Matrixport: The financing rate for Solana is currently as high as an annualized 70%, and a price correction may occur

ChainCatcher news, Matrixport released today's chart stating that Grayscale has submitted an application to convert the Solana Trust into a spot ETF. Although the current assets under management for this product are relatively small at $134 million, if approved, it will set an important market precedent for other ETF issuers. It is particularly noteworthy that Solana's financing rate currently reaches an annualized 70%, putting immense pressure on leveraged long positions. Historical experience shows that similar high financing rates are often associated with price corrections, as seen in March this year when the SOL-USDT price experienced a pullback under a similar financing rate backdrop.

In the weekly report "Matrix on Target," it was mentioned that after Trump's election as president, he is expected to nominate crypto-friendly legal advisor Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC). If this nomination comes to fruition, it is expected to have a positive impact on the crypto industry.