Pando Finance announced plans to list a Solana ETF on the Hong Kong Stock Exchange on October 13, with an expense ratio of 1.6% annually. The fund will hold SOL through HashKey with no staking, leverage, or dividend payouts, making it Hong Kong's second Solana ETF following the ChinaAMC Solana ETF.
The timing of the launch coincides with weakening institutional fund demand. Despite a strong start to the fourth quarter, SOL ETFs recorded more than $30 million in outflows this month. Globally, spot SOL ETFs hold combined net assets of $1.61 billion across $1.9 billion in total inflows.
SOL declined over 5% in October, struggling to sustain levels above $120 before retreating toward the $95 support zone. Long liquidations exceeded $65 million on October 8, the largest single-day flush since early June. The Solana long-to-short ratio has shifted into negative territory, indicating growing bearish sentiment among traders. However, SOL's decline remains relatively modest compared to other major cryptocurrencies.
Solana's stablecoin ecosystem shows continued strength. Circle minted $3.5 billion in USDC on Solana over the past week, bringing the network's stablecoin market cap above $16 billion, while stablecoin reserves on other blockchains have fallen below critical levels.
The Hong Kong ETF listing arrives as much of the downside liquidity appears to have been cleared through recent long liquidations. Analysts point to short-liquidity clusters as a potential trigger for a short squeeze if prices move higher.
