Solana’s exchange-traded fund market showed minor turbulence on Dec. 15, marking a rare shift in daily flows.
Summary
- Bitwise Solana ETF saw a $4.6 million outflow on Dec. 15, ending a long inflow streak.
- The move came alongside low trading volume and a crypto market pullback.
- Despite the dip, cumulative Solana ETF inflows remain strong, led by fresh demand elsewhere.
The Bitwise Solana Staking ETF has recorded its first outflow, breaking a month-long streak of steady inflows as risk appetite softened across crypto markets.
According to data from SoSoValue, the fund saw a $4.6 million redemption on Dec. 15, marking the first net outflow since it began trading in late October.
First outflow arrives after strong early run
The withdrawal involved the sale of roughly 36,800 SOL tokens and came on the ETF’s lowest daily trading volume to date. The move coincided with a wider pullback in digital assets, as Bitcoin, Ethereum and Solana all traded lower amid growing macro uncertainty and thinner year-end liquidity.
The ETF launched on Oct. 28 as the first U.S.-listed spot Solana product offering direct exposure with full on-chain staking. Since inception, the fund has attracted strong demand, crossing the $500 million mark in assets under management within its first month and establishing itself as the leading Solana ETF by inflows.
Even after the Dec. 15 redemption, BSOL’s cumulative net inflows are still strong, around $604 million. That figure still places it well ahead of competing Solana products, including offerings from Grayscale, Fidelity and 21Shares.
The fund’s design allows it to stake its entire SOL balance through Bitwise Onchain Solutions, with infrastructure support from Helius. Staking rewards are reinvested into the ETF, gradually increasing the SOL backing each share rather than paying distributions to investors.
Solana ETF flows remain mixed but positive
While BSOL posted a small outflow, overall activity across U.S. spot Solana ETFs stayed constructive. Total net inflows for the category reached about $35 million on the same day, driven largely by Fidelity’s FSOL ETF, which recorded its strongest single-day inflow since launch, reaching $38.5 million.
That context suggests the BSOL redemption was isolated rather than the start of a reversal. Across all listed Solana ETFs, cumulative net inflows now sit near $711 million as of mid-December.
A wider sell-off in cryptocurrencies, a decrease in trading volume prior to year-end, and caution regarding upcoming macro events in Japan are some of the short-term factors that market observers blame for the recent market decline. For now, there are few signs that investor demand for Solana exposure through ETFs has materially weakened.
