The long-awaited debut of the Solana ETF spot in the US has drawn steady demand, according to analysts—but you wouldn’t know it judging by the sol Price action.
The token, which hit a $205 one-day high before Tuesday’s ETF launch, fell 20% to $165 on the week. It has well underperformed the weak action of crypto majors bitcoin and ether which fell to around 6% and 12%, respectively.
All that happened despite the Solana-based commodities trading company posting its second-strongest weekly net inflow last week with $421 million, according to a Coinshares report.
Vetle Lunde, head of research at K33, described the first week of ETFs as “very solid,” adding that was more commendable compared to the heavy inflows of BTC and ETH counterparts.
“The launch of the US Spot Solana ETFS has been a clear success, drawing strong investor demand despite broader crypto fund inflows,” Lunde said in a note.
Most of the inflow went to Bitwise’s Solana ETF (BSOL), which attracted nearly $199 million in fresh funds and launched with nearly $223 million in seed capital, according to Farside Investors Data.
The $421 million total made BSOL the top performing crypto ETF of the week, surpassing even BlackRock’s Ishares Bitcoin Trust (IBIT), which saw muted demand as the price of Bitcoin continued to slide, Coinshares data showed.
The other Solana ETF, Grayscale’s Solana Trust (GSOL), by contrast, only pulled in $2.2 million. However, it entered the market with $102 million in assets under management after converting from an existing, closed-end product.
GSOL charges a 0.35% management fee – lower than the 1.5% fee on its flagship or ether products, GBTC and ETHE. Even so, bitwise undercut with a 0.20% BSOL fee.
“BSOL’s lower fees and first-mover advantage fueled its rapid growth, while GSOL’s higher costs and eventually outflows took root,” said K33’s Lunde.
