Solana News Update: China's Cryptocurrency Ban Leads to Solana Event Shutdown, Worldwide ETFs Experience Growth

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held in Shenzhen was unexpectedly halted on Tuesday due to overcrowding and a subsequent police investigation, reigniting debates over the nation’s strict cryptocurrency policies. The disruption at the Accelerate APAC event underscored the uncertain climate for blockchain projects in a country where officials have enforced tough restrictions on digital assets since 2017.

Event organizers acknowledged that attendance surpassed the venue’s limit, prompting them to call off the final hackathon round “to ensure public safety,” as reported by

. Although the was described as standard procedure, participants and industry watchers attributed the interruption to ongoing fears of regulatory crackdowns. These worries intensified after the People’s Bank of China (PBoC) recently reaffirmed its determination to clamp down on speculative crypto activity and maintain a zero-tolerance stance toward private digital currencies.

China’s ongoing efforts to restrict cryptocurrencies—including prohibitions on trading, mining, and exchanges—have long cast uncertainty over blockchain-related events. The PBoC has repeatedly characterized stablecoins and other privately issued cryptocurrencies as risks to the nation’s financial system and monetary authority. Despite these obstacles, Solana’s blockchain—launched by Solana Labs in 2020—has continued to attract attention, especially within the decentralized finance (DeFi) and non-fungible token (NFT) sectors, thanks to its rapid transaction speeds and low fees that appeal to developers worldwide.

The Shenzhen incident stood in stark contrast to developments in the U.S. and Hong Kong, where institutional interest in Solana is on the rise. In the United States, asset managers Grayscale and Bitwise introduced

, with Bitwise’s fund accumulating $223 million in assets soon after launch. These investment vehicles, which offer exposure to Solana’s native SOL token, signal a growing embrace of blockchain-based financial products by institutions. Meanwhile, Hong Kong , with China Asset Management’s fund trading on the Hong Kong Stock Exchange under the codes 3460, 83460, and 9460.

Market trends further demonstrated Solana’s strength. As reported by

, SOL’s value climbed about 7% over the past week, reaching $194.08 as of October 27. Analysts attribute this rise to the introduction of ETFs and heightened interest in staking rewards, which currently average between 6% and 8%. However, technical analysis indicates that downward pressure could increase if the price drops below important support points, such as the $193.79 Fibonacci retracement level.

The Shenzhen gathering also drew attention for its notable participants, including Solana Foundation Chair Lily, who was present during the disruption. Although the foundation has not issued a public statement on the matter, community leaders have reiterated their commitment to technological progress over financial speculation, a strategy designed to navigate China’s regulatory environment.

As regulatory approaches to cryptocurrency diverge globally, Solana’s progress illustrates the ongoing tension between innovation and regulatory compliance. While China’s enforcement continues to hinder blockchain events, Solana’s growth in more open markets—supported by institutional investment products—positions it for continued expansion. Both investors and developers are closely monitoring how regulatory landscapes shift, especially as Hong Kong’s crypto-friendly stance puts pressure on the U.S. to speed up its own regulatory approvals.