as a short-term resistance.

The good performance by the SSK ETF is an indication of the increasing demand by investors in crypto-linked financial instruments, especially in the staking and altcoin sectors.