Asset manager Bitwise announced that its Solana staking exchange-traded fund (ETF) recorded $55.4 million in trading volume on its first day of trading. This launch coincided with the debut of two other altcoin ETFs from Canary Capital.
According to Bloomberg ETF analyst Eric Balchunas, the trading volumes for the Bitwise Solana Staking ETF (BSOL) on Tuesday were the highest among all crypto ETFs launched in 2025. This performance surpassed the launches of XRP and Solana staking ETFs from REX Osprey.
Prior to its launch, BSOL had already attracted approximately $223 million in assets. Balchunas indicated that this pre-launch inflow signaled growing institutional confidence and engagement in cryptocurrency staking, which involves locking up digital assets on a blockchain to support transaction validation and earn rewards.
The increasing interest from Wall Street in cryptocurrencies has expanded beyond established players like Bitcoin and Ether. Asset managers are now exploring the launch of exchange-traded products linked to riskier cryptocurrencies and innovative mechanisms such as staking.
BSOL Exceeds Expectations
The trading volume of $55.4 million for BSOL's debut day exceeded Eric Balchunas' pre-launch estimate of $52 million. In comparison, the Canary Capital HBAR ETF (HBR) concluded its first trading day with $8 million in volume, meeting the analyst's prediction.
The Canary Capital Litecoin ETF (LTCC) registered $1 million in trading volume, falling short of Balchunas' $7 million estimate.
Ether ETFs Outperformed Altcoin Fund Debuts
Despite its strong performance, the debut trading volume for BSOL was significantly less than the $1.08 billion in trading volume observed for the nine spot Ether (ETH) ETFs that launched in July. These Ether ETFs were the first altcoin funds to be introduced in the United States.
Among the Ether ETFs, Grayscale's converted Ethereum ETF Trust accounted for $458 million of the total volume. The iShares Ethereum Trust ETF, issued by BlackRock, garnered $248.7 million.
Bitwise's own spot Ether ETF product also achieved $94.3 million in trading volume on its launch day, a figure considerably higher than that of its Solana product on its debut.