The Solana community shows strong bullish sentiment toward the first SOL ETFs, but the numbers reveal weak demand for the investment product.
The long-awaited US-based spot Solana SOL $87.35 24h volatility: 0.6% Market cap: $49.88 B Vol. 24h: $1.96 B exchange-traded product from Bitwise entered Wall Street for trading on Oct. 28.
The investment product, with the BSOL ticker, recorded $69.5 million in net inflows on day one, data from SoSoValue shows. BSOL also recorded a $57.9 million trading volume on its debut.
Despite the impressive bullish calls from the crypto community, BSOL traded at a 1.04% discount at $25.55 per share, according to SoSoValue. The indicator suggests that the investment product saw weak demand from investors.
For comparison, Bitwise’s Bitcoin BTC $70 760 24h volatility: 0.2% Market cap: $1.42 T Vol. 24h: $24.15 B and Ethereum ETH $2 087 24h volatility: 0.3% Market cap: $251.88 B Vol. 24h: $9.30 B ETFs recorded $237.9 million and $204 million in inflows on their debut, respectively.
However, the bearish and highly volatile market conditions could also add to the weakening demand for crypto-related investment products.
Still a Long Way for Solana ETFs
Unlike BTC and ETH-based ETFs, the approval rate for Solana-related investment products has been inconsistent.
For Solana, so far, only Bitwise’s BSOL and REX-Osprey’s SSK ETFs are available for trading.
The Grayscale Solana Trust ETF also received approval from the US Securities and Exchange Commission on Oct. 28.
BREAKING: @Grayscale Solana Trust ETF approved for listing and registration by the SEC 👀 pic.twitter.com/SxWLQmg4J5
— Solana (@solana) October 28, 2025
According to the document shared by Solana’s official account, the investment product will start trading on the NYSE exchange.
While there have been expectations of a bull run for Solana, with the launch of ETFs, the broader crypto market’s volatility might block the asset’s upward momentum.
SOL is down by 3.2% in the past 24 hours and is trading at $195 at the time of writing. The asset is sitting at the sixth spot with a market value of $107 billion.
However, Solana is seeing increased demand from traders as its daily trading volume increased by 19%, reaching $7.5 billion.
Currently, VanEck, 21Shares, Canary, and CoinShares are waiting for the SEC’s approval for their spot SOL ETFs.
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