Exchange-traded funds tied to Solana have held on to their early inflows, despite the token having more than halved in price since the funds were launched, which analysts say indicates institutional resilience.
Solana (SOL) is down 57% since Solana ETFs launched in the US in July, but the funds have managed to accumulate $1.5 billion in flows and “not really give any of it up,” Bloomberg ETF analyst Eric Balchunas said on Thursday.
He added that 50% of the inflows to the ETFs are from institutional investors, which Balchunas called a “serious investor base” and a good sign for the future.
Solana ETFs beat Bitcoin on market size basis
Balchunas said that by adjusting Solana’s $50 billion market capitalization to Bitcoin’s (BTC), $1.4 trillion, Solana ETFs have seen the equivalent of $54 billion in net new flows, “which is about DOUBLE where Bitcoin was at the same point.”
Bitcoin had also gained in the months after Bitcoin ETFs were launched, compared to Solana’s price fall, which Balchunas said was “pretty impressive numbers given [the] size and condition of the underlying market.”
Balchunas said that ETFs launching into that kind of market downturn usually make it “near impossible to get inflows.”
“Most wouldn’t even make it to age one or two if they went down 57% in the first six months,” he said. “Solana [is] defying physics here.”
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Solana ETFs saw their first net outflow day in over a month on Thursday with $6 million exiting the six products, according to CoinGlass. It followed a big net inflow day on Wednesday when $19 million entered the products.
Solana down 70% from all-time high
Solana hit an all-time high in January 2025 amid a memecoin minting frenzy that pushed the token to $293.
Today, it is 70% down from that peak, trading at around $88, having fallen 2.7% on the day and 11% over the past month, according to CoinGecko.
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