Solana ETF Growth Trajectory: Invesco Galaxy Advances the Structured Product Process, Transforming the SOL Market

Market Momentum and Institutional Capital Inflows

Solana (SOL) recent performance has attracted market attention. According to the latest data, SOL is currently priced at $140.43, with a 24-hour increase of 2.80%. Although the gains have slightly retreated from expectations, the underlying driving forces merit in-depth analysis. Institutional capital flows have become a key indicator: Solana-related investment products saw a net inflow of $16.54 million in the most recent trading day, marking the fourth consecutive day of positive capital flow, reversing previous continuous outflows. This shift in capital reflects institutional investors’ confidence in the future development of the Solana ecosystem.

Invesco Galaxy: Regulatory Path Accelerates

Progress in regulation provides strong support for this confidence. Invesco Galaxy has submitted Form 8-A to the U.S. Securities and Exchange Commission (SEC), a critical milestone before ETF listing, indicating the product is in its final stages. Previously, Invesco had detailed updates on the ETF application documents, covering operational structure, fee arrangements, and plans for listing on Cboe BZX Exchange.

The new ETF will trade under the code QSOL, with Invesco committing to an management fee waiver during the initial listing period to reduce entry costs for investors. To ensure the fund’s stable operation, Invesco Ltd has subscribed to 4,000 shares, totaling $100,000, forming the initial capital for the fund. A complete independent audit process has been completed, indicating the fund structure has met listing requirements. If regulatory approval proceeds smoothly, QSOL is expected to complete its first listing within the next week.

Evolution of Institutional Ecosystem: From Spot to Derivatives

Solana’s institutional adoption process has expanded into derivatives. The Chicago Mercantile Exchange (CME Group) plans to launch Solana futures products on December 15, with spot trading functionality already approved and awaiting further regulatory confirmation. This will provide institutional investors with an additional risk management tool, further consolidating Solana’s position as an institutional investment option. The listing of the QSOL ETF will be linked with CME futures, creating a more comprehensive institutional investment framework.

Complex Signals from On-Chain Indicators

Despite positive capital flows, on-chain data presents subtle complexities. According to data from Glassnode, Solana liquidity has shown a noticeable decline. More noteworthy is the comparison between realized profit-to-loss ratio—an indicator reflecting the overall profit and loss status of market participants—which has remained below 1 since mid-November. This indicates that the scale of losses locked in by traders exceeds the scale of profits, suggesting a significant amount of trapped positions in the market. This coefficient change signals to investors that, although short-term optimism is rising, the actual profit and loss situation of market participants still warrants cautious assessment.

Turning Point Is Near

The advancement of the Invesco Galaxy ETF represents a key milestone in Solana’s institutionalization process. With the multi-dimensional progress of spot ETFs, futures products, and institutional capital inflows, Solana’s investment ecosystem is undergoing a structural upgrade. The tension between short-term price pressures and long-term ecosystem development is the most dynamic balance currently worth close attention in the market.