Solana（Sol）市場結構顯示出深厚的流動性，強大的跨交換價格相關性，為美國的ETP監管批准鋪平了道路

Solana的（SOL）市場結構顯示出深厚的流動性和強大的跨交換價格相關性，使其與比特幣和以太坊相提並論

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關鍵要點

Solana’s (SOL) market structure shows deep liquidity and strong cross-exchange price correlations, putting it on par with Bitcoin and Ethereum and bolstering Solana’s case for regulatory approval of exchange-traded products (ETPs) in the US, according to a new analysis co-authored by James Overdahl and Craig Lewis, former SEC chief economists.

根據新的分析公司，Solana的（SOL）市場結構顯示出深厚的流動性和強大的交叉交換價格相關性，使其與比特幣和以太坊相提並論，並加強了Solana在美國批准交易所交易產品（ ETP）的案例。 - 由前美國證券交易委員會（SEC）首席經濟學家James Overdahl和Craig Lewis創作。

While US regulators have yet to greenlight a Solana ETP, the approvals of Bitcoin and Ether ETPs signal a maturing crypto market and provide a framework for evaluating other digital assets.

儘管美國監管機構尚未綠燈ETP，但比特幣和Ether ETP的批准信號是一個成熟的加密市場，並為評估其他數字資產提供了框架。

Based on the framework, Overdahl and Lewis offer a detailed look at Solana’s market characteristics, focusing on key factors that regulators consider when assessing whether a crypto asset is suitable for regulated investment products. These include order book liquidity, effective spreads, trade costs, and price correlation.

基於該框架，Overdahl和Lewis詳細介紹了Solana的市場特徵，重點是監管機構在評估加密資產是否適合監管投資產品時考慮的關鍵因素。其中包括訂單流動性，有效的價差，貿易成本和價格相關性。

According to the analysis, while SOL’s order book depth in USD is smaller than BTC and ETH, its liquidity, when considering its smaller market capitalization, is relatively robust.

根據分析，雖然SOL的訂單賬面深度小於BTC和ETH，但在考慮其較小的市值時，其流動性相對健壯。

A larger proportion of SOL’s circulating supply is readily available for trading compared to BTC and ETH. This is a positive sign for SOL’s liquidity and indicates increasing participation and the ability to handle large trades without large price swings.

與BTC和ETH相比，與SOL的循環供應相比，更大比例可用於交易。這是SOL流動性的一個積極信號，表明參與度的增加和處理大型交易而無需大幅度的交易的能力。

Furthermore, its effective spreads and trade costs are now comparable to, and in some cases better than, those observed in the Bitcoin and Ethereum markets.

此外，它的有效價差和貿易成本現在與比特幣和以太坊市場相比，在某些情況下可以更好，在某些情況下可以更好。

When it comes to the correlation of SOL returns across different exchanges, another indicator of market quality and resistance to manipulation, researchers found a high degree of correlation in SOL prices across Binance, Coinbase, and Kraken.

當涉及到跨不同交流的SOL回報的相關性，這是市場質量和對操作的抵抗的另一個指標，研究人員發現跨二元，Coinbase和Kraken的SOL價格高度相關。

The correlation is higher at longer intervals than at shorter intervals. This suggests that any temporary price differences that might arise due to order flow or liquidity fluctuations are quickly arbitraged away.

相關性的時間間隔比較短的間隔更高。這表明，由於命令流量或流動性波動而導致的任何臨時價格差異都會迅速仲裁。