Early Trading Shows Robust Demand

The recent launch of Solana exchange-traded funds (ETFs) in the United States has been met with immediate institutional interest, distinguishing it from other newly introduced crypto products. The Bitwise BSOL ETF attracted an impressive $129 million in inflows within its first two days of trading. Grayscale’s GSOL ETF followed, securing $4 million on its debut session.

This strong performance has led Grayscale to project that Solana ETFs could mirror the success of their Bitcoin and Ethereum counterparts. Zach Pandl, the firm’s Head of Research, anticipates these new funds could capture at least 5% of Solana’s total token supply within two years, which would represent an inflow of over $5 billion at current market prices.

A New Pillar in the ETF Market

According to Pandl, the early demand confirms investor appetite for technically efficient alternative assets with growing ecosystems. He suggested that Solana’s unique characteristics could help it achieve a level of market relevance comparable to Bitcoin and Ethereum in the ETF space. Grayscale expects institutional demand to continue absorbing a significant portion of SOL’s circulating supply over time.

The firm’s move into a Solana ETF builds on a long-standing position. Grayscale’s GSOL trust, launched in 2021, had already accumulated over $100 million in SOL before its conversion, following the same model used for its successful Bitcoin and Ethereum funds.

Bloomberg analysts noted the rapid inflows, highlighting the market’s capacity to channel large institutional volumes into regulated investment vehicles. The arrival of Solana ETFs marks a pivotal step in diversifying the U.S. crypto investment landscape, which has until now been heavily concentrated on BTC and ETH funds. For Grayscale, the positive market response validates its strategy to expand its ETF lineup and establish Solana as a key institutional asset.