The exchange-traded fund associated with Solana has maintained early inflows even as the token’s price has more than halved since the fund’s launch, which analysts say shows the institution’s resilience.
Solana ($SOL) is down 57% since the Solana ETF launched in the U.S. in July, but the fund has managed to accumulate $1.5 billion in flows and “hasn’t really given up any of it,” Bloomberg ETF analyst Eric Balchunas said Thursday.
He said 50% of the ETF’s inflows came from institutional investors, which Balciunas described as a “serious investor base” and a good sign for the future.
Solana ETF outperforms Bitcoin based on market size
By adjusting Solana’s $50 billion market cap to Bitcoin’s (BTC) market cap of $1.4 trillion, Balciunas said, the Solana ETF’s net new flows equate to $54 billion, “which is about double what Bitcoin had at the same point.”
Compared to Solana’s price decline, Bitcoin has also risen in the months since the Bitcoin ETF’s launch, which Balciunas said is “a pretty impressive number considering the size and conditions of the underlying market.”
The Solana ETF continues to rise even as spot prices soar. Source: Eric Balchunas
Balciunas said ETFs that ride into this type of market downturn typically find it “nearly impossible to get inflows.”
“If you have a 57% decline in the first six months, most won’t even be one or two years old,” he says. “Solana is challenging physics here.”
Related: Three Solana platforms shut down after devastating $40 million hack
The Solana ETF recorded its first net outflow day in a month on Thursday, with $6 million in outflows from six products, according to Coinglass. Wednesday was a big day of net inflows, with $19 million flowing into goods.
Solana is down 70% from its all-time high
Solana hit an all-time high in January 2025, during the meme coin minting frenzy, pushing the token to $293.
It is currently trading around $88, down 70% from its peak, and is down 2.7% on the day and 11% over the past month, according to CoinGecko.
$SOL It has fallen almost 30% since the beginning of the year. sauce: TradingView
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