Bitwise spot Solana ETF draws $69.5 million on debut as new HBAR and Litecoin funds see zero flows

Bitwise's new U.S. spot Solana exchange-traded fund, BSOL, notched $69.5 million worth of net inflows on its Tuesday debut, according to Farside and SoSoValue data, marking the first U.S. spot Solana ETF with 100% direct exposure to SOL.

Including $222.9 million in seed capital, the fund's total net assets stand at $292.4 million after day one. For comparison, Bitwise's BITB also saw the largest day-one inflows on the U.S. spot Bitcoin ETFs' debut in January 2024, at $237.9 million, while BlackRock's ETHA witnessed the largest U.S. spot Ethereum ETF inflows on debut, with $266.5 million, the following July.

BSOL hit $10 million worth of trading volume within the first hour of trading, going on to generate $57.9 million in volume for the day — the most of any ETF launch this year, Bloomberg Senior ETF Analyst Eric Balchunas noted on X.

"And what's amazing is it seeded with $220m. It could have invested seed on Day One, which would have resulted in $280m-ish, would be even more than ETHA's debut. Strong start either way," Balchunas said.

ETF inflows measure new money entering the fund, while trading volume measures how many shares are bought and sold on the market — so inflows can be higher when large new shares are created but few investors trade them afterward.

In July, REX-Osprey launched the first U.S. ETF offering SOL exposure with native staking rewards, SSK, under the Investment Company Act of 1940 rather than the more common Securities Act of 1933 route used by BSOL and the spot Bitcoin and Ethereum ETFs. While SSK is not a standard spot ETF under the 1933 Act, the fund holds actual SOL — at least 50% directly staked — with the rest allocated to staking vehicles such as exchange-traded products and liquid staking tokens. SSK attracted $11.4 million in inflows on its debut, reaching cumulative inflows of $413.6 million since.

During the U.S. government shutdown, the SEC allowed ETF issuers to move forward without direct staff review by filing final S-1 registration statements without a delaying amendment, which automatically become effective after 20 days, submitting a Form 8-A to register shares for trading, and relying on newly approved generic listing standards for commodity-based trust shares. These procedural changes enabled launches like Bitwise's BSOL Solana ETF to proceed despite limited SEC operations.

"Solana is headed into the mainstream — and we think it's just getting started," Bitwise said on Monday, confirming the Tuesday launch.

Grayscale's new spot Solana ETF, GSOL, is expected to debut on Wednesday.

HBAR and Litecoin ETFs witness zero flows on day one

Canary Capital also launched the first U.S. spot HBAR (HBR) and Litecoin (LTCC) ETFs on Tuesday, following the same procedural route as Bitwise's BSOL. However, the funds both witnessed zero flows for the day, per SoSoValue, despite generating $8.6 million and $1.4 million in trading volume, respectively.

Bloomberg ETF analyst James Seyffart previously explained that ETF shares are created or redeemed in large units only when there's a meaningful imbalance between supply and demand — which is why it's common to see days with zero reported flows.

Meanwhile, the U.S. spot Bitcoin and Ethereum ETFs brought in $202.4 million and $246 million worth of inflows on Tuesday, according to data compiled by The Block.

"In 2025, BTC ETFs have seen net inflows of $26.9bn, but excluding BlackRock, they've actually recorded $1.3bn in outflows," K33 Head of Research Vetle Lunde said in a Tuesday report. "Parts of IBIT's dominance stem from its now dominant liquidity and scale, but BlackRock's reputation is likely an additional factor further contributing in attracting capital."

"BlackRock is absent from the upcoming altcoin ETFs, which may limit overall flows, while opening competition for other issuers to attract inflows and secure SOL ETF dominance," he continued. "Based on solid flows to existing leveraged ETFs, we expect SOL ETFs to attract the strongest demand, while more obscure altcoins are expected to face limited interest."

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