Spot exchange-traded funds (ETFs) on Solana (SOL) have shown impressive momentum: during the trading week from August 10 to 14, total net inflows reached $10.26 million. This figure is roughly 70 times higher than the previous week's result, when the volume of funds raised was about $144,930. Such a surge is a clear signal of intensifying institutional interest in the Solana ecosystem.
This significant growth marked the best weekly result for Solana ETFs since May 22. However, behind these numbers lies an important detail: nearly all of the inflow was driven by just two funds, and only over two trading sessions.
Bitwise and Morgan Stanley — the main drivers
The main contribution came from the Bitwise Solana ETF (BSOL), which attracted $8.8 million on August 10. This is the largest daily inflow for this product since May 12. Following that, on August 11, Morgan Stanley's Solana Trust (MSOL) added another $1.43 million. Together, these two instruments accounted for almost the entire weekly result, while VanEck, Fidelity, 21Shares, Franklin Templeton, and Grayscale showed no net inflows during the reporting period.
Nevertheless, the overall trend remains positive. Net inflows into Solana ETFs have now been recorded for seven consecutive weeks. During this time, the funds have accumulated $28.05 million, and total assets under management reached $893.5 million by the end of the week. Since the launch of the products, total inflows have amounted to $1.16 billion — a solid figure confirming sustained demand for regulated access tools to SOL.
Market paradox: inflows rise, price stands still
Interestingly, despite the surge in interest in ETFs, the price of Solana itself has barely changed. Over the week, the token declined by 1.18%, trading near the $75.51 mark. This suggests that fresh inflows weakly correlate with spot price dynamics — capital is likely coming from long-term investors rather than speculators.
At the same time, trading activity paints a mixed picture. Total weekly trading volume in Solana ETFs fell to $159.7 million, down from $167.3 million the previous week. This indicates that, despite rising net inflows, overall trader interest remains subdued — the market is not yet ready for aggressive buying.
Market context: Bitcoin and Ethereum in the red
Against this backdrop, Bitcoin funds showed the opposite trend, losing $389.7 million after an inflow of $853.5 million the previous week. Bitcoin ETF trading turnover dropped to $6.94 billion — the lowest since September 2024. Ethereum products ended the week almost unchanged, with a slight outflow of $2.26 million. Smaller altcoins held up more confidently: XRP ETFs attracted $2.25 million for the fifth consecutive week, while Hyperliquid (HYPE) products received $2.74 million.
The key factor for sustaining inflows into Solana will be the Agave v4.2 upgrade, whose mainnet launch is expected during the week of August 17. A successful upgrade could act as a catalyst for a new wave of interest, but for now, the market is taking a wait-and-see stance.
My take: Rising inflows amid a stable price is a classic sign of accumulation. Institutions are entering SOL through regulated instruments without putting pressure on the spot market. If the network upgrade goes smoothly, we could see a delayed price effect in the medium term. But it's too early to talk about a reversal — the market needs an additional catalyst.