The first U.S. Solana spot exchange-traded fund (ETF) recorded a strong debut, signaling rising institutional interest in Solana’s blockchain ecosystem. The Bitwise Solana Staking ETF, trading under the ticker BSOL, launched on October 28 and attracted $69.45 million in net inflows on its first trading day. Following its listing, the ETF’s total net assets rose to $289 million, marking a significant milestone for Solana’s entry into mainstream financial markets. The fund now represents 0.27% of Solana’s total market capitalization, indicating an early yet promising start. Institutional Appetite Builds for Solana Exposure Institutional investors are increasingly drawn to Solana’s on-chain revenue potential. Matt Hougan, Chief Investment Officer at Bitwise, said the launch reflected strong demand from professional investors who value both blockchain yield and ETF accessibility. He emphasized that Solana’s revenue generation ranks among the highest in the sector, making it a prime target for institutional allocation. Consequently, the BSOL fund could become one of the fastest-growing digital asset ETFs in 2025. Additionally, Bloomberg ETF analyst James Seyffart confirmed that Grayscale’s GSOL ETF has also received regulatory approval and will begin trading soon. This rapid succession of Solana-based ETF listings highlights a shift in investor sentiment toward diversified crypto exposure beyond Bitcoin and Ethereum. By contrast, the newly listed Canary HBAR and Canary Litecoin ETFs saw no inflows or outflows on their debut, underscoring Solana’s dominant institutional appeal. SOL Price Holds Near Support as Analysts Watch $189 Despite the ETF excitement, Solana (SOL) experienced a mild pullback, trading around $194.37 with a 3.8% daily decline but maintaining a 5% weekly gain. The market capitalization now stands near $106.8 billion, supported by a circulating supply of 550 million SOL. Source: X On-chain data, according to Ali Martinez, shows a strong accumulation zone around $189, where 24.5 million SOL were purchased. This cluster forms a key support region likely to prevent deeper corrections. Holding above that threshold could reignite buying momentum toward $210 and $225. Meanwhile, market analyst Sheldon The Sniper noted a symmetrical triangle pattern forming below the $203 resistance. A drop below the ascending support near $185 could trigger short opportunities, while a breakout above $205 may confirm a bullish reversal.
