Declines Despite Spot ETF Launch

Solana SOL$184.18 tumbled 8% on Thursday, extending this week’s slide despite the long-anticipated debut of the first spot-based Solana ETFs in the U.S.

The drop below $180 has erased all year-over-year gains for the token and also leaves it down 4% for 2025. Making those numbers feel worse for SOL bulls, both BTC and ETH — despite their own recent price weakness — continue sporting year-over-year gains of more than 40%.

The Bitwise Solana Staking ETF (BSOL), launched on Tuesday, pulled in $116 million in net inflows across the first two sessions, adding to $223 million in seed investment, per data by Farside Investors. The Grayscale Solana Trust (GSOL), which was converted from a closed-end fund into an ETF on Wednesday, attracted modest $1.4 million inflow.

Bitwise’s decent capital influx wasn’t enough to buoy SOL, which posted a 12% decline from Monday’s highs.

What perhaps weighed on sentiment was a large onchain transfer noted by blockchain sleuth Lookonchain. Blockchain data showed that Jump Crypto — one of the most prominent crypto trading firms — appeared to have moved 1.1 million SOL (worth $205 million) to Galaxy Digital, receiving roughly 2,455 BTC ($265 million) around the same time, speculating that Jump may be rotating out of SOL to BTC.