Grayscale’s Solana 
$82-based spot ETF, GSOL, launched on October 29 with a noteworthy net inflow of $1.4 million on its first trading day in the U.S. Despite significant withdrawals from Bitcoin 
$73,537 and Ethereum 
$1,999 ETFs, GSOL successfully attracted investor interest. Data from Farside and SoSoValue indicated that GSOL, which transitioned from a closed-end fund to an ETF, managed to stand out amid volatile market conditions.
Bitwise Takes the Lead
A day before GSOL’s debut, Bitwise introduced its BSOL ETF, drawing $69.5 million on October 28 and $46.5 million on October 29. This impressive $116 million total investment volume set a new record for the highest opening performance in 2025. With a trading volume of $57.9 million on launch day, BSOL’s staggering performance continued with a trading volume nearing $75 million on the second day. Bloomberg ETF Analyst Eric Balchunas praised this as a massive success.
Grayscale Faces Higher Costs
Grayscale’s GSOL ETF, with a management fee of 0.35%, stands as a higher-cost option compared to Bitwise’s BSOL ETF, which carries a 0.20% fee. GSOL reached a trading volume of $4.9 million on its first day but encountered a competitive disadvantage due to Bitwise’s one-day lead in trading. Balchunas noted that this one-day difference creates a significant challenge, making it more difficult to track GSOL’s progress.
The launch of other altcoin ETFs, such as HBAR and Litecoin ETFs (HBR and LTCC), also attracted investor interest during the same period. HBR ETF recorded a net inflow of $2.2 million, while LTCC saw an inflow of $485,000. In contrast, U.S. spot Bitcoin and Ethereum ETFs experienced total withdrawals exceeding $500 million.
Fidelity’s Bitcoin ETF, FBTC, observed a net outflow of $164.4 million, while the Ethereum ETF, FETH, saw withdrawals amounting to $69.5 million. Analysts attribute these significant outflows to the Federal Reserve’s recent monetary policy stance.
Despite the 25 basis point interest rate cut announced by Fed Chair Jerome Powell, the lack of assurance regarding another rate cut in December concerned the market. Timothy Misir, Head of Research at BRN, remarked that the market reacted more to Powell’s cautious tone than the rate cut itself, leading to a tightening of financial conditions.
