Solana exchange-traded funds have defied brutal market conditions to accumulate nearly $1.5 billion in flows — outpacing Bitcoin by a factor of two in the process.
Since the product went live in July 2025, Solana has plunged to around $85, down from nearly $300 when traders could start trading the ETF. In fact, for Eric Balchunas, Bloomberg Intelligence ETF analyst, the timing was terrible.
“About as unlucky timing as you’ll ever see,” Balchunas wrote on X.
the other thing about these flows if we adjust for the size of solana vs bitcoin mkt cap, it's the equiv of $54b in net new flows, which is about DOUBLE where bitcoin was at the same point. And bitcoin was up a ton at that time vs down 57%. Anyhow, pretty impressive numbers given…
— Eric Balchunas (@EricBalchunas) March 5, 2026
the other thing about these flows if we adjust for the size of solana vs bitcoin mkt cap, it's the equiv of $54b in net new flows, which is about DOUBLE where bitcoin was at the same point. And bitcoin was up a ton at that time vs down 57%. Anyhow, pretty impressive numbers given…
— Eric Balchunas (@EricBalchunas) March 5, 2026
But Solana investors don’t seem to care.
“They managed to not only accumulate $1.5 billion in flows but not really give any of it up,” Balchunas said Thursday. “Both really good signs for the future.”
ETF flows refer to money put into and pulled out of the investment funds. Flows in March and February have been positive, suggesting investors view current prices as a buying opportunity rather than a warning sign.
According to Balchunas, the majority of Solana ETF holders are institutions filing 13Fs — hedge funds, asset managers, pension funds — which typically invest with longer time horizons than retail. Their willingness to accumulate through a cliffside 57% decline shows that they are confident about Solana’s long-term prospects.
Beating Bitcoin
Solana’s flows look even more impressive when they are adjusted for Solana’s market value relative to Bitcoin.
“If we adjust for the size of Solana versus Bitcoin market cap, it’s the equivalent of $54 billion in net new flows,” Balchunas said. “That’s about double where Bitcoin was at the same point.”
Beating Bitcoin in terms of ETFs is no small feat: the cryptocurrency had most successful launch in ETF history, bringing in upwards of $107 billion in its first year.
The composition of Solana holders also suggests some pretty important institutional conviction. Roughly 50% of Solana ETF assets come from 13F filers — institutional investors required to disclose holdings quarterly, according to Balchunas.
“Serious investor base,” he added.
