Solana Has “Two Ways To Win,” Explosive Potential: Bitwise

Bitwise CIO Matt Hogan said Solana offers investors “two ways to win” and has the potential for “explosive” growth as it expands in the stablecoin and tokenization markets.

Mr Hogan said: be post In X it is Solana can win with the expected growth of the stablecoin and tokenization sectors and by capturing greater market share in these sectors.

He said Solana’s advantage lies in its fast, user-friendly technology and expanding ecosystem, and cited Western Union’s decision to launch stablecoin USDPT on Solana this week as evidence of the network’s stablecoin infrastructure gaining momentum.

“I think people vastly underestimate how much and how quickly these technologies will reshape the market,” he says. “It’s easy to imagine this market growing more than tenfold.”

Ethereum leads the market, but Solana is on the rise

Ethereum currently leads the stablecoin and tokenized infrastructure market by a comfortable margin when looking at each blockchain’s respective Total Value Locked (TVL) and stablecoin market share metrics.

Ethereum on-chain metrics (Source: Defilama)

According to data from DefiLlama, Ethereum’s TVL is currently around $85.116 billion, and the chain also hosts $163.667 billion worth of stablecoin supply currently in circulation.

Meanwhile, Solana’s TVL is $11.386 billion, hosting a $16.945 billion stablecoin market.

Hogan sees Solana as a top challenger, and LeeThere is good potential to “capture a larger share” of the stablecoin and tokenized infrastructure market.

“We offer fast, user-friendly technology and are supported by a great community with a nimble attitude,” he said. “This is a new asset and we are catching up with our peers in terms of gaining authority from institutions, but we are gaining ground.”

First Spot SOL ETF to trade in US this week

Hogan’s prediction comes as Bitwise launched the first spot SOL exchange-traded fund (ETF) in the U.S. this week.

On its first day of trading, the Bitwise Solana Staking ETF (BSOL) recorded $69.5 million in inflows and $56 million in trading activity. That was the highest debut trade value among the 850 ETFs launched this year, according to Bloomberg ETF analyst Eric Balchunas.

$BSOL‘s $56 million was the highest of any launch this year. $XRPR, $SSKwith Ives $BMNU. And what’s surprising is that it’s been seeded with $220 million. We could have invested the seed on day one and the result would have been around $280 million, but it would have been even higher than that. $ETHA‘s debut work. Either way, it’s a good start.

— Eric Balchunas (@EricBalchunas) October 28, 2025

Prior to launch, investors had also invested $220 million in this ETF. Balchunas said that if the fund had invested this seed money on day one, it would have recorded about $280 million in volume. This would have had higher trading volume than BlackRock’s U.S. Spot Ethereum ETF (ETHA).

Flows into the investment product continued in the days that followed. After the first day of trading, BSOL had inflows of $46.5 million on Oct. 29 and $36.5 million on Oct. 30, according to the data. far side investor.

US Spot SOL ETF Flow (Source: Farside Investors)

BSOL was also able to outperform the Grayscale Solana Trust (GSOL) product, which debuted the day after BSOL.

The US spot SOL ETF market could soon become more competitive as more funds enter the space.

Spot SOL products could have the same success as similar investment products in Bitcoin and Ethereum, according to Grayscale executive Zach Pandle. The executive believes the Spot Solana ETF could swallow at least 5% of SOL’s total supply within the next year or two.

This equates to over $5 billion worth of SOL tokens at current prices.

The recent launch of the US Spot SOL ETF has not had the desired impact on Solana’s price, which has seen a pullback amid a broader crypto market correction in recent days. SOL has fallen more than 2% over the past 24 hours, trading at $186.56 as of 7:22 a.m. ET, according to data from CoinMarketCap.

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