The U.S. cryptocurrency sector is undergoing a significant transformation as spot
Solana
(SOL) exchange-traded funds (ETFs) are gaining momentum, with Bitwise's BSOL ETF and REX-Osprey's SSK ETF at the forefront. The Bitwise Solana ETF, which launched on October 28, attracted $69.5 million in net inflows on its opening day, even though it traded at a 1.04% discount to its net asset value; this was reported by
Yahoo Finance
. This figure is notably lower than the $237.9 million that flowed into Bitwise's
Bitcoin
ETF and the $204 million for its
Ethereum
ETF on their respective debuts, underscoring persistent demand challenges for altcoin ETFs in a turbulent market. At the same time, REX-Osprey's SSK ETF recorded $24 million in weekly inflows, pushing its assets under management past $400 million and ranking it among the largest altcoin ETFs on Wall Street, as noted by
Crypto.news
. Experts attribute this expansion to growing institutional interest in liquid alternative assets, with JPMorgan estimating that Solana ETFs could see as much as $6 billion in inflows during their first year.
The regulatory environment for Solana ETFs remains inconsistent. While Bitwise's BSOL and REX-Osprey's SSK are already available for trading, other proposals are experiencing setbacks. VanEck, 21Shares, and CoinShares are still awaiting approval from the SEC, and a government shutdown has further delayed the process, according to
CoinEdition
. Bitwise CEO Hunter Horsley recently suggested that "significant progress" had been made this week, though specific details have yet to be disclosed. Fidelity's latest S-1 filing update for its SOL ETF eliminated a "delay amendment," indicating the company is prepared for SEC evaluation—a tactic similar to Bitwise's approach to expedite approval, as reported by
Lookonchain
.
Solana's market performance has been varied. The token climbed to $195 on October 25, marking a 12% increase from its monthly low, as staking ETFs like SSK distributed rewards to holders, according to Crypto.news. Nevertheless, broader market pressures have dampened its momentum: SOL dropped 3.2% over the past day, trading at $195 with a market capitalization of $107 billion. Daily trading volume jumped 19% to $7.5 billion, signaling renewed enthusiasm despite challenging macroeconomic conditions, as per Yahoo Finance.
Outside of ETFs, Solana's ecosystem continues to demonstrate strength. The supply of stablecoins on the network expanded by 14% to reach $15.6 billion over the past month, and decentralized exchanges processed $140 billion in transactions—a 55% rise, according to Crypto.news. This progress cements Solana's role as a major force among altcoins, though its ETF growth still faces obstacles similar to those encountered by earlier Bitcoin and Ethereum funds.