Solana
Pando Finance Schedules Hong Kong Solana ETF Listing Amid Outflows
Pando Finance will launch Hong Kong's second spot Solana ETF on 13 October, arriving during persistent institutional fund outflows and negative positioning.
Pando Finance announced the listing of its Solana ETF on the Hong Kong Stock Exchange for 13 October, marking the territory's second such fund after ChinaAMC's vehicle. According to fund disclosures, the product carries an annual expense ratio of 1.6% and custodies SOL through HashKey, operating without leverage, staking yield, or dividend disbursements.
The launch comes against a backdrop of subdued institutional demand, with SOL-focused exchange products registering over $30 million in net redemptions over the month, despite worldwide cumulative spot SOL ETF net assets standing at $1.61 billion from $1.9 billion in total net inflows. In the spot market, SOL pulled back over 5% toward the $95 level after stalling below $120, while the long-to-short ratio shifted negative.
On-chain and market data reveal mixed signals beneath the negative sentiment. Circle issued $3.5 billion in USDC on the Solana blockchain over a single week, sustaining the network's stablecoin supply above $16 billion. At the same time, derivatives markets absorbed more than $65 million in long liquidations on 8 October, representing the heaviest single-day wash of leverage on the asset since June.
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