Bitwise CEO remains optimistic amid market downturn
Hunter Horsley, the CEO of Bitwise, has taken an interesting stance on the recent performance of Solana’s price. Since the launch of their Solana Staking ETF (BSOL) on October 28, 2025, the SOL token has actually been declining in value—dropping almost every day. But Horsley sees this as an opportunity rather than a problem.
He argues that lower prices actually attract more investors because they can enter at better levels. This perspective seems to be holding up in practice. Despite the price decline, BSOL has recorded steady daily inflows since its launch, totaling hundreds of millions of dollars within just the first few weeks.
Institutional money flows tell a different story
What’s particularly striking is how BSOL compares to other cryptocurrency ETFs. According to data from Farside, BSOL has attracted $365.1 million in total inflows so far, while Grayscale’s SOL ETF (GSOL) has brought in only $25.3 million. That’s a significant difference.
Even more telling is the contrast with Bitcoin and Ethereum ETFs. While BSOL has seen consistent inflows, both Bitcoin and Ethereum ETFs have been experiencing significant outflows for about a week. As of November 17, BSOL had $8.26 million in inflow, while Bitcoin experienced an outflow of $254.51 million and Ethereum saw $182.80 million leave.
This pattern suggests something interesting might be happening in the institutional space. It appears investors are shifting their focus toward Solana, perhaps seeing current price levels as attractive entry points.
New players enter the Solana ETF space
The Solana ETF landscape is getting more crowded, which might indicate growing institutional interest. Fidelity launched its own Solana ETF (FSOL) on November 18, 2025, with a 0.25% fee—slightly higher than BSOL’s 0.2%. This marks the entry of one of the world’s largest asset managers into the Solana ETF arena.
VanEck also joined the party with VSOL, launched on November 17. They’re taking an aggressive approach by waiving all sponsor fees on the first $1 billion in assets until February 2026. Their fund already stakes nearly all of its SOL, offering approximately 6.6% gross staking yield from day one.
Why the shift toward Solana ETFs?
So why are investors moving into Solana ETFs even as the token price declines? I think it comes down to several factors. These ETF products offer a safer, more structured way to gain exposure to Solana. They provide staking yield, professionally managed custody, easier compliance, and a way for institutions to scale positions without dealing directly with exchanges.
The current situation creates an interesting dynamic. Retail sentiment might be shaky given the price decline, but institutional money seems to be positioning for the long term. ETFs are becoming the preferred entry point for these larger players.
Perhaps the most telling aspect is that BSOL hasn’t seen a single day of outflow since its launch. That’s quite remarkable when you consider the broader market conditions. It suggests that new investors are confident and attracted to the ETF structure combined with lower token prices.
Of course, it’s still early days, and market conditions can change quickly. But the steady inflows into Solana ETFs despite price weakness might indicate a shift in how institutional investors are approaching cryptocurrency investments.
