Pando Finance will list its Solana ETF on the Hong Kong Stock Exchange on October 13th, with a 1.6% annual expense ratio, holding SOL through HashKey with no staking or leverage. This will be Hong Kong’s second Solana ETF after ChinaAMC’s offering. The announcement comes as SOL ETFs experienced over $30 million in outflows this month and SOL dropped more than 5%, falling back toward the $95 support zone. Circle minted $3.5 billion in USDC on Solana over the past seven days, keeping the stablecoin market cap above $16 billion, signaling persistent network attractiveness. Over $65 million in long liquidations occurred on October 8th, suggesting a unwind of bullish directional positions. Given this setup, the new ETF could trigger a short squeeze and propel SOL above $125.
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