Head of Sygnum Research: ”There won't be much demand for the Solana spot ETF”

It has been analyzed that the Solana ETF fund, which is being promoted as the third cryptocurrency exchange-traded fund (ETF) after Bitcoin and Ethereum, is not seeing much demand.
"We're pleased to announce that the cryptocurrency bank Sygnum has announced that it will begin trading on the Ethereum blockchain," said Katalin Tischhauser, head of investment research at the cryptocurrency bank Sygnum.
"We do not expect the Solana ETF to see significant demand among U.S. investors," said Tischhauser.
He said: "To Grayscale Solana Trust (GSOL), an unofficial Solana fund of asset management company Grayscale,
"Investment flows from SOL have been negligible, indicating weak demand for SOL investment vehicles among U.S. asset managers."
According to Grayscale, GSOL has assets under management (AUM) of less than $70 million.
Grayscale's Bitcoin Trust managed approximately $30 billion in assets before transitioning to an ETF in January.
Tischhauser said, "The smaller AUM means Solana is relatively less well-known compared to Bitcoin.
GSOL shares are trading at an unusually high premium to its net asset value (NAV), more than seven times NAV as of Aug. 15.
The NAV is an indicator that measures the value per share of SOL in the fund. In response, Tischhauser said, "The high premium indicates some demand, but it is unlikely to have a major impact on the market.
"There's just not enough demand to give it away," he added.