Can Hong Kong’s new Solana ETF reverse October’s weak fund demand?

Solana’s latest announcement comes at a key moment for the market.

In its official announcement, Solana noted that Pando Finance will list its Solana ETF on the Hong Kong Stock Exchange on the 13th of October. With an estimated expense ratio of 1.6% annually, the ETF will hold SOL through HashKey, with no staking, leverage or dividend payouts, per the key facts statement. This will make it Hong Kong’s second Solana ETF, after the ChinaAMC Solana ETF.

Viewing from a broad perspective, the timing is when institutional flows are becoming weak. Despite the strong start to the fourth quarter, SOL ETFs turned bearish again, with more than $30 million in outflows this month. In this context, Hong Kong’s new listing could attract new inflows and help curb this downtrend.

On the technical side too, the announcement comes at a key moment.

SOL is down over 5% this month, not able to move above $120 before pulling back toward the $95 support zone. Positioning also suggests that bears are taking control, with Solana long/short ratio slipping back into negative territory, suggesting growing bearish sentiment among traders. However, SOL’s 5% drop is still relatively small compared to other large-cap cryptos, suggesting bulls may still be holding their ground.