Solana-ETF привлекает миллионы, но курс SOL остается стабильным Translation: Solana-ETF attracts millions, but SOL price remains stable

Following the trading session on October 29, spot exchange-traded funds (ETFs) based on Solana attracted $47.9 million, and the total capital inflow since the instrument’s launch has surpassed $117 million.

The majority of the inflows were directed to the SOL-ETF from Bitwise (BSOL), amounting to $116 million. This product debuted slightly earlier than the competing offering from Grayscale (GSOL), which currently manages only $1.4 million in assets under management (AUM).

According to Bloomberg market analyst Eric Balchunas, BSOL’s trading volume reached $72 million on its second day. He described this outcome as «a huge number» and «a positive sign.»

He added that GSOL’s figure stands at $4 million.

The combined assets of the two funds amount to $432 million.

Ahead of the launch of the spot Solana ETFs, many experts anticipated a surge in the price of SOL. In August, Matt Hougan from Bitwise predicted that the launch of the instrument would drive the asset’s price to a new all-time high.

Sean Young, chief analyst at MEXC Research, noted that the cryptocurrency could reach $250 by year-end, highlighting the Alpenglow upgrade as an additional factor.

So far, Solana has not exhibited a pronounced price trend. In the past week, the coin’s value has risen by 4.4%, while over the last day, it increased by 0.1%. At the time of writing, SOL was trading around $195.

Hyblock analysts, in comments to Cointelegraph, compared the altcoin’s response to Bitcoin’s behavior following the launch of spot BTC ETFs in January 2024:

«There was a similar dynamic then. Despite a growing influx of funds, the price of the first cryptocurrency remained in a sideways trend, showing a decline of about 5%. However, eventually, a breakthrough occurred—capital inflow dramatically surged, marking a turning point for digital gold’s price.»

Experts suggested that Solana might be experiencing the same phase where initial excitement is gradually waning. Thus, they do not view the current situation as concerning: «This is quite expected with the launch of such significant financial instruments,» they added.

Market participants remain optimistic about SOL’s prospects. An analyst under the pseudonym NekoZ referred to the current altcoin chart as «incredibly bullish.»

«We’ve broken through the descending trend line and seem to confirm the start of a major impulsive movement. If the support level of $194 is maintained, it will pave the way to resistance at $295 and potentially above $400,» he forecasted.

Bitcoin trader known as HODL GENTLEMAN stated that the nearest resistance is at the psychological level of $200. A close above this would open the path for further growth towards $210.

Otherwise, a retest of the $190 support level is possible, he emphasized.

Another analyst, EtherNasyonaL, noted that «Solana has found itself between two key levels: resistance at the all-time high of 2021 and an upward trend that has been forming over the past few years.

«This kind of prolonged compression typically culminates not in a minor breakout but in a significant explosive movement,» he commented.

Bitcoin-based ETFs experienced an outflow of $470 million.

The bulk of this came from FBTC by Fidelity, which saw an outflow of $164 million. This was followed by ARKB from ARK Invest (-$143 million) and IBIT from BlackRock (-$88 million).

The overall net inflow has decreased to $61 billion, while assets under management have fallen to $149 billion.

Ethereum ETFs experienced a capital outflow of $81 million. The largest losses were recorded by FETH from Fidelity (-$69 million), ETH from Grayscale (-$16 million), and ETHV from VanEck (-$4 million).

Since the launch of these instruments, the net inflow totals $14.6 billion, with assets under management amounting to $26 billion.

At the time of writing, Bitcoin and Ethereum are trading around $110,000 and $3,900, respectively, according to CoinGecko.

It is worth noting that Martin Hisbec, head of blockchain research at Uphold, has announced the end of the era of self-custody of digital gold. He stated that major players increasingly prefer ETFs.