Bybit Reports 89% of Stolen $1.4B Crypto Remains Traceable After Hack

Cryptocurrency exchange Bybit has revealed that approximately 89% of the $1.4 billion stolen in a recent hack remains traceable. This announcement underscores the potential for recovery and highlights the transparency of blockchain technology in tracking illicit transactions.

Solana Futures ETF Launch to Boost Institutional Adoption

The crypto industry is preparing for the launch of the first Solana futures exchange-traded funds (ETFs) in the United States. Volatility Shares will introduce two ETFs—the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT)—on March 20.

Industry analysts believe this development could significantly enhance institutional adoption of Solana (SOL), potentially narrowing the market cap gap with Ethereum (ETH).

Ryan Lee, chief analyst at Bitget Research, stated:

“The launch of the first Solana ETFs in the US could significantly boost Solana’s market position by increasing demand and liquidity for SOL, potentially narrowing the gap with Ethereum’s market cap.”

Concerns Over Limited ETF Inflows

Despite optimism, some industry experts caution that the Solana futures ETFs may experience limited inflows, similar to the muted response seen with Ether ETFs. Bloomberg analyst Eric Balchunas previously noted that Ether ETFs served primarily as a “sidekick” to Bitcoin ETFs, attracting fewer investments.

Spot Solana ETF Could Be Next Step

While futures ETFs may initially disappoint in terms of inflows, they pave the way for a potential spot Solana ETF. Anmol Singh, co-founder of Bullet, a Solana-native decentralized exchange, commented:

“Solana spot ETF is yet to be approved, but given the increased awareness around Solana and the futures ETFs, this would be a logical next step.”

A JPMorgan report estimates that a spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first six months, surpassing the adoption rate of Ether ETFs.

Key Points:

• Bybit confirms 89% of stolen crypto remains traceable after $1.4 billion hack.
• Volatility Shares launching two Solana futures ETFs on March 20.
• Analysts predict increased institutional adoption and liquidity for SOL.
• Concerns remain about limited inflows into futures ETFs.
• Spot Solana ETF seen as the next logical step, potentially attracting billions in investment.