The long-anticipated arrival of Solana-based exchange-traded funds in the United States has quickly turned into a one-sided race.
Just days after the first spot Solana ETFs hit the market, early trading data shows that Bitwise has surged ahead, leaving Grayscale and other contenders struggling to keep pace.
Bitwise Captures Investor Momentum
Bitwise’s BSOL ETF is off to a flying start, drawing roughly $116 million in total inflows across its first two trading days. The fund racked up an impressive $57.9 million in volume on launch day and another $75 million the following session – a performance Bloomberg’s Eric Balchunas described as “huge” for a crypto product debut.
Industry observers say BSOL’s success stems from its timing and pricing advantage. Launching just a day before Grayscale’s rival fund, Bitwise managed to lock in institutional attention early while offering a lower 0.2% management fee, compared to Grayscale’s 0.35%.
Grayscale’s Late Entry Struggles to Impress
Grayscale’s newly converted GSOL ETF entered the market one step behind. Despite its strong brand recognition, GSOL recorded only $1.4 million in net inflows and around $4.9 million in trading volume on its first day. The timing gap, though small, proved costly. As Balchunas noted, “Being just one day behind makes a huge difference in momentum.”
A Third Player Quietly Carves Its Own Niche
While the spotlight remains on Bitwise and Grayscale, REX-Osprey continues to chart a different course with its SSK Solana ETF, launched in July. Unlike its competitors, SSK was structured under the Investment Company Act of 1940 – a distinction that allows it to offer staking rewards directly from on-chain Solana participation. The fund primarily holds staked SOL, along with smaller allocations to liquid staking derivatives and related instruments, appealing to yield-focused investors.
Regulatory Window Opens Amid Washington Gridlock
Ironically, these ETF launches came during a U.S. government shutdown, yet the SEC allowed issuers to proceed thanks to new procedural rules. Under these guidelines, certain filings can automatically become effective after 20 days without direct staff review, a process originally meant to streamline commodity trust listings.
This unexpected regulatory flexibility enabled both BSOL and GSOL to go live on schedule, despite limited SEC operations – a sign of how far digital asset ETFs have come in mainstream acceptance.
Solana Price
At the moment, Solana (SOL) is trading near $186, down roughly 3.8% over the past 24 hours. The decline follows a brief attempt to reclaim the $200 mark earlier in the week.
Technical indicators show mixed momentum: the RSI is hovering around 44, suggesting the asset remains in neutral territory, while the MACD continues to flatten out, hinting at short-term indecision. If buyers manage to defend the $180 support zone, a rebound toward $200–$210 could follow, though a drop below that threshold might expose the next support near $165.
Competition Set to Intensify
With Fidelity, VanEck, and 21Shares reportedly preparing their own Solana products, analysts believe the initial ETF wave is only the beginning. Yet for now, Bitwise’s head start and early liquidity dominance may define the tone of the Solana ETF landscape – and it’s proving that in crypto finance, timing still matters as much as innovation.
