BSOL Solana ETF’s Explosive Debut
The Bitwise BSOL Solana ETF, a U.S. spot exchange-traded fund (ETF), recorded a whopping $69.5 million in net inflows during its debut on Tuesday. This represents a milestone as the first U.S. Solana ETF with direct 100% exposure to SOL. These net inflows data were collated from public resources like Farside and SoSoValue.
Day-One Performance Compared to Other ETFs
In addition to the funds gathered through net inflows, BSOL also recorded a sum of $222.9 million as seed capital. Therefore, after its first day, the total net assets stood at $292.4 million. In comparison, during its debut in January 2024, Bitwise’s BITB had the highest day-one inflows amongst U.S. spot Bitcoin ETFs, totalling $237.9 million. Meanwhile, in July that same year, BlackRock’s ETHA recorded the largest U.S. spot Ethereum ETF debut inflows at $266.5 million.
Record Breaking Trading Volumes
The BSOL ETF achieved $10 million in trading volumes within its first hour. It then maintained stellar performance, generating a total trading volume of $57.9 million for that day. Bloomberg Senior ETF Analyst, Eric Balchunas, reported that this was the highest volume seen from any ETF launch in that year. He offered an insightful comment regarding the ETF’s performance, inferring that if the $220 million seed capital had been used on the first day, the total would have exceeded $280 million, surpassing ETHA’s debut.
Understanding Inflows and Trading Volume
For clarity, inflows refer to fresh capital pumped into the fund while trading volume is derived from the total number of shares bought and sold on the market. So, it’s plausible to see high inflows when large fresh shares are added, even if there’s a low volume of trades afterwards.
SSK – First U.S ETF with SOL Exposure
Earlier in July, REX-Osprey launched the United States’ first ETF that provides SOL exposure with native staking rewards. This was coined SSK. Unlike BSOL and the spot Bitcoin and Ethereum ETFs that used the more common Securities Act of 1933, SSK was launched under the Investment Company Act of 1940. The SSK fund holds real SOL, with at least 50% staked directly, while the remainder is directed to exchange-traded products and liquid staking tokens. On its debut, SSK saw inflows of $11.4 million, accumulating to $413.6 million in inflows since then.
Sea Change Amidst Regulatory Challenges
During the U.S. government shutdown, the SEC allowed ETF issuers to submit final S-1 registration statements without a slowing amendment. This meant ETF issuers could become effective after 20 days. The Block noted these procedural changes allowed launches such as BSOL to proceed despite the SEC’s limited operation.
A Strong Start for Solana
“Solana is headed into the mainstream – and we think it’s just getting started.” Bitwise expressed this sentiment after confirming the BSOL Solana ETF’s launch scheduled for that Tuesday. Additionally, Grayscale has also announced the debut of its new spot Solana ETF, GSOL, expected to take place on the following Wednesday.
Performance of Other ETFs
However, not all cryptocurrency ETFs had auspicious debuts. Canary Capital launched the first U.S. spot HBAR (HBR) and Litecoin (LTCC) ETFs on the same day as BSOL, getting zero inflows that day despite respectable trading volumes of $8.6 million and $1.4 million respectively, according to SoSoValue data. Bloomberg ETF Analyst, James Seyffart, explained it is normal to see days with zero reported inflows because ETFs are created or redeemed in large units only when there’s a significant imbalance between supply and demand.
U.S. Bitcoin and Ethereum Spots ETF
On the same day, the U.S. spot Bitcoin and Ethereum ETFs recorded inflows of $202.4 and $246 million, respectively. According to the Block’s compiled data, in 2025, BTC ETFs saw net inflows of $26.9bn. But, excluding BlackRock’s contribution, there was $1.3bn in outflows.
BlackRock’s Absence and Its Impact on Future ETFs
The absence of BlackRock from the forthcoming alternative coins ETF might limit overall inflows while creating an opportunity for other issuers to draw in inflows to establish dominance in the SOL ETF market. The Block suggested that based on solid flows towards existing leveraged ETFs, SOL ETFs are likely to experience the most substantial demand. However, more obscure altcoins might face tepid interest.
