The launch of the Bitwise Solana Staking ETF (BSOL) marked a standout debut in the U.S. cryptocurrency ETF market on Tuesday.

According to Eric Balchunas of Bloomberg Intelligence, BSOL generated around $56 million in first-day trading volume, making it the most active newly launched ETF of 2025, he said in an X post on October 28. 

The fund was seeded with roughly $220 million; had the entire amount been deployed, trading volume could have approached $280 million, surpassing the debut of the Ethereum-based ETF.

Alongside the strong volume, BSOL attracted about $222.8 million in assets on its first day. Balchunas described the launch as “unusually large for a crypto ETF debut,” noting that such flows suggest institutional investors are growing more comfortable with staking exposure.

Notably, the fund offers exposure to Solana (SOL) and provides an estimated 7% annual yield derived from staking rewards on the Solana blockchain. BSOL is also notable as the first U.S.-approved ETF tied to Solana.

Two other ETFs launched on the same day, the HBR (Hedera spot ETF) and LTCC (Litecoin spot ETF), recorded significantly lower first-day trading volumes of about $8 million and $1 million, respectively.

Solana price analysis 

Meanwhile, despite BSOL’s strong debut, Solana’s price slipped nearly 3% over the past 24 hours to around $195 at press time, though it remains up 6% on the week. 

Analysts suggest the decline may reflect a long squeeze between holders and leveraged traders, a bearish sign that the ETF’s success hasn’t yet lifted broader market sentiment.

Still, if institutional inflows persist, Solana could reclaim the $200 level, opening the path toward a potential move to $250.

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