The spot Solana ETFs (exchange-traded funds) join the Ethereum funds as the second spot altcoin-linked investment products to hit the US market in recent years. Interestingly, the latest market data shows that the exchange-traded funds have made a strong start to life, recording significant inflows in the first few trading days.
The week’s star performer was Bitwise’s Solana Staking ETF (with the ticker BSOL), which recorded positive inflows in the first four trading days. On Friday, October 31st, the exchange-traded fund posted a total net inflow of roughly $44.5 million, bringing the debut week’s performance to over $197 million.
Bloomberg analyst Eric Balchunas said about the Bitwise Solana ETF performance:
What a week for $BSOL, besides the big volume, it led all crypto ETPs by a country mile in weekly flows with +$417m ($IBIT had a rare off week, it’ll be back). It also ranked it 16th in overall flows for the week. Big time debut.
While Grayscale’s Solana Trust (GSOL) didn’t record any activity on Friday, it closed the week with a total net inflow of about $2.18 million. It is worth noting that the Grayscale fund launched a day after Bitwise’s spot Solana ETF, but both exchange-traded funds have a total net asset of over $500 million.
The US-based Bitcoin and Ether ETFs registered unconvincing performances in the past week, as investor sentiment in the market seems to worsen by the day. The Bitcoin exchange-traded funds posted a total net outflow of over $607 million in the past week.
