US spot Solana exchange-traded funds had their strongest week since launching, drawing $188.21 million in net inflows between September 21 and 25. The total shows growing institutional appetite for SOL even as the wider crypto market has cooled in recent days.
All seven funds finished the week with positive flows. Bitwise’s Solana Staking ETF (BSOL) took $128.46 million, about 68% of the total. Grayscale’s GSOL was second with roughly $28 million, and Fidelity’s FSOL added about $17.6 million. Funds from Morgan Stanley, VanEck, Franklin Templeton and 21Shares split the remaining $14 million or so.
Friday was the standout session. The funds brought in $86.67 million that day, nearly half the week’s haul, and Bitwise alone accounted for about $56 million of it.
Two details are worth keeping in mind. First, the figures are net inflows, meaning new money after redemptions. They are not trading volume, which counts shares changing hands between investors. Second, the weekly total comes from a report that doesn’t name its data provider, so it is best treated as a reported figure until fund issuers confirm it.
Bitwise still leads, but its grip loosened slightly. BSOL holds about $1.2 billion of the roughly $1.6 billion in cumulative net inflows since the category launched, a historical share near 76%. This week’s 68% suggests rival issuers are gaining ground. The fund’s staking feature, which passes yield from staked SOL to shareholders, has been a major draw, and it became the first Solana ETF to top $1 billion in assets in August.
The streak is also notable. Cumulative inflows now exceed $1.61 billion, the funds have logged twelve straight weeks of positive flows, and the past 30 days alone brought in about $447.7 million.
On-chain conditions have supported the trend. Solana’s DeFi total value locked reportedly climbed from around $4.7 billion in early August to about $6.7 billion by the end of September, and derivatives open interest sits near $7.5 billion. Traders are also watching Alpenglow, a planned consensus upgrade that aims to cut transaction finality from about 12.8 seconds to roughly 150 milliseconds. It has been moving through testing.
The price has not fully followed the flows. SOL has traded around $118 to $122 in recent sessions and slipped alongside the broader market on Monday, when bitcoin and ether both fell. ETF demand shows what institutions are buying, but it doesn’t by itself explain short-term price moves.
For now, the trend is clear. Solana has moved from a niche ETF story to a category with billions in assets, steady weekly demand and growing competition among issuers. Whether this week’s record marks a new baseline or a one-off spike will show in the next few weekly flow reports.
