The long-awaited debut of spot Solana ETFs in the U.S. has drawn solid demand, according to analysts — but you wouldn’t know it judging by the recent price action of SOL. The token, which reached a high of $205 just one day before last Tuesday’s ETF launch, has since tumbled 20% to $165 over the past week.
Solana has significantly underperformed compared to other major cryptocurrencies. Bitcoin (BTC), currently priced around $104,238.10, and Ether (ETH) at approximately $3,513.62, fell about 6% and 12%, respectively, during the same period. This price weakness came despite Solana-based exchange-traded products booking their second strongest weekly net inflow last week, totaling $421 million, according to a CoinShares report.
Vetle Lunde, head of research at K33, described the ETFs’ first week as “very solid.” He emphasized that this strong performance was especially commendable given the heavy outflows witnessed in BTC and ETH-related funds. “The launch of U.S. spot Solana ETFs has been a clear success, drawing strong investor demand despite broader crypto fund outflows,” Lunde noted in a research briefing.
Most of the inflow went to Bitwise’s Solana ETF (BSOL), which attracted roughly $199 million in fresh capital and launched with nearly $223 million in seed funds, according to data from Farside Investors. With a total inflow of $421 million, BSOL emerged as the top-performing crypto ETF of the week, even surpassing BlackRock’s iShares Bitcoin Trust (IBIT), which experienced muted demand amid Bitcoin’s sliding price, CoinShares data revealed.
In contrast, the other spot Solana ETF, Grayscale’s Solana Trust (GSOL), only drew $2.2 million in net inflows. However, GSOL entered the market with $102 million in assets under management after converting from an existing closed-end product.
Regarding fees, GSOL charges a 0.35% management fee, which is much lower than the 1.5% fee on its flagship Bitcoin and Ether products, GBTC and ETHE. Still, Bitwise undercut that with a competitive 0.20% fee on BSOL. “BSOL’s lower fees and first-mover advantage have fueled its rapid growth, while GSOL’s higher costs and later debut have tempered inflows,” Lunde explained.
Overall, the strong demand for spot Solana ETFs signals growing investor interest, even if short-term price movements don’t yet fully reflect the enthusiasm around these new products.
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