Key Takeaways
How did Solana’s ETF launch compare to Bitcoin and Ethereum?
Solana’s ETF attracted $531 million in net assets during its first week, approximately 35% of Bitcoin’s $1.5 billion first-week total and 45% of Ethereum’s $1.17 billion.
What happened to SOL price during the ETF launch week?
SOL traded around $162.57 during the launch week but fell 6.36% to $160 by 5 November due to broader market volatility.
Solana’s spot ETF wrapped its first seven days with $531 million in net assets, marking a respectable but modest debut compared to crypto’s previous ETF launches.
The performance reveals both institutional interest and the challenges of launching during a period of market turmoil.
Solana maintains inflow despite market turmoil
Solana’s ETF launched on 28 October with approximately $70 million in inflows—a strong opening that signaled institutional appetite.
The pattern resembled Bitcoin and Ethereum’s debuts: concentrated early enthusiasm followed by stabilization.
According to Soso value data, daily flows peaked twice. Launch day brought $70 million, while 3 November matched that figure at the week’s halfway point. Between those peaks, daily flows ranged from $37 to $ 47 million, showing sustained but moderate interest.
Source: Soso value
Then momentum collapsed. 4 November inflows dropped to just $15 million. On 5 November, Bitcoin dropped below $100,000, and markets lost $230 billion. The timing proved brutal for Solana’s debut.
Despite the market state, it recorded inflows for seven consecutive days.
Bitcoin and Ethereum set high bars
Bitcoin’s January 2024 ETF launch established the gold standard. The first four days generated $1.26 billion in net inflows, eventually reaching $1.5 billion in the opening weeks.
BlackRock’s IBIT led the charge, becoming one of the most successful ETF launches in history.
Ethereum followed in July 2024 with $1.17 billion in first-week inflows across new funds, excluding Grayscale’s converted ETHE.
BlackRock’s ETHA captured $442 million, Bitwise’s ETHW took $265.9 million, and Fidelity’s FETH added $219.4 million.
Solana’s $531 million trails both predecessors significantly. The ETF captured roughly 35% of Bitcoin’s first-week total and 45% of Ethereum’s, adjusted for converted fund outflows.
Market conditions explain part of the gap—November’s volatility created a hostile launch environment.
Whales return to Solana
Average order size data reveals the hidden strength in Solana’s ETF launch.
Trading data shows average orders hitting $150-200 ranges—matching 2021 bull market whale activity levels. This contrasts sharply with 2022-2023’s $10-40 retail-dominated trading.
Green whale order indicators have clustered densely in recent months, suggesting that institutional players were positioned ahead of and during the ETF launch.
Source: CryptoQuant
While retail participation appears muted, sophisticated investors deployed significant capital.
Solana’s first week demonstrates that institutional interest exists; however, launching during market chaos limited its impact.
The whale data suggests that smart money has accumulated, potentially positioning itself for better conditions ahead.
Source: https://ambcrypto.com/solana-etfs-531m-first-week-how-it-compares-to-bitcoin-and-ethereum/
