Key Insights
- Bitwise Solana Staking ETF accumulated 93,167 SOL worth $13.15 million.
- This signals massive interest from Wall Street investors in the BSOL ETF.
- SOL price soared over 1% within an hour after the purchase, extending upside momentum.
Bitwise Solana Staking ETF purchased 93,167 SOL on Friday. This indicates continuing inflows amid massive interest from Wall Street investors.
This institutional buying triggered positive sentiment among traders, causing a more than 1.30% jump in SOL price. Can Solana price climb further to $150 today?
Bitwise Adds $13.15 Million in SOL to its Solana ETF
According to on-chain expert Lookonchain on November 28, Bitwise added another 93,167 SOL to its Solana Staking ETF. With the latest purchase, the BSOL ETF continued its inflows streak.
The latest SOL purchase was made from Coinbase and Fireblocks, valued at almost $13.15 million. As per Arkham data, the wallet still holds 3.95 million SOL tokens worth $562.68 million.
This purchasing trend may help counter retail volatility, stabilize SOL price, and signal broader investor adoption. Inflows into Solana ETFs typically boost bullish sentiment among institutional investors.
Total Inflows in Bitwise Solana Staking ETF
The Bitwise Solana Staking ETF (BSOL) has recorded net inflows of $527 million. BSOL saw $13.3 million in inflows on Wednesday.
Notably, Solana ETFs saw its first outflow of $8.2 million on Wednesday, since it started trading in early November. 21Shares Solana ETF (TSOL) recorded the only outflows worth $34.4 million.
Despite multiple launches, SOL price has tumbled more than 20%. The broader crypto market uncertainty amid extreme fear sentiment also caused SOL price to crash.
According to the Bitwise’s website, the BSOL ETF holds 4,411,732.99 SOL tokens worth $631 million. The issuer has waived fees until AuM reaches $1 billion.
SOL Price Jumps After Latest Buy
SOL price jumped by over 1% over the past 24 hours, trading at $143.05 at the time of writing. The intraday low and high were $138.74 and $143.30, respectively.
However, trading volume decreased by 19% over the last 24 hours, indicating a decline in interest among traders amid options expiry today.
Analysts pointed out that Solana bottoms when investors capitulate, attracting more investors into the ecosystem. Analyst Crypto Tony predicted that claiming $144 is bullish for SOL price.
The price could hit $150 amid inflows into Bitwise Solana Staking ETF. However, a rebound to $166, the 50-DMA level, would trigger a massive rally towards $200.
CoinGlass data revealed massive buying in the derivatives market. At the time of writing, the total SOL futures open interest jumped 3% to $7.53 billion in the last 24 hours.
The 4-hour SOL futures OI on CME and Binance climbed more than 0.36% and 0.38%, respectively. It signals bullish sentiment among derivatives traders.