Solana fell 8% Thursday, extending this week’s decline despite the long-awaited debut of the first spot-based Solana ETFs in the U.S.
The drop below $180 has erased all year-to-date gains for the token and also leaves it down 4% for 2025. Making these numbers feel worse for SOL bulls, both BTC and ETH — despite their own recent price weakness — continue to post year-to-date gains of more than 40%.
The Bitwise Solana Staking ETF (BSOL), which launched on Tuesday, pulled in $116 million in net inflows across the first two sessions, adding to $223 million in seed investments, per data from Farside Investors. Grayscale Solana Trust (GSOL), which on Wednesday converted from a closed-end fund to an ETF, attracted a modest $1.4 million.
Bitwise’s decent capital inflows were not enough to support SOL, which showed a 12% decline from Monday’s highs.
Perhaps weighing on the sentiment was a large onchain transfer noticed by blockchain practitioner Lookonchain. Blockchain data showed that Jump Crypto – one of the most prominent crypto trading firms – appeared to have moved 1.1 million SOL (worth $205 million) to Galaxy Digital and received about 2,455 BTC ($265 million) around the same time, speculating that Jump may be rotating from SOL to BTC.
