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Grayscale’s Solana ETF (GSOL) saw $1.4 million in inflows on launch day.
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Bitwise’s BSOL fund added $46.5 million, leading early demand.
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Bitcoin and Ethereum ETFs saw $500 million in outflows following the Fed’s rate decision.
Solana ETFs Draw Early Investor Interest
Grayscale’s new spot Solana ETF (GSOL) recorded $1.4 million in inflows on its Oct. 29 debut, following its conversion from a closed-end trust. Bitwise’s BSOL fund, which launched a day earlier, attracted $46.5 million on day two, adding to strong early momentum for Solana-based products.
Strong Volumes Despite Broader Market Pullback
BSOL generated over $75 million in trading volume on its second day — the largest debut of any ETF this year — while GSOL saw $4.9 million despite its higher 0.35% fee. Analysts expect more issuers, including Fidelity, VanEck, and 21Shares, to follow with Solana ETFs in the coming weeks.
Bitcoin and Ethereum ETFs See Heavy Outflows
While Solana funds gained traction, Bitcoin and Ethereum ETFs saw a combined $500 million in outflows as the Fed struck a more hawkish tone despite another rate cut. Fidelity’s FBTC and FETH led the outflows, while Solana and HBAR were the only major cryptos to end the day higher.
Macro Pressure Adds to ETF Shifts
Analysts said investors reacted less to the rate cut itself and more to Powell’s cautious outlook. “Powell’s tone removed forward certainty and tightened financial conditions,” said BRN Research’s Timothy Misir, noting that ETF flows amplified the selloff.
