Solana ETFs Pull In $188 Million as Bitwise Captures 68% of Weekly Inflows
U.S. spot exchange-traded products linked to Solana saw $188.21 million in inflows over five trading days ending Sept. 25, among the highest weekly net inflows... The post Solana ETFs Pull In $188 Million as Bitwise Captures 68% of Weekly Inflows appeared first on Bitcoin Foundation.
U.S. spot exchange-traded products linked to Solana saw $188.21 million in inflows over five trading days ending Sept. 25, among the highest weekly net inflows since inception. The Bitwise Solana Staking ETF, known as BSOL, was the top beneficiary, receiving $128.46 million, or 68% of the net inflows into U.S. Solana-linked spot ETFs over the week.
Grayscale’s GSOL had the second-highest trading volume of $28.06 million, and Fidelity’s FSOL had $17.59 million in trading activity. Other issuers of stock include Morgan Stanley, VanEck, Franklin Templeton, and 21Shares.
Notably, all seven Solana-focused funds tracked had positive net inflows during the week, suggesting that investment in Solana funds increased despite Bitwise having the largest market share.
Friday saw the highest activity. Solana ETFs saw net inflows of about $86.67 million on Sept. 25, the highest single-day inflow since the ETFs launched. About $55.73 million of the net inflows into Solana ETFs on Sept. 25 went to BSOL, and Grayscale’s ETF saw inflows of about $18.47 million. Net inflows on Friday accounted for almost half of net inflows over the previous five days.
Net flows represent funds flowing into ETFs, less redemptions. Net flows should not be confused with trading activity, which represents changes in ETF shares owned by investors. ETFs offer investors a way to gain exposure to SOL using a traditional brokerage account without needing to own or store SOL or other cryptocurrencies.
Bitwise also had a longer head start. Total net purchases of U.S. spot Solana ETF shares during this time were around $1.6 billion, including about $1.2 billion in BSOL purchases.
That focus has resulted in Bitwise receiving a greater share of cryptocurrency purchases in the past than its 68% market share last week, since other issuers have received more of recent purchases.
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Solana numbers came with heavy investment flows into other U.S.-based crypto ETFs. Spot bitcoin ETFs saw $2.4 billion in inflows last week, as did spot ether ETFs, which saw $690 million in inflows and increased inflows into other exchange-listed digital asset funds.
SOL was trading in Asia on Monday for about $119, far less than its all-time high of about $293. SOL ETF purchases were made despite the low price, which was about 60% below the all-time high. ETF investor interest in SOL is distinct from long-term trends in SOL price.
In other developments, Solana developers made progress on Alpenglow, a proposed consensus upgrade that, if implemented, would lower transaction finality to about 150 milliseconds from 12.8 seconds.
The upgrade was launched on the network’s public testnets in late September to allow validators and other users to test the upgrade on the testnets before it is implemented on the mainnet. Further testing on public testnets is planned before upgrading the mainnet.
Read More: Solana’s 150ms Upgrade Is Coming: Could SOL Become the Fastest Major Blockchain?
Alpenglow works by modifying the validator consensus mechanism to implement direct voting instead of the current system.
The 150-millisecond number is a goal, not an observed performance benchmark on the mainnet. No specific timeline for launching the Alpenglow feature on the mainnet has been provided by Solana.
