Matrixport: Solana's financing rate is currently as high as 70% annualized, and there may be a price correction

Odaily Planet Daily News: Matrixport released today's chart stating that Grayscale has submitted an application to convert Solana Trust into a spot ETF. Although the asset management scale of this product is currently $134 million, which is relatively small, if approved, it will set an important market precedent for other ETF issuers. It should be noted that Solana's financing rate is currently as high as 70% annualized, which puts enormous pressure on leveraged long positions. Historical experience has shown that similar high financing rates are often associated with price corrections, as seen in March this year when SOL-USDT prices experienced a decline under similar financing rates. In our weekly Matrix on Target report, it is mentioned that after Trump is elected president, he is expected to nominate crypto friendly legal advisor Paul Atkins as the next chairman of the US Securities and Exchange Commission (SEC). If this nomination comes true, it is expected to have a positive impact on the cryptocurrency industry.