Grayscale’s Solana ETF Starts Slow While Bitwise Dominates Launch

Grayscale’s new U.S. spot Solana exchange-traded fund, GSOL, debuted on Oct. 29 with modest net inflows of $1.4 million, following its conversion from a closed-end trust.

By contrast, Bitwise’s BSOL, which launched a day earlier, saw $46.5 million in net inflows on the same day, adding to $69.5 million from day one. BSOL also led in trading volume, reaching nearly $75 million on its second day, while GSOL recorded $4.9 million.

Analysts note BSOL’s first-mover advantage has given it an early lead, though more Solana ETFs from Fidelity, VanEck, and 21Shares are expected.

Solana ETFs Gain Traction Amid Market Competition

Earlier in July, REX-Osprey launched SSK, a Solana ETF offering native staking rewards, holding most assets in staked SOL. Regulatory adjustments during the U.S. government shutdown enabled GSOL and BSOL to launch without delays.

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Bitwise’s Solana Staking ETF Could Change How Institutions Invest in Crypto

Other new U.S. spot ETFs – Canary Capital’s HBAR (HBR) and Litecoin (LTCC) – lso saw initial inflows, gaining $2.2 million and $485,000, respectively.

Meanwhile, U.S. spot Bitcoin and Ethereum ETFs experienced combined outflows of over $500 million, led by Fidelity’s FBTC ($164.4 million) and FETH ($69.5 million), amid a hawkish tone from Federal Reserve Chair Jerome Powell despite a 25 basis-point rate cut.