Solana ETFs see rising inflows – Institutions race for market share!

Key takeaway

Which funds are driving the inflows?

Bitwise’s BSOL leads with $23 million, followed by Grayscale’s GSOL, VanEck’s VSOL, and Fidelity’s FSOL, all posting new inflows.

How has Solana’s price reacted?

SOL rose from around $129 to $139.41, though RSI indicators still suggest bearish control despite short-term gains.

Solana’s momentum in traditional finance just got louder.

The spot Solana [SOL] ETF continues to attract fresh capital in the U.S. market, recording $26.2 million in new inflows on the 18th of November, as per Farside Investors.

Solana ETF analysis

Since its debut on the 31st of October, the fund has consistently posted positive flow activity. 

Last recorded on the 18th of November, Bitwise’s BSOL led with $23 million in inflows, followed by Grayscale’s GSOL with $3.2 million.

VanEck’s VSOL, which received approval on the 17th of November, posted its first inflow a day later, adding $1.8 million.

Meanwhile, Fidelity’s FSOL, which also began trading on the 18th November, saw $2.1 million in inflows, according to data from Farside Investors.

Bloomberg analyst James Seyffart further confirmed the Canary ETF listings recently and noted that issuers are now competing aggressively for market share. 

Solana price action and more

These fund movements aligned with a modest price bounce.

SOL traded near $129 during the time of the inflows but later climbed to $139.41, posting a 1.38% gain in the past 24 hours, based on CoinMarketCap data.

However, technicals paint a cautious picture.

The Relative Strength Index (RSI) remains below the neutral line, indicating bearish control and suggesting that bulls have yet to regain sustainable momentum despite short-term price upticks.

Source: Trading View

Interestingly, Solana’s ETF trend appears to mirror the early trajectory of Bitcoin [BTC] ETFs, which saw massive inflows at launch, most notably $655.3 million on 11 January 2024.

However, unlike Bitcoin ETFs, which eventually experienced significant outflows as market conditions shifted, Solana’s ETF products have maintained consistent inflows since launch.

If this trend continues, Solana may establish itself as one of the strongest performers in the new wave of crypto ETFs.