 
 
Solana slumped under $200, reversing nearly all of the past two months’ gains carved out in anticipation of spot exchange-traded fund (ETF) approvals in the United States.
Market analysts had predicted that a spot SOL ETF approval and successful launch would kickstart a price rally into the $300 to $500 range, yet the altcoin is currently in bear territory, suggesting the Wall Street debut was a sell-the-news event.
“Sell the news” is a popular term in financial markets that describes how asset prices, leverage, and sentiment propel prices higher in the lead-up to a bullish event, only for prices to fall shortly after.
Bitwise’s BSOL Crosses $72 Million In Trading Volume
The Bitwise Solana Staking ETF (BSOL) followed up its “big first day” with an even stronger second day trading session. BSOL racked up approximately $72 million in trading volume on Wednesday, which Bloomberg’s senior ETF analyst Eric Balchunas called a “huge number.”
“$72m is a huge number. Good sign,” Balchunas wrote on X. He also noted that the Canary Capital Hedera ETF (HBR) and Canary Litecoin ETF (LTCC) registered the same volume as the first day, coming in at roughly $8 million and $1 million, respectively. Still, Balchunas thinks these are strong figures, as most exchange-traded funds often drop after the first-day hype dies down.
 
Notably, BSOL drew in around $69.5 million in inflows on its Wall Street debut, signaling that institutions are favoring Bitwise’s direct staking model.
Grayscale’s GSOL spot ETF, meanwhile, began trading on Wednesday, bagging about $4 million worth of investments. Grayscale secured the green light to transform GSOL into an ETF after operating as a closed-end vehicle that offered exposure through a traditional brokerage account for approximately four years.
“Healthy but obviously short of BSOL,” Balchunas observed. “Being just one day behind is actually really huge. Makes it so much harder.”
Solana is down 3.5% over the past 24 hours, trading at $191.93, as Bitcoin’s price shed 3.1% during the same timeframe, hitting an intraday low of $108,201, according to CoinGecko data.
That has put pressure on the broader cryptocurrency market, leading to $840.16 million in total liquidations, with long positions accounting for $675.39 million of those, according to CoinGlass data.