Solana (SOL) Defies the Standstill in Large-Cap Cryptocurrencies on Wednesday

Solana's trading volume soared 32.76% to $4.37 billion, making it the fifth-most transacted cryptocurrency in the last 24 hours.

Solana (CRYPTO: SOL) defied the standstill in other large-cap cryptocurrencies on Wednesday following the impressive launch of its exchange-traded fund in Canada.

What Happened: The sixth-largest digital asset by market capitalization spiked nearly 3% in the last 24 hours, outgaining higher-valued coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and XRP (CRYPTO: XRP).

Solana's trading volume soared 32.76% to $4.37 billion, making it the fifth-most transacted cryptocurrency in the last 24 hours.

Speculative interest in the coin has also increased, with more than half of Binance traders who had an open Solana futures contract betting on the token's price increase, according to Coinglass.

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Why It Matters: The positive sentiment followed the debut of the 3iQ Solana Staking ETF (TSX: STAJ) on the Toronto Stock Exchange, the shares of which closed 3.40% higher at $10.34 on Wednesday.

Backed by Anthony Scaramucci-managed Skybridge Capital, among other notable investors, the ETF exposes investors to the price moves of Solana while also generating passive rewards through staking.

Notably, Ark Invest, the investment firm led by well-known investor Cathie Wood, purchased 500,000 shares of the ETF.

It's worth remembering that Ark is a known investor in cryptocurrencies, with its focus on the "Big Three," namely, Bitcoin, Ethereum, and Solana.

While U.S. regulators have yet to approve any Solana ETFs, asset managers including VanEck, Bitwise, and Grayscale have filed applications.

As of this writing, Grayscale operates its Grayscale Bitcoin Trust GBTC and Grayscale Ethereum Trust ETF ETHE on Wall Street.

Stock: BITI

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