Grayscale spot Solana ETF sees $1.4M inflows on debut as over $500M exits Bitcoin and Ethereum funds

Grayscale's spot Solana ETF (GSOL) recorded $1.4 million in net inflows on its Oct. 29 debut, following its conversion from a closed-end trust. This debut trailed Bitwise's BSOL, which launched a day earlier and attracted $46.5 million in inflows on the same day, benefiting from a first-mover advantage despite GSOL's higher 0.35% fee versus BSOL's 0.2%.

Simultaneously, the broader market saw significant capital movement away from established crypto ETFs; combined U.S. spot Bitcoin and Ethereum ETFs experienced over $500 million in net outflows on Oct. 29. Bitcoin ETFs led this with $470.7 million in outflows, primarily driven by Fidelity's FBTC ($164.4 million), while Ethereum ETFs saw $81.4 million in net outflows, led by Fidelity's FETH ($69.5 million).

This capital shift occurred despite the Federal Reserve cutting rates by 25 bps, as Fed Chair Jerome Powell's hawkish tone regarding future rate certainty tightened financial conditions. Additionally, new HBAR and Litecoin ETFs also saw their first net inflows on Oct. 29, while Bitcoin and Ethereum prices slightly declined, with HBAR being the only gainer among the tracked assets.

(Source：The Block)