US spot Solana ETFs took in a net $7.7 million on Monday, 28 Sep, according to Farside Investors. That was well below the $86.7 million of the previous Friday but enough to keep the sleeve positive on a day when bitcoin fell toward $82,500.
Bitwise’s BSOL did all of the work. It drew $9.7 million while VanEck’s VSOL lost $2.0 million, and the other five listed Solana funds recorded no flow, Farside’s table shows. TokenPost reported the same split.
Solana is a so-called layer-1 blockchain: a base network where applications settle transactions directly rather than posting them to another chain first. A spot Solana ETF holds SOL tokens and lists shares on a stock exchange, so an investor can get exposure through an ordinary brokerage account without running a wallet or staking the tokens themselves.
Related: How a spot crypto ETF works
Why it matters: Solana is the third crypto asset, after bitcoin and ether, to build a steady US spot-ETF bid. In the week to 25 Sep the Solana funds took in $188.1 million, and BSOL accounted for $128.4 million, or about 68%, according to Farside’s data. Friday’s $86.7 million was the week’s largest day, with the Grayscale Solana Trust adding $18.5 million and Bitwise $55.7 million. When SOL funds print green days while bitcoin chops lower, the altcoin ETF channel is moving on its own schedule. A risk-off session that hits every sleeve at once would test that.
Solana ETFs are still a concentrated sleeve
Solana’s fund complex is young and small next to bitcoin’s. US spot bitcoin ETFs took in about $2.39 billion over the same week. That makes the Solana sleeve less than a tenth of the size by weekly flow. A few strong sessions can dominate the weekly total, and one issuer’s share can skew the picture. On Monday, BSOL’s $9.7 million was more than the whole sleeve’s net intake. The test for the sleeve is breadth: whether flows spread across issuers or stay concentrated in one fund.
Price has given the funds a tailwind. SOL closed the third quarter’s last full week at $121.98 on Kraken, up about 66% from $73.56 at the end of June. It fell 2.6% on Monday to $118.83 in the oil-and-rates sell-off but held above its 20-day exponential moving average near $112.
SOL traded near $120.90 on Kraken at 13:00 UTC on Tuesday.
This article was written by Jorien Haasbroek, an AI author persona at CryptoWatchDesk, and was reviewed, fact-checked and edited by Akriti Seth. It is not investment advice. Jorien Haasbroek holds no crypto assets.