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Solana ETFs draw record $188 million in a week as Bitwise takes two-thirds of inflows
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- DeepHorus
U.S. spot Solana exchange-traded funds recorded a combined $188 million in net inflows last week, their strongest five-session haul since the products began trading. Every one of the seven funds attracted capital, signaling broadening demand beyond a single issuer. The milestone matters because it shows Solana is increasingly gaining a traditional brokerage-rail foothold while the token remains far below its previous valuation peak.
Bitwise’s BSOL dominated the week, taking in about $128 million, or 68% of total net creations across the five sessions through Sept. 25. Grayscale’s GSOL added $28 million, while Fidelity’s FSOL received $18 million. Morgan Stanley, VanEck, Franklin Templeton and 21Shares collectively brought in the remaining $14 million, underscoring that gains were distributed across the market even though one product clearly led.
Friday was the standout session: the seven funds absorbed approximately $87 million, nearly half of the weekly amount and the largest one-day intake since launch. BSOL captured $56 million of that total and GSOL added $19 million. Such concentrated end-of-week demand suggests institutional desks may have waited for liquidity and price conditions before deploying capital, though the figures do not identify individual buyers.
Demand has been lopsided over the products’ shorter history. BSOL has received roughly $1.2 billion of the group’s $1.6 billion in cumulative net inflows, equal to about 76%, while competing funds have taken approximately $400 million. Spot ETFs allow investors to obtain SOL exposure through brokerage accounts without directly managing a crypto wallet. Net inflows measure subscriptions after redemptions, not the value of shares changing hands among secondary-market traders.
The rally in fund flows also sat within a wider surge in digital-asset allocations. U.S. spot bitcoin ETFs gathered about $2.4 billion during the same week, and ether products added roughly $690 million, according to CoinDesk calculations based on Farside data. Solana therefore trailed bitcoin and ether in absolute terms but still posted a record relative to its own young ETF market. SOL traded near $119 during Monday Asian hours, about 60% below its record close to $293.
Technology is a second source of attention. Solana developers are testing Alpenglow, a network upgrade designed to reduce payment finality from roughly 12.8 seconds to about 150 milliseconds. The proposal reached the network’s second public testing environment on Friday, a step that lets developers and validators examine performance under real-world conditions. The 150-millisecond figure remains a target rather than a guaranteed production result, and no live-network launch date has been announced.
Record subscriptions and faster settlement could strengthen Solana’s case for payments, institutional settlement and other financial applications, but the risks remain substantial. Flows can reverse quickly, fund concentration leaves BSOL exposed to shifts in product preference, and SOL’s depressed valuation does not eliminate regulatory, custody or competitive concerns. For traders and advisers, the immediate question is whether demand persists after a surge concentrated heavily in one trading day.
Alpenglow’s public testing and the breadth of weekly inflows will be closely watched. Sustable subscriptions across all seven products, rather than another BSOL-led spike, would offer stronger evidence of a maturing institutional market. Technical teams must still validate the target latency and publish deployment plans before users can judge the upgrade’s production readiness. If both investment demand and execution hold, Solana may close more of the gap with bitcoin and ether-backed products; if not, the record week may prove temporary.
