Strong Demand for U.S. Spot Solana ETFs Fails to Lift SOL Price Despite $421M Inflows

The long-anticipated launch of spot Solana exchange-traded funds (ETFs) in the U.S. drew strong investor interest, yet Solana’s (SOL) price failed to reflect that enthusiasm. Despite being hailed as a success by analysts, SOL has dropped 20% in the past week, falling from its pre-launch high of $205 to around $165. In contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw smaller declines of 6% and 12%, respectively.

According to CoinShares data, Solana-based ETFs recorded their second-largest weekly net inflows, totaling $421 million. Analysts, including Vetle Lunde, head of research at K33, described the debut week as “very solid,” highlighting the impressive performance amid broader crypto fund outflows. Lunde noted that the launch marked a “clear success,” demonstrating strong investor demand despite overall market weakness.

Most inflows went to Bitwise’s Solana ETF (BSOL), which secured $199 million in new investments and started with nearly $223 million in seed capital, per Farside Investors. This made BSOL the best-performing crypto ETF of the week, even surpassing BlackRock’s iShares Bitcoin Trust (IBIT), which saw tepid demand as Bitcoin prices slipped.

Meanwhile, Grayscale’s Solana Trust (GSOL) attracted just $2.2 million but entered the market with $102 million in assets under management following its conversion from a closed-end fund. GSOL charges a 0.35% management fee—significantly lower than Grayscale’s Bitcoin and Ethereum products, GBTC and ETHE, which charge 1.5%. However, Bitwise undercut Grayscale with an even lower 0.20% fee, giving BSOL a competitive edge.

Lunde explained that BSOL’s low fees and early launch fueled its rapid growth, while GSOL’s higher costs and later entry limited its momentum. Despite the promising ETF debut, SOL’s price slump underscores the market’s cautious sentiment amid broader crypto volatility.