- The Bitwise Solana Staking ETF launched on October 28 and has attracted over $545 million in net inflows.
- Spot Bitcoin ETFs have seen asset losses exceeding $2.1 billion since the Solana ETF debuted.
- Solana’s price has dropped nearly 29% in the last month amid broader market uncertainties.
- Investors show strong interest in Solana exposure despite the token’s recent price decline.
The Bitwise Solana Staking ETF (BSOL) began trading on the New York Stock Exchange on October 28 and quickly accumulated more than $545 million in net inflows, including $223 million in initial seed capital. Over its first full week, the ETF brought in over $126 million, signaling significant investor demand. BSOL’s share price ended Friday with a 5% gain.
According to Bitwise CEO Hunter Horsely, the ETF has seen daily inflows for eight consecutive days, with total investments surpassing $500 million, highlighting clear investor interest in gaining exposure to Solana.
During this time, the 11 spot Bitcoin ETFs collectively experienced asset outflows exceeding $2.1 billion, while nine Ethereum funds saw net withdrawals of $579 million. This contrasts with the strong inflows into the Solana ETF, despite Solana’s (SOL) price dropping by roughly 16% in the past week and almost 29% over the last month, as noted by data from CoinGecko.
Solana was trading at about $156, down from its previous highs, while Bitcoin fell around 16% since early October when it peaked above $126,000. A Myriad prediction market reported that only 13% of participants expect Solana to surpass its all-time high of $293 before the year ends.
Senior Analyst Sumit Roy from etf.com remarked on the inflows, citing Solana’s $90 billion market capitalization and its strong supporter base, second only to Bitcoin and Ethereum. He noted that the ETF’s 100% staking feature contributed to its appeal.
The Bitwise Solana ETF’s rapid launch came alongside Grayscale’s Solana Trust ETF (GSOL), which has gathered about $114 million in net inflows, mainly seed investments. These launches followed approval by the New York Stock Exchange of 8-A filings, enabling an alternative ETF registration process adopted by the SEC for commodity-based trusts.
Last week also saw spot Litecoin and Hedera funds from Canary begin trading following similar SEC certification. Additionally, Bitwise removed a delaying amendment for its upcoming Dogecoin ETF, potentially clearing the way for the fund to start trading within 20 days if the SEC raises no objections. Analyst Eric Balchunas commented on this move, highlighting the expected timeline for approval as shared on X.
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