Solana Nears Bullish Breakout as First U.S. Spot ETF Launches
Analysts note robust $421 million inflows into U.S. spot Solana ETFs in their first week, led by Bitwise’s BSOL, despite SOL falling 20% amid broader crypto losses.
SOL dropped nearly 20% to $165 over the past week despite strong investor demand for newly launched U.S. spot Solana ETFs. Bitwise’s BSOL secured about $199 million in fresh funds and launched with $223 million in seed capital, making it the top-performing crypto ETF of the week with total inflows of $421 million across Solana-based products, according to CoinShares. BlackRock’s IBIT saw muted demand, while Grayscale’s GSOL attracted $2.2 million but entered the market with $102 million in assets after converting from a trust. Experts highlight BSOL’s lower 0.20% fee and early launch as key drivers, while GSOL’s 0.35% fee and later debut slowed inflows.
- Solana ETF: An exchange-traded fund providing regulated market access to Solana by tracking its price or incorporating related investment strategies.
- Net Inflows: The total amount of investments entering a fund minus the outflows over a specified period, often used as a measure of demand or investor confidence.