Solana-ETF: Record surge in inflows — nearly 70 times in a week
The market for spot Solana (SOL) ETFs is experiencing a phase of intense accumulation. During the trading week from August 10 to 14, net capital inflows into these instruments reached $10.26 million. This is an impressive result, especially against the backdrop of the previous seven-day period, when the figure barely reached $144,930. Thus, we are witnessing nearly a seventy-fold increase, which is the strongest result since the end of May.
Key drivers: Bitwise and Morgan Stanley
However, behind this figure lies an important detail: almost the entire inflow was provided by just two funds over two trading sessions. The main catalyst was the Bitwise Solana ETF (BSOL) product, which attracted $8.8 million on August 10. This is the largest daily inflow for this fund in the last three months. The remaining portion — $1.43 million — was added by Morgan Stanley's Solana Trust (MSOL) the next day.
Notably, giants such as VanEck, Fidelity, 21Shares, Franklin Templeton, and Grayscale did not demonstrate significant inflows during the reporting week. All the dynamics turned out to be tied to the activity of only two issuers.
Seven-week streak and price dynamics
Despite intra-week volatility, the overall trend remains positive. Net inflows into Solana ETFs have been recorded for the seventh consecutive week. During this time, a total of $28.05 million flowed into the funds, and total assets under management reached $893.5 million. Since launch, total inflows have exceeded $1.16 billion.
Interestingly, such active capital inflows have not had a significant impact on the price of the coin itself. Over the week, SOL fell by 1.18%, trading around $75.51. This suggests that the current inflow is more of a strategic positioning by institutions rather than speculative betting on a rise. Trading activity also remains subdued: ETF trading volume fell to $159.7 million, compared with $167.3 million a week earlier.
Market context: BTC and ETH in the red
Against this backdrop, dynamics in other segments look contrasting. Bitcoin ETFs ended the week with outflows of $389.7 million after a strong inflow of $853.5 million earlier. Trading volume there fell to its lowest level since September 2024 ($6.94 billion). Ether products showed a neutral result with a symbolic outflow of $2.26 million.
Among altcoins, XRP ETFs stand out, recording inflows for the fifth consecutive week (+$2.25 million), as well as products on Hyperliquid (HYPE), which received $2.74 million.
My view: The sevenfold acceleration of inflows into Solana ETFs amid a lack of price reaction is a classic sign of accumulation by large players. The market is likely awaiting a news trigger, such as the successful Agave v4.2 upgrade scheduled for the week of August 17. If the upgrade goes smoothly, we could see the realization of deferred demand, which could push SOL out of its current sideways range.