Bitwise Solana ETF experiences initial outflow, but overall fund trend remains stable

The Solana ETF market experienced a phased fluctuation on December 15. According to SoSoValue data, the Bitwise Solana Staking ETF (BSOL) saw approximately $4.6 million in outflows on that day, marking the first net redemption since its launch at the end of October and breaking the previous streak of over a month of stable capital inflows.

This redemption corresponds to the sale of about 36,800 SOL tokens, and the ETF’s trading volume also dropped to a historical low on that day. The background for the capital outflow is a general decline in risk appetite in the cryptocurrency market, with Bitcoin, Ethereum, and Solana all experiencing corrections amid rising macroeconomic uncertainties and tightening liquidity at year-end.

BSOL was officially launched on October 28, becoming the first physical Solana ETF in the United States, and it was the first to introduce an on-chain staking mechanism into the ETF structure, providing investors with a compliant channel to directly participate in staking rewards on the Solana network. After its launch, demand was strong, with assets under management surpassing $500 million in the first month, making it the Solana ETF with the most significant capital inflow during that period.

Despite the single-day redemption, BSOL’s overall fund performance remains robust. To date, its cumulative net inflow is approximately $604 million, significantly ahead of similar Solana ETF products launched by institutions such as Grayscale, Fidelity, and 21Shares.

In terms of structural design, BSOL pledges all SOL holdings through Bitwise Onchain Solutions, with underlying infrastructure support provided by Helius. The staking rewards are not distributed as cash dividends but are continuously reinvested to increase the number of SOL tokens corresponding to each ETF, thereby enhancing long-term holding value.

From a broader market perspective, the overall net inflow into the US spot Solana ETF remained positive on December 15, with total net inflows of about $35 million. Notably, the FSOL ETF under Fidelity performed particularly well, with a single-day net inflow of $38.5 million, reaching a new high since its listing.

Overall, the outflow of funds from BSOL appears more like a short-term adjustment rather than a change in investment logic. By mid-December, the total net inflow of all listed Solana ETFs approached $711 million. The market generally believes that recent corrections are mainly due to overall crypto market selling pressure, year-end low trading activity, and macroeconomic uncertainties. Currently, there are no signs that investors’ long-term demand for Solana through ETFs has significantly weakened.