Cryptocurrency traders are braving market headwinds to pile into Solana with the recently approved Bitwise Solana Staking ETF pulling in over $1 billion in a week. Leaning on the popularity of ETFs, experts are making a case for Solana at $1,000, even as the sixth-largest cryptocurrency shed over 12%.
Solana ETF Garners Heavy Investors’ Interest
According to CoinMarketCap data, Solana’s price is trading just below the $160 mark, nearly 50% from its all-time high of $294. Over the last seven days, the altcoin has recorded a decline of over 7%, exacerbated by the broader crypto market correction that began in November.
Despite the grim prices, long-term interest in SOL remains high, accentuated by steady spot ETF inflows. Barely a week since the US SEC approved spot Solana ETFs, mom-and-pop investors have flocked into the space to gain exposure via a regulated wrapper amid whispers of an imminent SOL price rally.
Following the approvals, Bitwise Solana Staking ETF (BSOL) has recorded eight days of consecutive inflows totalling over $500 million. ETF expert Nate Geraci disclosed that glowing numbers place it among the top 20 ETF launches in 2025, outperforming over 900 offerings.
In the first 48 hours after launch, BSOL surpassed $129 million in inflows, with the figures exceeding $400 million by the sixth day.
Meanwhile, Grayscale’s version, launched a day after the Bitwise Solana Staking ETF, has equally recorded impressive inflows, pulling in $4 million on its first trading day. Bloomberg analyst Eric Balchunas noted that Grayscale is playing catch-up with Bitwise’s offering in terms of inflows, stemming from its second-mover position in the space.
“Healthy but obviously short of BSOL,” said Balchunas on X in respect to Grayscale’s Solana ETF inflows. “Being just one day behind is really huge. Makes it so much harder.”
Grayscale executive Zach Pandle is tipping Solana ETF products to achieve the same success as Bitcoin and Ethereum. Pandle forecasts that Solana ETFs will hold at least 5% of SOL’s circulating supply within a two-year window, representing nearly $6 billion worth of tokens at current prices.
Armed with staking functionalities, pundits are backing the Solana spot ETFs to continue racking impressive numbers. However, concerns of increasing competition with several imminent approvals may dampen the blistering start to Solana spot ETFs.
Canary Capital is expected to list its spot XRP ETF in the coming days, with Balchunas urging investors to brace for a barrage of SEC approvals. At the moment, there are over 60 cryptocurrency-based ETF applications on the desk of the SEC, ranging from Dogecoin to Injective.
Source: https://zycrypto.com/investors-ignore-sol-price-dip-as-bitwise-solana-staking-etf-rakes-in-500-million-in-a-week/
