Bitwise Solana Staking ETF (BSOL) Makes Record Debut with $69.5M Inflows, $289M NAV

Bitwise Solana Staking ETF (BSOL) makes an impressive debut with massive inflows and trading volumes, the biggest crypto ETF launch since Ethereum. However, SOL price slipped below $195 despite whales opening long positions on the ETF launch.

Bitwise Solana Staking ETF (BSOL) Records $69.5 Million Inflows

Bitwise’s spot Solana ETF officially began trading on NYSE Arca with $222.9 million in seed capital, recording $56 million in trading volume on its first day. Meanwhile, trading volumes for Canary’s HBAR ETF and Litecoin ETF were $8 million and $1 million, respectively.

Bloomberg senior ETF analyst Eric Balchunas quoted $222.9 million in assets as “impressive.” He added, “Surprised they didn’t hold off tho and have it come in on Day One to get volume and flows higher. Good news is now we’ll have only organic, easier to measure true demand.”

Bitwise Solana Staking ETF (BSOL) saw $69.5 million in inflows on day one, according to Farside Investors data on October 29. This is nearly 480% higher than the $12 million recorded by REX Osprey SOL Staking ETF (SSK).

Moreover, the net asset value (NAV) has reached nearly $289 million, according to SoSoValue data. The accounts for 0.01% of SOL market cap.

BSOL marks the first Solana staking ETF approved for trading in the United States. It provides investors with exposure to Solana (SOL), offering more than 7% annual rewards by staking 100% of SOL.

SOL Price Falls Despite Whale Accumulations

Whales accumulated heavily in response to the Bitwise Solana Staking ETF (BSOL) launch. A whale with a 100% win-rate opened a long position on SOL with 10x leverage, reported Onchain Lens. Recently, the whale closed its 13x long position on BTC to make $1.4 million in profit.

However, SOL price fell more than 3% in the past 24 hours, with the price currently trading at $$194. The 24-hour low and high are $191.39 and $203.83, respectively. Trading volume saw a major rebound with a 25% jump in the last 24 hours, indicating interest among traders.

The derivatives market showed buying in the last few hours, as per CoinGlass data. The 4-hour SOL futures OI was up nearly 0.22%. Notably, the total Solana futures open interest climbed 3% to $10.22 billion in 24 hours, with a 0.03% drop on CME and a 2.50% jump on Binance in the last 24 hours.