Bitwise Solana Staking ETF (BSOL) Launch Sparks Massive Inflows but SOL Price Dips Below $195

Bitwise’s new Solana Staking ETF (BSOL) made an explosive debut on NYSE Arca, recording an impressive $69.5 million in day-one inflows and a $56 million trading volume, according to Farside Investors. With $222.9 million in seed capital, BSOL marks the largest crypto ETF launch since Ethereum, far outpacing competitors like Canary’s HBAR ETF ($8 million) and Litecoin ETF ($1 million). Bloomberg’s ETF analyst Eric Balchunas praised the debut as “impressive,” noting that early seed funding reflects strong institutional confidence and makes future organic demand easier to measure.

Data from SoSoValue indicates BSOL’s net asset value (NAV) has surged to nearly $289 million, equivalent to 0.01% of Solana’s total market cap. As the first U.S.-approved Solana staking ETF, BSOL offers investors direct exposure to Solana (SOL) with an annual staking reward of over 7%, leveraging 100% of its holdings in staked SOL.

Despite the ETF’s remarkable success, Solana’s price fell over 3% in the past 24 hours, dipping to $194 after reaching a high of $203.83. This decline comes even as crypto whales opened leveraged long positions on SOL. One notable whale, boasting a perfect win record, initiated a 10x long position on SOL after closing a 13x BTC long with $1.4 million in profits, as reported by Onchain Lens.

According to CoinGlass, Solana futures open interest rose 3% to $10.22 billion, driven mainly by a 2.5% increase on Binance, indicating renewed market optimism. Meanwhile, trading volumes jumped 25% in the last 24 hours, suggesting traders remain bullish despite short-term volatility. The BSOL launch may signal growing mainstream adoption of Solana as institutional investors embrace staking-based crypto ETFs.