The Solana ETF hit the US market today with great success. Bitwise’s product’s first-day trading volume reached $56 million, making it more talked about than more than 850 ETFs launched in 2025.
However, SOL’s actual token price actually fell today due to other factors. Although upcoming altcoin ETFs could represent a lucrative investment opportunity, fundamental market trends still appear bearish.
Solana ETF begins operation
While the outlook for the Solana ETF has fueled market expectations for months, the actual launch took place amid uncertainty. After months of false starts and regulatory confusion, the community’s reaction was mixed when analysts claimed trading was about to begin.
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Nevertheless, the first Solana ETF went live on the market today, and its baptism proved to be very successful.
Corporate investors are pouring money into crypto ETFs, and Solana’s new product is no exception.
Bloomberg analyst Eric Balchunas claimed that Bitwise’s product had the strongest launch of any ETF in 2025. This includes XRP-based ETFs and non-token-based products as well. Approximately 850 new assets in total.
No profit for SOL
In other words, the Solana ETF has been an incredible success. Bitwise’s product completely outperformed the HBAR ETF and Litecoin ETF, with total volume of $56 million versus $8 million and $1 million, respectively. However, despite this, the expected benefits of Solana have not yet materialized.
This disconnect between ETF performance and actual interest in Solana is of some concern. SOL’s price didn’t just ignore the news. In fact, it has decreased significantly.
Analysts have suggested that a long squeeze between long-term holders and leverage plays could be contributing to the weakness. Still, it seems extremely bearish that the success of the Solana ETF’s rise didn’t influence these moves.
The first BTC ETF was a huge success for Bitcoin and had the potential to change its price cycle forever. However, if altcoin products do not have a similar impact, many important assumptions will be called into question.
In other words, this seems like a blessing of sorts. The Solana ETF has finally arrived in the US market, and demand for it is very strong. However, for the time being, retail SOL holders may not receive any benefits.
