Solana ETF’s $531M first week: How it compares to Bitcoin and Ethereum

Important points

How did the launch of Solana ETF compare to Bitcoin and Ethereum?

Solana’s ETF attracted $531 million in net assets in its first week, about 35% of Bitcoin’s $1.5 billion opening week total and 45% of Ethereum’s $1.17 billion.

What happened to the price of SOL during the ETF launch week?

SOL was trading around $162.57 during its launch week, but it fell 6.36% to $160 by November 5th due to increased market volatility.

Solana’s Spot ETF ended its first seven days with $531 million in net assets, a respectable but modest debut compared to previous ETF launches for cryptocurrencies.

This track record highlights both the interest of institutional investors and the challenges of starting a business during a period of market turmoil.

Solana maintains inflow despite market turmoil

Solana’s ETF launched on Oct. 28 with nearly $70 million in inflows, a strong start showing institutional investor appetite.

This pattern is similar to the debut of Bitcoin and Ethereum, with initial concentrated enthusiasm followed by stabilization.

According to bivalue datathe daily flow peaked twice. It raised $70 million on release day, and November 3 matched that number at the midpoint of the week. Between these peaks, daily flows ranged from $37 million to $47 million, indicating sustained but moderate interest.

Source: Sosovalue

After that, the momentum collapsed. On November 4, inflows decreased to just $15 million. On November 5th, Bitcoin fell below $100,000, and the market lost $230 billion. The timing was cruel for Solana’s debut.

Despite the market conditions, it recorded inflows for seven consecutive days.

Bitcoin and Ethereum set high hurdles

With the launch of the Bitcoin ETF in January 2024, the gold standard system was established. It had a net inflow of $1.26 billion in the first four days, eventually reaching $1.5 billion in the first few weeks.

BlackRock’s IBIT led the way and became one of the most successful ETF launches in history.

Ethereum followed in July 2024 with $1.17 billion in first-week inflows across all new funds, excluding ETHE, which was converted by Grayscale.

BlackRock’s ETHA earned $442 million, Bitwise’s ETHW earned $265.9 million, and Fidelity’s FETH added $219.4 million.

Solana’s $531 million is significantly lower than both of its predecessors. Adjusting for converted outflows, the ETF captured about 35% of Bitcoin’s total value in the first week and about 45% of Ethereum’s total value.

Market conditions explain some of the gap. November’s volatility created a challenging launch environment.

whale returns to solana

Average order size data reveals the hidden strength of Solana’s ETF launch.

According to trading data, average orders have reached the $150-$200 range, consistent with whale activity levels in the 2021 bull market. This is in sharp contrast to retail-based transactions of $10 to $40 in 2022-2023.

Green Whale’s order metrics have clustered together in recent months, suggesting that institutional investors were positioned before and during the ETF’s launch.

Source: CryptoQuant

Although individual participation appears to be slow, sophisticated investors have poured in large sums of money.

Solana’s first week shows that institutional interest exists. However, since it was launched during a period of market turmoil, its impact was limited.

Whale data suggests that smart money is accumulating and may be poised for better conditions ahead.