Solana（Sol）市场结构显示出深厚的流动性，强大的跨交换价格相关性，为美国的ETP监管批准铺平了道路

Solana的（SOL）市场结构显示出深厚的流动性和强大的跨交换价格相关性，使其与比特币和以太坊相提并论

Key Takeaways

关键要点

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.

根据新的分析公司，Solana的（SOL）市场结构显示出深厚的流动性和强大的交叉交换价格相关性，使其与比特币和以太坊相提并论，并加强了Solana在美国批准交易所交易产品（ETP）的案例。 - 由前美国证券交易委员会（SEC）首席经济学家James Overdahl和Craig Lewis创作。

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.

尽管美国监管机构尚未绿灯ETP，但比特币和Ether ETP的批准信号是一个成熟的加密市场，并为评估其他数字资产提供了框架。

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.

基于该框架，Overdahl和Lewis详细介绍了Solana的市场特征，重点是监管机构在评估加密资产是否适合监管投资产品时考虑的关键因素。其中包括订单流动性，有效的价差，贸易成本和价格相关性。

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.

根据分析，虽然SOL的订单账面深度小于BTC和ETH，但在考虑其较小的市值时，其流动性相对健壮。

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.

与BTC和ETH相比，与SOL的循环供应相比，更大比例可用于交易。这是SOL流动性的一个积极信号，表明参与度的增加和处理大型交易而无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，它的有效价差和贸易成本现在与比特币和以太坊市场相比，在某些情况下可以更好，在某些情况下可以更好。

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.

当涉及到跨不同交流的SOL回报的相关性，这是市场质量和对操作的抵抗的另一个指标，研究人员发现跨二元，Coinbase和Kraken的SOL价格高度相关。

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.

相关性的时间间隔比较短的间隔更高。这表明，由于命令流量或流动性波动而导致的任何临时价格差异都会迅速仲裁。