Solana ETFs ‘Defy Physics’ Amid Price Weakness: Where Is the Demand Coming From?
Despite a 31% year-to-date price drop, Solana ETFs have attracted $1.5 billion in inflows, sparking debate about the source of this demand.Summary
Solana (SOL) has experienced significant price weakness, falling over 31% year-to-date, but its spot exchange-traded funds (ETFs) have shown surprising resilience, attracting $1.5 billion in inflows since their launch in July 2025. This influx equates to roughly $54 billion when adjusted for Solana’s market cap, exceeding the pace of Bitcoin ETF inflows at a comparable stage. Analysts are debating whether this demand stems from genuine investment or “in-kind swaps” from existing SOL holders. Bloomberg analysts note substantial institutional investment, with major players like Electric Capital and Goldman Sachs holding significant allocations. While recent trading sessions have seen outflows, the overall trend defies expectations given the market downturn. The source of the demand remains a key question as the market watches to see if renewed optimism will translate into continued ETF inflows.
(Source：BeInCrypto)