Exchange-traded funds linked to Solana (SOL) have largely preserved their inflows even as the token’s market price has dropped significantly since the products launched, a trend that some analysts view as evidence of sustained institutional interest.

Since the launch of Solana ETFs in the United States in July, the cryptocurrency has fallen roughly 57%. Despite the decline, the funds have accumulated approximately $1.5 billion in net inflows and have “not really give any of it up,” according to Bloomberg ETF analyst Eric Balchunas, who shared his observations Thursday.

Balchunas noted that around half of the capital entering these ETFs has come from institutional investors, describing the presence of such participants as a “serious investor base” that could signal longer-term confidence in the asset class.

Relative inflows compared with Bitcoin ETFs

Balchunas also compared Solana ETF flows with those of Bitcoin (BTC) by adjusting for differences in market capitalization. With Solana’s market cap near $50 billion compared with Bitcoin’s roughly $1.4 trillion, he estimated that Solana ETFs have effectively attracted the equivalent of about $54 billion in net inflows on a Bitcoin-adjusted basis.

According to Balchunas, that figure is “about DOUBLE where Bitcoin was at the same point.” He also highlighted that Bitcoin’s price increased during the early period after its ETFs launched, while Solana has experienced a substantial decline over the same timeframe. In that context, he described the inflow levels as “pretty impressive numbers given [the] size and condition of the underlying market.”

Balchunas added that ETF launches during steep market downturns typically struggle to attract capital.

“Most wouldn’t even make it to age one or two if they went down 57% in the first six months,” he said. “Solana [is] defying physics here.”

Market volatility continues around Solana

Despite the broader inflow trend, Solana ETFs recorded their first day of net outflows in more than a month on Thursday, with about $6 million leaving the six available products, according to CoinGlass data. The outflows followed a stronger inflow day earlier in the week, when roughly $19 million entered the funds.

Solana itself remains well below its previous highs. The token reached an all-time peak in January 2025 during a period of intense memecoin activity that pushed its price to around $293. At present, the cryptocurrency trades near $88, placing it roughly 70% below that peak. Market data from CoinGecko also shows the token declining about 2.7% during the latest trading session and roughly 11% over the past month.

Sources:

https://cointelegraph.com/news/solana-etfs-impressive-numbers-token-dives-since-launch

https://x.com/EricBalchunas/status/2029669421053042856

https://www.coingecko.com/en/coins/solana

https://www.coinglass.com/etf/solana