Solana Tumbles 8%, Erasing All Year-Over-Year Gains as Spot ETF Debuts Fail to Boost Price
CoinDesk
Solana (SOL) dropped 8% this week, wiping out all yearly gains despite the launch of the first U.S. spot Solana ETFs.Summary
Solana (SOL) tumbled 8% on Thursday, extending its weekly decline and erasing all year-over-year gains, leaving it down 4% for 2025, while Bitcoin and Ethereum still show gains over 40% year-over-year.
The debut of the first spot Solana ETFs in the U.S. did not boost the price; the Bitwise Solana Staking ETF (BSOL) saw $116 million in net inflows over two sessions, and the Grayscale Solana Trust (GSOL) attracted $1.4 million.
Sentiment may have been negatively affected by an onchain transfer where Jump Crypto moved 1.1 million SOL (worth $205 million) to Galaxy Digital, reportedly receiving about 2,455 BTC ($265 million), leading to speculation that the firm was rotating out of SOL into BTC.
(Source：CoinDesk)