Bitwise’s Solana Staking ETF (BSOL) posted a strong debut, recording $56 million in first-day trading volume, the highest of any ETF launch this year, according to Bloomberg analyst Eric Balchunas. The incredible record saw BSOL outpace REX-Osprey Solana Staking ETF (SSK) and its XRP ETF (XRPR), which managed $12 million and $37.75 million in trading volumes on their first day, respectively.
Seeded with $220 million, BSOL could have seen its trading volume reach $280 million had all capital been deployed on the first-day of trading. At $280 million, Balchunas noted that BSOL would have outpaced the debut of BlackRock’s Ethereum ETF (ETHA), which posted a first-day trading volume of $266 million last year.
Final tally of Day One trading.. $BSOL: $56m$HBR: $8m$LTCC: $1m
I can't believe how close I came. ETF sixth sense for the win. Wish there was a @Polymarket for this I'd be rich. https://t.co/TODOk13WUt— Eric Balchunas (@EricBalchunas) October 28, 2025
Data from Farside showed that BSOL also drew $69.5 million in net inflows. Comparatively, newly listed ETFs for Hedera (HBR) and Litecoin (LTCC) recorded $8 million and $1 million in first-day trading volume, respectively.
Nate Geraci, co-founder of the ETF Institute, highlighted BSOL’s debut as the top-performing ETF among roughly 850 launches this year. “Who could have seen this coming?” Geraci remarked on X, adding that spot XRP ETFs could experience similar or greater reception once approved.
“A Watershed Moment” for Solana
The ETF’s launch serves as a major event for institutional exposure to Solana. Kyle Samani, managing partner at Multicoin Capital, described it as “a watershed moment,” emphasizing that most global capital was “legally not allowed to trade or own Solana until today.”
Bitwise CIO Matt Hougan echoed the excitement, tweeting that institutional investors “love ETFs, and they love revenue,” citing Solana’s strong network revenue as a key appeal. The fund’s structure allows investors to gain yield exposure to Solana’s staking mechanism without managing on-chain infrastructure.
Institutional investors love ETFs, and they love revenue. Solana has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.
I have a feeling the Bitwise Solana Staking ETF, $BSOL, is gonna be huge.
This material must be accompanied by a…
— Matt Hougan (@Matt_Hougan) October 28, 2025
Mixed Market Reaction as SOL Price Declines
Despite the ETF’s success, Solana’s native token saw no immediate price lift, coinciding with a broader market downturn over the past day. SOL fell by 3.1% over the last 24 hours to $194, following Bitcoin’s 3.2% decline from Tuesday’s peak of $116,000, according to CoinGecko data.
However, several analysts remain positive about Solana’s progress. Market observer BitBull identified $280 as a key breakout level, projecting that a close above it could lead to a rally toward $400–$500. Crypto analyst Ali Martinez added that holding the $180 support could set up a rebound to $230 and potentially $290.
Solana $SOL holding $180 could be the setup for a rebound to $230 and maybe even $290. pic.twitter.com/sZkAG8L52s
— Ali (@ali_charts) October 26, 2025
Evans Kelvin
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