Solana Spot ETFs Record 12 Straight Days Of Inflows

GSOL and BSOL – the two new Solana spot ETFs from Grayscale and Bitwise – have together attracted 12 days in a row of positive inflows. 

Bitwise’s BSOL launched on the 28th October and is the larger of the two. It currently has $470 million AUM. GSOL by Grayscale launched a day later and currently has $104 million AUM.

The bullish behaviour of the Solana spot ETFs comes amid a backdrop of a sliding BTC price and consistent outflows from the ETH and BTC spot ETFs. 

When BSOL launched, Bitcoin was at around $113,000. At the time of writing, it is valued at $103,000. 

Perhaps more interestingly, the Bitcoin spot ETFs have recorded nearly $2 billion in outflows over the last two weeks whilst the Ethereum spot ETFs have recorded $500 million. 

The opposing fortunes of the spot ETFs are even more examples of the confusing, and often conflicting, crypto market the last few months. The BTC price rose to over $124,000 in early October, with many traders claiming ‘Uptober’ had arrived. It subsequently slid, dipping below $100,000 on the 7th November.

Furthermore, the bullish narrative around declining US interest rates, the end of Quantitative Tightening, (QT) and resumption of Quantitative Easing (QE) by the Fed has come up against bearish signals regarding slowing acquisitions from crypto treasury companies, AI bubble market jitters and the enduring narrative of crypto’s 4-year bull cycles. 

According to experts like Nick Ruck, director at LVRG Research, the Solana spot ETFs have “outperformed pre-launch expectations.” Despite this, the SOL price does not seem to be responding immediately to the clear sign of demand for SOL exposure. SOL is down 20% since the launch of the two leading spot ETFs. 

In related news, the first ever XRP spot ETF began trading today (13th November) after it received regulatory approval on the 12th November. For an explanation on how to make sense of crypto ETFs, read our guide here.