$674M Into Solana ETF Despite Market Downturn

While Solana is losing ground in the crypto market, its ETFs show an unprecedented series of seven days of net inflows. In a downtrend, this institutional flow is intriguing : why inject so much capital into a declining asset? This contrast, between disinterest in the spot and enthusiasm for regulated products, raises questions about the real perception of the Solana project and its medium-term prospects.

A massive inflow of capital into Solana ETF

Solana-backed ETFs are showing a surprising dynamic while the crypto market remains under pressure.

According to data published by Farside Investors, financial products indexed to SOL experienced seven consecutive days of net inflows, a notable fact in a broad correction context. The peak was reached last Tuesday, with $16.6 million injected in a single day. To date, cumulative net inflows into Solana ETFs amount to $674 million.

Several products are behind this movement :

• The REX-Osprey Staked SOL ETF, launched in the United States last July ;
• The Bitwise BSOL ETF, launched in October, with $57 million in volume on the first day, making it, according to Bloomberg analyst James Seyffart, “one of the most remarkable ETF launches of the year” ;
• Continued attractiveness, despite a falling SOL price, indicating strategic interest from traditional finance investors.

Unlike speculative moves observed in derivatives markets, ETFs often reflect long-term investment strategies. Their success in a retreat climate could suggest a desire for early positioning or confidence in Solana’s network fundamentals, despite a parallel drop in some on-chain indicators such as TVL.

For some managers, it might be a bet on the protocol’s resilience and its potential to attract institutional market attention over the next year.

A price decline despite institutional interest

Paradoxically, while Solana ETFs attract professional investors, the crypto price continues to dive.

According to Nansen data, Solana market capitalization fell by over 2 % in seven days, confirming a downtrend ongoing for several months. The token lost nearly 55% from its all-time high of $295 reached last January, a peak fueled largely by the buzz around the launch of the memecoin related to Donald Trump on the Solana network.

The price also dropped 47 % from its local high in September ($253). Yet, the token still trades well below its 365-day moving average, a level often seen as key support by analysts.

Technically, the resistance level between $140 and $145 stands as an insurmountable barrier. Despite the launch of ETFs and positive talk around onchain infrastructure, Solana crypto has not closed above this level at any time during this month.

The open interest on SOL perpetual contracts stands at $447 million, suggesting the derivatives market continues to attract speculators but without providing clear direction. This divergence between institutional behavior on ETFs and price dynamics in spot and derivatives markets reveals a form of technical wait-and-see, reinforced by the general market climate.

Solana attracts capital, but its price declines. This mismatch reveals a market shift where institutional signals take precedence over pure speculation. At a time when memecoins no longer suffice to support the ecosystem, the focus is on projects capable of generating real value and capturing sustainable flows.