Bitwise’s Solana ETF Surpasses Bitcoin, Ethereum in Daily Net Flow
Key Insights on Solana ETF and Market Movements:
- Bitwise launched its spot Solana ETF, BSOL, which experienced significant demand, surpassing daily net flows of Bitcoin and Ethereum ETFs on November 4.
- Solana ETFs recorded a $14.9 million inflow with Bitwise's BSOL contributing $13.2 million. Grayscale’s GSOL added $1.7 million.
- In contrast, Bitcoin and Ethereum ETFs saw outflows of $566.4 million and $219.4 million respectively, with BlackRock's IBIT and ETHA witnessing the highest outflows.
- Total net flow for Bitcoin and Ethereum ETFs exceeds $60.4 billion and $14 billion, while Solana ETFs recently accumulated $284 million.
Solana (SOL) Price Analysis:
- SOL is trading at $162, recovering from recent dips below $155, now acting as a support level.
- On November 3 and 4, SOL faced losses of up to 12%, closing above $155 despite ETF inflows.
- By November 5, SOL revisited the local bottom but rebounded above the support level.
Despite challenges, institutional and retail interest via ETFs suggests potential recovery for Solana.