Headline: BSOL Leads the Charge with $199 Million in Solana ETF Debut Translation: BSOL Leads the Charge with $199 Million in Solana ETF Debut

During a shortened trading week, U.S. spot exchange-traded funds (ETFs) based on Solana attracted a net total of $199.2 million, according to SoSoValue.

Currently, there are two competitors in this space: the new BSOL from Bitwise and the converted GSOL from Grayscale. The majority of the funds ($197 million) were brought in by the first product.

The total assets managed under Solana ETFs have reached $502 million, with the funds consuming about 0.5% of the supply.

The average daily trading volume was approximately $60 million.

BSOL has the advantage over GSOL due to the temporary absence of fees. Both funds, however, are directing the coins into staking: Bitwise fully locks the cryptocurrency, while Grayscale locks 77%.

Bloomberg market analyst Eric Balchunas remarked on the successful launch of these trading instruments.

«What a week it has been for BSOL! In addition to a high trading volume, it led all cryptocurrency exchange-traded products (ETPs) in weekly inflows with $417 million. Moreover, the fund ranked 16th in total weekly metrics. An impressive debut,» the expert emphasized.

The price of Solana has not responded to the success of these derivative products. Over the week, the coin’s value dropped by 3.5% to $186.

In comparison, newly launched ETFs based on Litecoin (LTC) and Hedera (HBAR) have drawn significantly less interest. Over the week, the Hedera fund saw a net inflow of $44 million, while the Litecoin product garnered only $719,000.

It’s worth noting that the investment director of Bitwise, Matt Hougan, has stated that Solana could replicate Bitcoin’s success as it offers similar opportunities.