Bitwise's newly launched Solana Staking ETF, under the ticker BSOL, has experienced a remarkable start, attracting a significant influx of capital that defies the prevailing crypto market conditions. While Bitcoin and Ethereum ETFs are witnessing substantial outflows, Solana appears to remain unaffected by these trends. Even a notable decline in the SOL price has not deterred investors, suggesting a fundamental trend that warrants closer examination.
In brief
- •Bitwise's BSOL ETF attracted more than $545 million in less than two weeks.
- •Bitcoin and Ethereum ETFs together lost more than $2.6 billion over the period.
- •Solana falls 29%, but institutions continue buying through high-yield funds.
- •The Solana network remains robust with 70 million daily transactions in October 2025.
Solana's Resilience Amidst Crypto Market Downturn
Launched on October 28, 2025, the BSOL ETF quickly garnered attention, securing over $545 million in investments within just eight days. This includes a notable $30 million inflow on a single day. In stark contrast, Bitcoin ETFs experienced outflows totaling $2.1 billion, and Ethereum ETFs saw a reduction of $579 million during the same period, highlighting a striking divergence in investor sentiment.
Hunter Horsley, CEO of Bitwise, commented on the strong performance via X, stating: "Inflow every day since the eight days after launch. More than $500 million in total. It’s clear investors want exposure to Solana."
Several factors contribute to this investor enthusiasm. The ETF is designed to be 100% staked, allowing investors to capture an estimated 7% annual yield without directly holding the asset. Additionally, Bitwise has implemented a temporary fee waiver for the fund. The operational backbone of the fund is provided by Bitwise Onchain Solutions, in collaboration with Helius Labs.
The growing interest in Solana is further evidenced by Grayscale, a prominent player in crypto products, launching its own Solana ETF, GSOL, which has already accumulated $114 million. This development suggests a potential shift in the market, where Bitcoin may no longer be the sole dominant force for crypto investments.
Solana's Declining Price Versus Strong Fundamentals
The crypto industry often presents paradoxes, and Solana's current situation exemplifies this. Despite a 29% price decrease over the past month, with the current SOL price at $159.09, well below its recent highs, capital continues to flow into related investment vehicles. This price action has not deterred funds from identifying opportunities within the Solana ecosystem.
Solana has a loyal community, probably the most devoted after Bitcoin and Ethereum.
Supporting this sentiment, on-chain data reveals a robust network. Solana processed 70 million daily transactions in October, with a Decentralized Exchange (DEX) volume of $143 billion. The network consistently achieves 1,100 transactions per second (TPS) and maintains a solid base of 3.2 million active wallets. Despite a high correlation of 0.97 with Bitcoin, Solana's on-chain dynamism provides it with considerable room for maneuverability.
Analysts indicate a strong support level for SOL around $155, which could serve as a strategic accumulation point if Bitcoin maintains stability. A break above $165 might reignite an upward trend, with potential targets ranging between $200 and $250, according to DeFi-driven growth models.
Shifting Investment Landscape in the Altcoin Market
In recent days, a subtle but significant reallocation of assets has occurred within the cryptocurrency landscape. Major asset managers are adjusting their strategies, diverting capital from established blockchains towards more agile altcoins that offer integrated yield mechanisms, such as Solana.
Bitwise, encouraged by the success of its BSOL ETF, is reportedly preparing to launch additional altcoin ETFs. The firm utilized the 8-A filing process, which allowed it to navigate SEC approvals despite potential roadblocks related to the government shutdown. This strategic approach is likely to be emulated by other market participants, including Canary, which is exploring ETFs for Hedera and Litecoin, and Grayscale.
While meme tokens continue to generate buzz with speculative activity, substantial capital is increasingly being allocated to Solana. For investors seeking performance, this period may represent the beginning of a new growth phase.
Key Takeaways
- •$545 million injected into the BSOL ETF in less than 2 weeks.
- •3.2 million active wallets on Solana despite the price drop.
- •70 million transactions processed daily in October.
- •0.97 correlation between SOL and Bitcoin.
- •Current SOL price: $159.09.
Bitwise's ambitions extend beyond Solana. The issuer is reportedly considering a Dogecoin ETF, with an SEC filing indicating a potential launch within 20 days if regulatory hurdles are cleared. This move represents a calculated risk, with market anticipation building around its potential success.