US spot Solana ETFs took in roughly $80M to $87M in net inflows on September 25, a single-day record that more than doubled the previous best of $33.5M set in August, according to Crypto Briefing.
Weekly inflows across the category hit $181M, a figure that suggests this was the peak of a sustained multi-week buying trend rather than a one-off burst. The product category didn't exist a year ago, and cumulative net inflows have now crossed $1.6B. An inflow is simply money going in.
When a pension or an adviser buys shares of an ETF, the cash flows into the fund, and the fund uses it to buy the underlying token. When Crypto Briefing reports net inflows, it means new money coming in exceeded what investors pulled out.
That's a one-day net figure, so a record number tells you demand was unusually heavy on a single Tuesday. A spot ETF is a wrapper that holds the real token. You don't need an exchange account or a private key, and the price you see tracks the token's price directly.
That's different from the futures-based leveraged products that dominated crypto funds before, where the payoff came from a derivative contract rather than owning anything.
Bitwise's BSOL took two-thirds of the day
Bitwise's staking-enabled Solana ETF attracted roughly $55.7M of the day's inflows, capturing about two-thirds of the total, per Crypto Briefing. Since the funds launched on October 28, 2025, BSOL has gathered approximately 80% of cumulative inflows, translating to around $1.22B of the category's $1.6B total.
Grayscale's GSOL came in a distant second on the day, adding about $18.5M, and Fidelity's FSOL and Morgan Stanley's MSOL contributed smaller amounts. So Bitwise has largely won the category before it really started.
When one fund holds four-fifths of the money, the buyers and the advisors shaping the product market are largely talking to one issuer. That gives Bitwise real say over how US Solana exposure gets priced and packaged, because it's the default choice rather than one option among several.
Staking is the piece Bitcoin ETFs can't copy
These funds don't just offer passive exposure to SOL's price. They generate yield by staking the underlying tokens on the Solana network, giving institutional investors something Bitcoin ETFs structurally cannot: a return on top of price appreciation, Crypto Briefing notes.
SOL was trading near $120 during the record inflow period, a level that represents a recovery from earlier volatility but remains well below the token's all-time highs. Staking means locking your tokens up to help validate transactions on the network, and the network pays you for it.
It's the reason a Solana ETF holder can earn something while sitting still, which a plain Bitcoin ETF holder cannot. That income stream is what makes the wrapper feel different from just buying the token outright, and it's plausibly why the flows are concentrating in the fund that offers it.
| Fund | Issuer | Sept 25 inflow | Share of day |
|---|---|---|---|
| --- | --- | --- | --- |
| BSOL | Bitwise | ~$55.7M | ~two-thirds |
| GSOL | Grayscale | ~$18.5M | second |
| FSOL / MSOL | Fidelity / Morgan Stanley | not disclosed | smaller |
### The $2B mark is the next real test The previous daily record was $33.5M, so the new high represents roughly a 2.4x jump, according to Crypto Briefing. Total AUM between $1.8B and $1.96B puts the category in a range where it starts to matter for portfolio construction, and breaching the $2B mark could unlock a new wave of buyers who were previously sitting on the sidelines waiting for the category to mature. Whether that $2B mark gets breached, and when, is the concrete thing to watch. AUM sits somewhere between $1.8B and $1.96B right now, so it needs a fresh push of inflows to clear the line. Until it does, the buyers Crypto Briefing describes as waiting on the sidelines stay on the sidelines. One more day like September 25 would put it in reach. There's also a competitive angle to watch. If Grayscale, Fidelity, or Morgan Stanley adjust their fee structures or staking strategies, the category could become more competitive. For now, BSOL's dominance means Bitwise is effectively setting the terms for how institutional Solana exposure gets packaged and sold in the US market.
Reader desk
Discuss the signal
Verified readers · 2 comments per post / 24h
No comments yet. Be the first verified reader to add context.