Spot exchange-traded funds on Solana (SOL) demonstrated impressive momentum last week, attracting $10.26 million in net inflows from August 10 to 14. This is a colossal jump — nearly 70 times higher compared to the previous week, when the figure stood at about $144,930. Such a surge was the strongest since late May, clearly indicating a revival of institutional interest in the Solana ecosystem.
Key growth drivers: Bitwise and Morgan Stanley
Essentially, the entire weekly inflow was driven by just two funds over two trading sessions. The Bitwise Solana ETF (BSOL) recorded an inflow of $8.8 million on August 10 — the largest daily figure for this product since May 12. A day later, Morgan Stanley's Solana Trust (MSOL) added another $1.43 million. The remaining issuers — VanEck, Fidelity, 21Shares, Franklin Templeton, and Grayscale — showed no net inflows during the reporting period.
Despite such a striking surge, it is worth noting that the streak of positive inflows into Solana ETFs has now lasted seven consecutive weeks. Over this period, the funds accumulated $28.05 million, while total assets under management reached $893.5 million. Since the launch of the products, cumulative inflows have amounted to an impressive $1.16 billion.
The paradox of price and trading activity
However, the rise in inflows had virtually no impact on the SOL price. Over the week, the token declined by 1.18%, trading near the $75.51 mark. This suggests that fresh injections weakly correlate with price dynamics — rather, they reflect long-term positioning by institutions rather than speculative demand. Moreover, the aggregate weekly trading volume of Solana ETFs fell to $159.7 million, compared to $167.3 million the week prior, indicating trader caution.
Against this backdrop, the market for other digital assets looked less optimistic. Bitcoin ETFs lost $389.7 million after an inflow of $853.5 million the previous week, while trading volume dropped to its lowest since September 2024 — $6.94 billion. Ethereum products ended the week nearly unchanged, with a slight outflow of $2.26 million. Meanwhile, XRP funds continued to attract capital for a fifth consecutive week ($2.25 million), and Hyperliquid (HYPE) products received $2.74 million.
My take on the situation
The concentration of inflows in two funds and two sessions is more of a targeted move by large players than a broad market trend. A key catalyst for further growth could be the Agave v4.2 upgrade, whose mainnet launch is expected during the week of August 17. If the upgrade goes smoothly, it could strengthen confidence in the network and trigger a new wave of institutional investment, whereas for now the market remains in a wait-and-see state.