Bitwise’s SOL ETF Debuts with $69.5M Inflows, Trades at Discount
Bitwise launched a US-based spot Solana #SOL exchange-traded product (ETP) on Wall Street on Oct. 28.
- The BSOL ticker saw $69.5 million in net inflows and a $57.9 million trading volume on its debut.
- BSOL traded at a 1.04% discount, indicating weak demand.
- In comparison, Bitwise’s Bitcoin #BTC and Ethereum #ETH ETFs had higher inflows of $237.9 million and $204 million respectively.
- Current market conditions contribute to the reduced demand for crypto investment products.
Solana ETF Market Overview
- Only Bitwise's BSOL and REX-Osprey's SSK ETFs are currently available for Solana.
- The Grayscale Solana Trust ETF received SEC approval on Oct. 28.
- Additional Solana-related ETFs from VanEck, 21Shares, Canary, and CoinShares await SEC approval.
Despite expectations of growth, Solana is affected by overall market volatility. SOL decreased by 3.2% in the last 24 hours, now trading at $195 with a market cap of $107 billion. However, daily trading volume increased by 19% to $7.5 billion.