Solana’sSOL tokenhas tumbled hard despite the much-hyped debut of its U.S. spot exchange-traded funds. The crypto once hailed as Ethereum’s strongest challenger dropped nearly 20% in just a week. One day before its ETF launch, SOL traded near $205. Now it’s hovering around $165. The steep fall came even as Solana-based ETFs recorded massive investor demand. According to CoinShares,Solanaexchange-traded products saw their second-strongest week on record, pulling in a total of $421 million in net inflows. Analysts described the debut as a success, but the price action told a different story.

Bitwise’s Solana ETF (BSOL) dominated the inflows. It drew around $199 million in new investments and launched with $223 million in seed capital, according to Farside Investors. That made BSOL the top-performing crypto ETF of the week, even surpassing BlackRock’s iShares Bitcoin Trust (IBIT), which faced sluggish demand amid Bitcoin’s downturn. By contrast, Grayscale’s Solana Trust (GSOL) attracted only $2.2 million during launch week, though it entered the market with $102 million in assets under management after converting from a closed-end fund.

K33 Research head Vetle Lunde said the launch was “a clear success,” adding that the performance was strong given the broader crypto outflows. Bitcoin fell around 6% in the same period, and Ether dropped roughly 12%, yet Solana’s 20% crash outpaced both. The divergence raised questions about market sentiment. Some analysts believe profit-taking after Solana’s strong pre-launch rally triggered the sell-off. Others cite weakening risk appetite across crypto markets.

Fee structures also played a key role. GSOL’s 0.35% management fee already undercut Grayscale’s Bitcoin and Ether funds, which charge 1.5%. Yet Bitwise went even lower, launching BSOL with just a 0.20% fee. That aggressive pricing and earlier entry gave Bitwise a clear edge with institutional investors. “BSOL’s low cost and first-mover advantage drove its fast growth,” Lunde noted.

Despite the successful ETF debut, the data shows Solana’s price remains pressured by the broader market downturn. Traders remain cautious, and volatility persists. The ETFs have proven there’s real institutional appetite for Solana, but inflows alone haven’t been enough to lift its price. For now, SOL’s sharp 20% drop underscores the gap between investor demand and short-term market performance.

Why did Solana fall after its ETF debut?

Solana’s highly anticipated U.S. spot ETF debut drew strong investor interest — but its token price told a different story.

SOL fell nearly 20% in a week, dropping from a $205 peak to $165, even as exchange-traded products tracking Solana recorded one of their strongest inflow weeks on record, according to CoinShares.

The drop came despite a broader market selloff that also hit Bitcoin (BTC $106,924) and Ether (ETH $3,638), which slipped 6% and 12%, respectively.

Solana-based ETFs posted their second-highest weekly inflow ever, attracting $421 million in fresh capital. Analysts called the debut “a clear success” despite bearish sentiment across crypto markets.

“The launch of U.S. spot Solana ETFs has been a clear success, drawing strong investor demand despite broader crypto fund outflows,” said Vetle Lunde, head of research at K33.

Bitwise’s BSOL leads the charge with $199 million inflows

Bitwise’s Solana ETF (BSOL) emerged as the top performer, pulling in $199 million in new money and launching with nearly $223 million in seed capital, per Farside Investors.

That surge made BSOL the top-performing crypto ETF of the week, even surpassing BlackRock’s iShares Bitcoin Trust (IBIT), which saw muted demand amid Bitcoin’s price slide.

Grayscale’s GSOL lags behind despite lower debut

By contrast, Grayscale’s Solana Trust (GSOL) saw only $2.2 million in inflows. Still, it entered the market with $102 million in assets under management after converting from a closed-end fund.

GSOL charges a 0.35% management fee, much lower than its 1.5% fees on GBTC and ETHE. But Bitwise undercut even that, offering a 0.20% fee on BSOL — a move that analysts say boosted its appeal among cost-conscious investors.

“BSOL’s lower fees and first-mover advantage have fueled its rapid growth,” Lunde said. “GSOL’s higher costs and later entry have clearly tempered investor appetite.”

Market outlook: strong inflows, weak sentiment

Despite the solid ETF demand, Solana’s sharp correction highlights growing investor caution in a risk-off crypto environment. With Bitcoin and Ether also retreating, traders may be locking in profits from earlier Solana rallies.

Analysts say inflows alone may not drive prices higher without a stronger market rebound. Still, the successful ETF debut suggests institutional appetite for Solana remains firmly intact, even amid volatility.

Solana’s SOL token has taken a hard hit despite the buzz around its new U.S. spot exchange-traded funds.