Barely launched, Bitwise's Solana Staking ETF is off to a thunderous start. His name? BSOL. Its effect? A wave of capital that defies the crypto market weather. Because while Bitcoin and Ethereum are recording massive leaks, Solana seems insensitive to the gusts. Even the price of SOL, in marked decline, does not deter investors. An anomaly? Rather a basic trend that we would do well to decipher.
In brief
- Bitwise's BSOL ETF has attracted more than $545 million in less than two weeks.
- Bitcoin and Ethereum ETFs together lost more than $2.6 billion over the period.
- Solana falls 29%, but institutions continue to buy through high yield funds.
- The Solana network remains robust with 70 million daily transactions as of October 2025.
Solana in great shape while crypto runs out of steam
Launched on October 28, 2025, the BSOL took only eight days to capture attention. And above all money: more than 545 million dollars injectedincluding 30 million in a single day. Meanwhile, Bitcoin ETFs lost 2.1 billion, and Ethereum lost 579 million. A striking contrast.
Hunter Horsley, CEO of Bitwise, did not hesitate to speak on X: “ Incoming flows every day for the eight days following launch. More than $500 million in total. It is obvious that investors want exposure to Solana “.
Why this craze? First, the ETF is 100% staked. It allows you to capture the 7% annual return without directly holding the asset. Then Bitwise waived the fees… for a limited time. Finally, the fund relies on Bitwise Onchain Solutions, in partnership with Helius Labs.
Even Grayscale, the heavyweight of crypto products, has stepped into the breach with its own Solana ETF: GSOL, which has already accumulated $114 million. A strong signal: the days when Bitcoin was the sole pole star of crypto investing seem to be over.
A SOL in free fall, but well-anchored fundamentals
It's a paradox as the crypto industry has the secret. Solana falls 29% in one month, yet capital is flowing. SOL's current price is $159.09, well below its recent highs. Which does not prevent funds from seeing it as an opportunity.
Analyst Sumit Roy of ETF.com explains it this way:
Solana has a loyal community, probably the most dedicated after Bitcoin and Ethereum.
The numbers speak for themselves: 70 million daily transactions, 143 billion DEX volume in October, 1,100 TPS, and a solid base of 3.2 million active wallets. Despite the strong correlation at 0.97 with Bitcoin, Solana retains room for maneuver thanks to its on-chain dynamism.
Analysts mention strong support around $155strategic accumulation point if Bitcoin remains stable. A crossing of $165 would restart the uptrend with a target between $200 and $250, according to models linked to DeFi growth.
The big winners are switching sides in the altcoin war
In a few days, a silent redistribution of the cards took place in the crypto landscape. Large asset managers are reorienting their strategies. Capital is leaving legacy blockchains to target more agile, yield-embedded altcoins, like Solana.
Bitwise, building on its success with BSOL, is already paving the way for other altcoin ETFs. The Form 8-A regulatory tactic helped evade the SEC blockage linked to the government shutdown. A breach that other players intend to exploit, such as Canary (ETFs Hedera and Litecoin) or Grayscale.
And while meme tokens are rocking the networks with absurd names, serious capital continues to bet on Solana. For those looking for performance, the party has only just begun.
What to remember
- $545 million injected into the BSOL ETF in less than 2 weeks;
- 3.2 million active wallets on Solana despite the decline;
- 70 million transactions processed per day in October;
- Correlation of 0.97 between SOL and Bitcoin;
- Current price of SOL: $159.09.
Bitwise does not intend to stop there. After Solana, the broadcaster is banking on a new, very mainstream player. In an SEC filing, it removed a deferral clause regarding a Dogecoin ETF. If nothing blocks, the latter could arrive in less than 20 days. A well-calculated poker move? Bets are on.
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