Solana Meme Coins Surge as Bitwise Prepares BSOL ETF Launch
Solana’s debut of spot ETFs drew over $117 million in inflows, yet SOL dropped below $180 as large trades sparked rotation speculation toward Bitcoin.
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Summary
Solana (SOL) fell 8% Thursday to $182.57, erasing year-over-year gains and dropping 4% for 2025 despite the launch of the first U.S. spot Solana ETFs. Bitwise’s Solana Staking ETF (BSOL) attracted $116 million in net inflows following a $223 million seed investment, while the Grayscale Solana Trust (GSOL) saw $1.4 million. Blockchain data indicated Jump Crypto transferred 1.1 million SOL worth $205 million to Galaxy Digital, receiving 2,455 BTC valued at $265 million, prompting speculation of a shift from SOL to BTC. Bitcoin and Ethereum remain up over 40% year-over-year.
Terms & Concepts
- Solana Staking ETF: An ETF providing exposure to Solana’s price along with staking rewards from its proof-of-stake network.
- Spot-based ETF: An exchange-traded fund that holds the underlying asset directly to reflect its current market value.
- On-chain transfer: A transaction recorded directly on a blockchain network, observable by anyone via public ledger data.