Bybit Crypto Insights Report: Solana’s Spot ETF breakthrough: A new era for institutional access and price dynamics

Solana has officially entered the ETF era. With the October 2025 launch of the Bitwise Solana Staking ETF (BSOL) and Grayscale’s conversion of its Solana Trust (GSOL) into a publicly traded product, SOL joins Bitcoin and Ethereum as one of the few digital assets with regulated, brokerage-accessible exposure in the United States. This milestone not only validates Solana’s position as a leading Layer 1 blockchain, but also opens the door to a new wave of institutional capital — potentially reshaping its price trajectory and market structure for years to come.

ETF mechanics and initial market reaction

The Bitwise ETF, which includes native staking yield, debuted with $116 million in net inflows within its first two trading sessions, signaling strong demand from wealth managers and institutional allocators. Grayscale’s Solana Trust, while smaller in scale, adds further legitimacy to Solana’s investment profile. Together, these products offer US investors direct exposure to SOL without the complexities of custody, staking or on-chain interaction.

Yet, the immediate price reaction was underwhelming. SOL fell nearly 8% during the week of the ETF launch, underperforming both BTC and ETH. This muted response echoes the “sell-the-news” dynamic observed in prior ETF approvals. Bitcoin and Ethereum both experienced short-term corrections following their respective spot ETF launches earlier in 2025 before rebounding on sustained inflows. Solana may be following a similar pattern, with early profit-taking and whale rotation — such as Jump Crypto’s large on-chain transfer — temporarily suppressing upside momentum.