Bitwise Solana ETF Sees Steady Demand as Bitcoin, Ethereum Funds Shed Assets

The Bitwise Solana Staking ETF, launched on October 28, has demonstrated strong investor interest, accumulating over $545 million in net inflows. This includes $223 million from seed investments and over $126 million just in its first week of trading. In contrast, Bitcoin ETFs have experienced significant asset declines, losing more than $2.1 billion, while Ethereum funds have seen net outflows totaling $579 million. Despite a 29% decline in the price of Solana since early October, the ETF's success suggests a robust demand for Solana exposure, particularly as it operates with 100% staking. Analysts note that such inflows align with Solana's substantial $90 billion market cap and its dedicated community. The introduction of the Bitwise fund and a Grayscale Solana ETF was unexpected amid regulatory uncertainties due to a government shutdown, yet they successfully navigated the SEC's new listing requirements. The overall market, including Bitcoin, has faced pressures with Bitcoin dipping below $100,000 again, highlighting the ongoing shifts and investor strategies within the crypto landscape.

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