Exchange-traded funds tied to Solana have kept most of their initial inflows even as the SOL token has fallen sharply since the funds launched, a sign analysts say of institutional resilience.
Since U.S. Solana ETFs began trading in July, SOL is down roughly 57%, yet the products have recorded about $1.5 billion in net inflows. Bloomberg ETF analyst Eric Balchunas noted that roughly half of those inflows came from institutional investors, which he called a serious investor base and a bullish sign for the ETFs’ staying power.
Adjusting for market size, Balchunas estimated that Solana’s ETF flows—given SOL’s roughly $50 billion market capitalization versus Bitcoin’s about $1.4 trillion—are equivalent to roughly $54 billion in net new flows on a Bitcoin-sized basis. That pace is about double where Bitcoin ETFs stood at an equivalent point after their launch. He also pointed out that ETFs debuting into large market drawdowns typically struggle to attract and retain inflows, and many would not survive a roughly 57% decline in their first six months, making Solana’s persistence notable.
Data from CoinGlass showed Solana ETFs experienced their first net outflow day in over a month on Thursday, with about $6 million leaving six products, after a $19 million net inflow the previous day.
SOL reached an all-time high of $293 in January 2025 amid a memecoin-driven rally. It now trades near $88—around 70% below that peak—having slipped about 2.7% on the day and roughly 11% over the past month, according to CoinGecko.