Bitwise's SOL ETF Traded in Discount, Brought $69.5M in Inflows - Coinspeaker

Key Notes

• Bitwise’s SOL ETF started trading on Oct.28, with $69.5 million in debut inflows.
• The investment product experienced weak demand despite the community’s enthusiasm.
• Grayscale also received approval for its Solana ETF.

The long-awaited US-based spot Solana

SOL $196.3

24h volatility: 1.9%

Market cap: $107.94 B

Vol. 24h: $7.33 B

exchange-traded product from Bitwise entered Wall Street for trading on Oct. 28.

The investment product, with the BSOL ticker, recorded $69.5 million in net inflows on day one, data from SoSoValue shows. BSOL also recorded a $57.9 million trading volume on its debut.

Despite the impressive bullish calls from the crypto community, BSOL traded at a 1.04% discount at $25.55 per share, according to SoSoValue. The indicator suggests that the investment product saw weak demand from investors.

For comparison, Bitwise’s Bitcoin

BTC $112 810

24h volatility: 1.5%

Market cap: $2.25 T

Vol. 24h: $68.68 B

and Ethereum

ETH $3 988

24h volatility: 3.1%

Market cap: $481.22 B

Vol. 24h: $34.48 B

ETFs recorded $237.9 million and $204 million in inflows on their debut, respectively.

Related article: SOL Price Eyes 100% Rally as Solana ETF Launch NearsHowever, the bearish and highly volatile market conditions could also add to the weakening demand for crypto-related investment products.

Still a Long Way for Solana ETFs

Unlike BTC and ETH-based ETFs, the approval rate for Solana-related investment products has been inconsistent.

For Solana, so far, only Bitwise’s BSOL and REX-Osprey’s SSK ETFs are available for trading.

The Grayscale Solana Trust ETF also received approval from the US Securities and Exchange Commission on Oct. 28.

According to the document shared by Solana’s official account, the investment product will start trading on the NYSE exchange.

While there have been expectations of a bull run for Solana, with the launch of ETFs, the broader crypto market’s volatility might block the asset’s upward momentum.

SOL is down by 3.2% in the past 24 hours and is trading at $195 at the time of writing. The asset is sitting at the sixth spot with a market value of $107 billion.

However, Solana is seeing increased demand from traders as its daily trading volume increased by 19%, reaching $7.5 billion.

Currently, VanEck, 21Shares, Canary, and CoinShares are waiting for the SEC’s approval for their spot SOL ETFs.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.