Asset manager CoinShares withdrew its SEC application for a staked Solana ETF. The proposed fund deal was never completed, with no shares sold. Bitwise’s staked SOL ETF launched with $223 million in assets on its first day, while Solana’s price has been in a downtrend since September’s high.

Solana ETFs attracted over $369 million in November, offering 5-7% staking rewards. Unlike BTC and ETH ETFs, Solana ETFs saw multiday inflow streaks despite crypto price collapses. Analysts previously predicted SOL hitting $400 but now suggest challenges in reclaiming $150 due to revised price projections.

SOL’s price hit a five-month low of $120 in November, down 60% from its all-time high. The token’s January surge was linked to the launch of the Official Trump memecoin on Solana. Despite SOL ETF success, the price remains well below its peak.

Read more at Cointelegraph: CoinShares Unexpectedly Withdraws Staked SOL ETF Application