Exchanges linked to Solana maintained their initial inflows, despite the token halving since the funds were launched, which analysts say shows institutional stability.
Solana ( SOL ) is down 57% since the launch of Solana ETFs in the U.S. in July, but the funds have managed to raise $1.5 billion and “not really let up,” Bloomberg ETF analyst Eric Balchunas said Thursday.
He added that 50% of inflows into the ETF came from institutional investors, which Balchunas called a “serious investment base” and a good sign for the future.
Solana ETFs beat Bitcoin based on market size
By adjusting Solana’s $50 billion market capitalization to $1.4 trillion in Bitcoin (BTC), Solana ETFs saw the equivalent of $54 billion in net new inflows, “where Bitcoin is almost double at one point,” Balchunas said.
Bitcoin also gained in the months after the launch of Bitcoin ETFs compared to Solana’s price drop, which Balchunas said was “very impressive numbers considering the size and condition of the underlying market.”
Balchunas said when ETFs start to experience this kind of market downturn, it’s usually “almost impossible to get returns.”
“If there is a 57% drop in the first six months, most don’t even make it to a year or two,” he said. “Solana (here) defies physics.”
related to: Solana’s 3 platforms will be shut down after a devastating $40 million fine
According to CoinGlass, Solana ETFs saw their first day of net outflows in more than a month on Thursday, with $6 million leaving the six products. It follows a big day of net income on Wednesday, which saw $19 million in production.
The year is down 70% from the all-time high
Solana reached an all-time high in January 2025 amid a memecoin coin frenzy that pushed the token to $293.
According to CoinGecko, it is down 70% from that peak today to around $88, and is down 2.7% for the day and 11% for the past month.
Magazine: Would Bitcoin Really Be $200K If Not For Jane Street? Trade secret
