U.S. spot Solana ETFs see 10 consecutive days of inflows
On Monday, November 10, U.S. spot SOL ETFs recorded their tenth straight day of net inflows. According to data from SoSoValue, total net inflows into Solana spot ETFs on Monday amounted to $6.78 million, with $5.92 million flowing into Bitwise’s BSOL and $854,480 into Grayscale’s GSOL.
Since their launch, the funds have attracted a combined total of $342.48 million. In just the first week of trading, spot SOL ETFs brought in nearly $200 million.
“The inflow into U.S. spot Solana ETFs has far exceeded pre-launch expectations, which assumed lower institutional adoption due to Solana’s perceived regulatory and technical risks,” said Nick Rook, director at LVRG Research.
According to him, investors view Solana ETFs as a “high-volatility” complement to BTC and ETH ETFs, offering diversified exposure to the popular altcoin’s ecosystem. These investors are willing to tolerate greater volatility in exchange for potentially higher risk-adjusted returns over the cryptocurrency’s growth cycle.
Going forward, sustained inflows into ETFs are expected to provide long-term price support for SOL by reducing available supply and attracting institutional capital, Rook added.
At the time of writing, Solana was trading at $164.20. Over the past week, the altcoin gained 3.15%.
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