Asset manager Bitwise says its Solana exchange-traded fund recorded $55.4 million in trading volume on its debut on Tuesday, along with the launch of two other altcoin ETFs from Canary Capital.
Trading volumes on the Bitwise Solana Staking ETF (BSOL) were the largest of any cryptocurrency ETF launched in 2025, Bloomberg ETF analyst Eric Balchunas he said on Tuesday, beating out the launches of XRP (XRP) and Solana (SOL) ETF investors from REX Osprey.
Prior to its launch, BSOL had amassed approximately $223 million in assets, which Balchunas said signaled growing institutional commitment and confidence in its exposure to staking, which is a reward for those who lock the cryptocurrency on the blockchain to validate transactions.
Wall Street’s appetite for cryptocurrencies has expanded beyond market leaders Bitcoin (BTC) and Ether (ETH) as asset managers now consider launching exchange-traded products tied to riskier cryptocurrencies or featuring novel mechanisms such as staking.
BSOL beats predictions
BSOL $55.4 million trading volume exceeded the level before the launch of Balchunas estimate at the level of USD 52 million, while the Canary Capital HBAR ETF (HBR) closed its debut day of trading at the level of USD 8 million, which also meets the analyst’s predictions.
The Canary Capital Litecoin ETF (LTCC) earned $1 million, below Balchunas’ estimate of $7 million.
Ether ETFs overshadow the debut of an altcoin fund
However, BSOL’s debut trading volume was a fraction of the $1.08 billion trading volume recorded by nine spot Ether ETFs that launched last July and were the first altcoin funds to launch in the US.
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Mostly, outflows from Grayscale’s recast Ethereum ETF Trust accounted for $458 million of that total, while BlackRock’s iShares Ethereum Trust ETF earned $248.7 million.
Bitwise’s spot Ether ETF product also earned $94.3 million, significantly more than today’s Solana product.
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