TechFlow reported on December 4 that Matrixport released a chart today stating Grayscale has submitted an application to convert its Solana Trust into a spot ETF. Although the product currently has a relatively small asset under management of $134 million, if approved, it would set an important market precedent for other ETF issuers. Notably, Solana's funding rate is currently as high as 70% annualized, creating significant pressure on leveraged long positions. Historical experience shows that such elevated funding rates often correlate with price corrections, as seen in March this year when SOL-USDT prices pulled back under similar funding rate conditions.
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