Solana ETFs achieved a record $188 million net inflow in a week, driven by Bitwise's leading contributions and developments in the Alpenglow upgrade.
Solana exchange-traded funds (ETFs) in the United States made headlines by attracting a remarkable $188 million in net inflows during a single week, reflecting a noteworthy upswing across all funds in this category.
Bitwise's BSOL led this impressive growth, securing around $128 million, which constitutes about 68% of the total inflows. To date, BSOL has accumulated approximately $1.2 billion, representing a significant portion of the overall $1.6 billion inflows for Solana ETFs.
This surge in inflows coincided with the ongoing testing of the Alpenglow upgrade by Solana developers, which aims to reduce payment finality from about 12.8 seconds to near 150 milliseconds.
Daily Inflows and Overall Performance
From September 18 to September 25, all seven Solana ETFs received new investments. Grayscale's GSOL attracted $28 million, Fidelity's FSOL gained $18 million, while the remaining $14 million was spread among other funds including those from Morgan Stanley, VanEck, Franklin Templeton, and 21Shares.
Notably, Friday alone saw nearly $87 million in inflows, marking the highest daily figure since the launch of these funds. Bitwise contributed $56 million on that day, while Grayscale added $19 million.
These spot ETFs allow investors to gain exposure to SOL through traditional brokerage accounts, eliminating the need for a separate cryptocurrency wallet. The reported inflows represent money entering these funds after withdrawals have been accounted for, rather than merely trading activities among investors.
With Bitwise dominating the space at around 76% of total net inflows, last week’s proportion of 68% was slightly below its historical average. Meanwhile, the broader cryptocurrency market also experienced positive momentum, with U.S. Bitcoin ETFs bringing in approximately $2.4 billion and Ethereum products adding about $690 million in the same week.
As of early Monday morning Asia time, SOL was trading at approximately $119, still approximately 60% below its all-time high of nearly $293.
The increase in inflows comes as the testing phase for the Alpenglow upgrade progresses, which aims to drastically reduce the time for payment confirmations. The upgrade has recently reached its second public testing phase, although no launch date for the full blockchain upgrade has been announced yet.
