Solana ETFs just had their biggest week ever. Investors poured $188 million into U.S. spot funds tied to the cryptocurrency SOL last week, a record haul that sent every single one of the seven funds into positive territory. And Bitwise’s BSOL fund grabbed two-thirds of that cash.
The surge came despite SOL still trading far below its record high. The token was changing hands around $119 during Monday Asian hours, according to CoinDesk data — roughly 60% below the $293 peak it once touched. Even at that discount, the appetite was real.
Bitwise Leads the Pack
Bitwise’s BSOL fund led the charge with about $128 million in inflows last week, or 68% of the total. That performance put the fund at the center of the market’s attention, even as the broader Solana ecosystem continues to work on its next major upgrade.
The firm has now captured roughly $1.2 billion of the group’s $1.6 billion in cumulative net inflows, or about 76% of the total since these funds went live. Last week’s 68% share was below that longer-term proportion, with competing funds collecting about $60 million between them.
A Record Day to Close It Out
Friday delivered nearly half of the weekly total. The funds added about $87 million that day — the largest since going live — including $56 million for Bitwise and $19 million for Grayscale.
Grayscale’s GSOL fund followed Bitwise with $28 million in inflows for the week. Fidelity’s FSOL brought in $18 million. Morgan Stanley, VanEck, Franklin Templeton and 21Shares split the remaining $14 million.
Spot ETFs let investors hold exposure to SOL through brokerage accounts without managing a crypto wallet. Net inflows measure money entering the funds after withdrawals, rather than the value of shares changing hands between traders.
What the Numbers Mean
The $188 million inflow is a milestone for the Solana ETF complex. It is the largest weekly total recorded since these funds launched, and it came from every fund in the group attracting new money.
Bitwise’s dominance is the other striking feature. The firm has consistently pulled the largest share of inflows since the funds went live, and last week’s 68% share kept that trend alive even as competitors picked up some of the slack.
The Upgrade Behind the Flow
The timing of the inflows matters. Solana developers are currently testing Alpenglow, an upgrade intended to reduce payment finality from about 12.8 seconds to roughly 150 milliseconds.
That change could reshape how payments settle on the network. Finality is the moment a transaction becomes irreversible, and Alpenglow aims to bring that down dramatically.
The upgrade reached the network’s second public testing environment on Friday. The speed remains a target, and a launch date for the live blockchain has not been announced.
How the Funds Compare
Not every crypto ETF is having a banner week. U.S. bitcoin ETFs attracted about $2.4 billion during the week, while ether products added roughly $690 million, according to CoinDesk calculations using Farside’s daily figures.
SOL’s $188 million inflow is a notable figure on its own terms. The comparison to bitcoin and ether is not entirely fair — those markets are far larger, and their ETFs have been trading for years.
What is notable is the breadth of the Solana inflows. All seven funds recorded positive net inflows last week, meaning retail and institutional investors alike found reasons to add exposure to SOL through these vehicles.
What Comes Next
The Alpenglow testing continues. Developers have moved it to the second public testing environment.
A launch date has not been set. The upgrade’s path to mainnet remains unannounced.
The ETF inflows suggest investors are paying attention. Whether the upgrade delivers on its promise of faster finality will determine whether the excitement turns into sustained demand.
Key Facts Box
- Weekly inflows: $188 million, a record for U.S. spot Solana ETFs
- Daily inflows: $87 million on Friday, the largest day since these funds went live
- Bitwise’s share: About $128 million, or 68% of the weekly total
- Cumulative inflows: Roughly $1.2 billion for Bitwise, $1.6 billion total across all seven funds
- SOL price: Around $119 during Monday Asian hours, roughly 60% below its record near $293
- Alpenglow target: Finality reduced from ~12.8 seconds to ~150 milliseconds
Weekly Inflows Breakdown
| Fund | Weekly Inflows |
|---|---|
| Bitwise BSOL | ~$128 million |
| Grayscale GSOL | ~$28 million |
| Fidelity FSOL | ~$18 million |
| Morgan Stanley, VanEck, Franklin Templeton, 21Shares | ~$14 million combined |
The record inflows mark a high point for the Solana ETF complex. Whether it holds is another question. The Alpenglow upgrade remains the unknown variable, and its path to mainnet will shape investor confidence in the months ahead.
For now, the funds are doing what they were built to do: giving investors a simple way to hold SOL without managing a crypto wallet. The money is coming in, and Bitwise is winning the share of it.
Source material: “Solana ETFs draw record $188 million in a week as Bitwise takes two-thirds of inflows,” CoinDesk.
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