Key control
When will the ETF Sol be approved?
The SEC has until mid -October to decide on the products.
What do merchants expect?
The options and the futures market showed short -term caution, but the spot market actors actively accumulated.
Solarium [SOL] Recovered by 7% over the weekend in the midst of progress in the presentations of US ETFS spot. UU.
Another updated wave filings From the main emitters such as Vaneck, Fidelity, Coinshares, Bitwise, Grayscale, Canary and Franklin Templeton were made on September 26.
According to a Bloomberg ETF analyst, James SeyffartThe last presentations were “Movement signs of the Issuers and the SEC”.
For its part, the CEO of ETF Store Nate Geraci saying That the last movement would probably lead to approval in two weeks. That is in mid -October.
Source: x
In fact, the Sol ETF application of the gray scale has a final decision deadline for the SEC on October 10. Bit to Bitwise and 21Shares presentations should have a final decision for October 16.
Market reactions
Meanwhile, Sol Price has fallen by 24% and has been briefly reduced below $ 200 amid a broader weak feeling. But after the latest ETF update, the Altcoin bounced around 7% of $ 190 to $ 205.
Source: Sol/USDT, TrainingView
If the approval of the ETF becomes a bullish catalyst, any fall at $ 180 or less could be a bargain for an extra meeting Towards $ 220 and $ 250 levels.
Interestingly, the previous idea was backed by a trend of accumulation during the fall, as evidenced by a fall in the sun balance in exchanges. Around 3 million sun moved from exchanges in the last six days, a sign of accumulation.
Source: Glassnode
Tilt options and tilt sign
However, Binance Top merchants did not lean strongly towards the expectation of the ETF. They cut Long positions at 5% to 69%, marking a monthly minimum.
It was not surprising after the recent wave of liquidations, which can be discouraging for leverage merchants.
Source: Canderlasss
The leverage discharge can allow a healthier recovery driven by specific flows. On the contrary, the options data showed that the merchants remained cautious despite the impulse of the ETF.
In particular, the feeling of the market was neutral in the short term but surprisingly negative in the middle of the period, according to the 25-Delta bias.
The tenor of 1 week was neutral, while the tenors of 1 month and 3 months for a bias of 25 Delta-Delta were negative.
It meant a flat or neutral perspective in the short term, but cautious or greater coverage (more demand for sale options or bass bets than calls, upward bets) in the middle of the period.
Source: Laevitas
There may be more clarity at the beginning of the fourth quarter, but it remains to be seen if the merchants will be repositioned before the approval of the ETF.
