NEW YORK / LONDON (IT BOLTWISE) – As Bitcoin and Ethereum funds lose assets, Bitwise’s new Solana ETF is seeing impressive inflows. Despite a general market decline, investor interest in Solana remains unbroken. This development could also be groundbreaking for other altcoin funds.
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The launch of the Bitwise Solana Staking ETF (BSOL) on the New York Stock Exchange has attracted strong investor interest in the first few days of its launch. With a net capital inflow of over $126 million in the first week of trading, there is a clear trend towards Solana-based investments, while Bitcoin and Ethereum funds are seeing significant outflows. This development could be an indicator of the growing interest in altcoins, especially during times of economic uncertainty.
The BSOL ETF has generated more than $545 million in net inflows since its debut on October 28, including $223 million from seed investments. These numbers illustrate investors’ confidence in Solana, despite an over 16% drop in SOL price in the last week. The price drop is part of a broader market decline triggered by macroeconomic uncertainties such as a looming government shutdown.
Interestingly, Bitwise’s Solana ETF, which relies on 100% staking, has had particular appeal for investors. This strategy could be a crucial factor in the success of the ETF as it offers investors the opportunity to benefit from the staking rewards. Experts like Sumit Roy of etf.com see the inflows as a logical development since Solana is one of the largest cryptocurrencies after Bitcoin and Ethereum with a market capitalization of $90 billion.
The launch of the Bitwise Solana ETF and a similar product from Grayscale came as a surprise to many amid fears of a government shutdown that could delay the regulatory process. But the NYSE provided an alternative route to approval by certifying 8-A filings, which allowed fund managers to register more quickly under the Securities Exchange Act of 1934. These regulatory adjustments could pave the way for additional altcoin ETFs to benefit from similar rule changes.
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