Grayscale has submitted an application to convert Solana Trust into a spot ETF, according to a chart published today by Matrixport. Although the product currently has a relatively small asset management size of $134 million, if approved, it will set an important market precedent for other ETF issuers. Of particular concern is that Solana's funding rates are currently as high as 70% annualized, putting significant pressure on leveraged long positions. Historical experience shows that similar high funding rates are often associated with price corrections, as in March this year, when the SOL-USDT price fell back against a similar funding rate backdrop. As mentioned in the weekly Matrix on Target report, Trump is expected to nominate crypto-friendly legal counsel Paul Atkins as the next chairperson of the Securities Exchange Commission (SEC) after his election as president. If this nomination comes true, it is expected to have a positive impact on the crypto industry.