US Spot Crypto ETFs See Diverging Flows in Late October
Strong demand greeted the debut of U.S. spot Solana ETFs, with Bitwise’s BSOL leading inflows despite broader crypto market weakness and sharp SOL price declines.
The launch of U.S. spot Solana ETFs drew robust investor interest, with Bitwise’s BSOL attracting $199 million in new funds and entering the market with $223 million in seed capital. Total Solana ETP inflows reached $421 million last week, the second strongest weekly net inflow on record, surpassing demand for BlackRock’s Bitcoin ETF. Grayscale’s GSOL launched with $102 million AUM but saw just $2.2 million in inflows, charging a 0.35% fee compared to BSOL’s 0.20%. Despite ETF successes, Solana’s price fell nearly 20% to $165, underperforming bitcoin and ether, which dropped around 6% and 12% respectively.
- Spot ETF: An exchange-traded fund that directly holds the underlying asset, such as Bitcoin, Ethereum, or Solana, rather than derivatives or futures contracts.
- ETP Inflows: The total amount of capital invested into exchange-traded products during a given period, indicating investor demand.
- Assets Under Management (AUM): The total market value of assets that an investment fund manages on behalf of clients.