Exchange-traded funds tied to Solana have retained their early inflows even as the SOL token has more than halved since the funds launched, a sign analysts say of institutional resilience.
Solana (SOL) is down about 57% since U.S. Solana ETFs debuted in July, yet the products have accumulated roughly $1.5 billion in net flows and “not really give any of it up,” Bloomberg ETF analyst Eric Balchunas said. He noted that about half of those inflows come from institutional investors, which he described as a “serious investor base” and a positive indicator for the funds’ durability.
Adjusting for market size, Balchunas estimated that with Solana’s roughly $50 billion market cap versus Bitcoin’s $1.4 trillion, the ETFs’ flows are equivalent to about $54 billion in net new flows on a Bitcoin-sized basis—about double where Bitcoin ETFs were at the same point after launch. He added that ETFs launching into significant market downturns typically struggle to attract inflows, and many would not survive a 57% drop in their first six months, calling Solana’s performance “pretty impressive.”
Solana ETFs saw their first net outflow day in over a month on Thursday, with $6 million exiting six products, according to CoinGlass, following a $19 million net inflow the previous day.
SOL reached an all-time high of $293 in January 2025 during a memecoin-driven rally. It now trades near $88, roughly 70% below that peak, having fallen about 2.7% on the day and roughly 11% over the past month, per CoinGecko.
