The one-day addition to the Rex-Osprey’s Solana + Staking ETF (SSK) 104% of the $20.2 million raised over the previous three trading sessions, effectively doubling net inflows.
Comparing the first four trading days for each asset class reveals a disconnect between the flows and the market capitalization of the underlying assets.
Bitcoin spot ETFs earned about $2.9 billion during their first four sessions in January, which is roughly 0.34% of BTC’s market capitalization at the time.
By contrast, Solana’s $41.2 million equates to approximately 0.05% of SOL’s circulating supply, roughly 16.7% of the penetration level achieved by the earlier Bitcoin and Ethereum launches.
One reason for the divergence is the cost. Rex-Osprey’s 0.75% levy ranks as the highest among US spot crypto ETFs, while its seed inventory of just $600,000 suggests limited authorized participant warehousing capacity.
Furthermore, Rex-Osprey remains the sole issuer of Solana ETFs, whereas nine issuers competed in Bitcoin’s debut and eight launched Ethereum products.
While the small base and higher expense ratio leave SSK’s early intake below that of its large-cap counterparts, the fund’s doubling on July 8 shows an incremental appetite from allocators undeterred by cost.
