‘Huge number’: Bitwise’s Solana ETF crosses $70 million in volume on second day

The first U.S. exchange-traded product with 100% direct exposure to Solana followed up its huge debut with an even stronger second session.

The Bitwise Solana Staking ETF (ticker BSOL) generated $72.4 million in trading volume on Wednesday. BSOL's $56 million day-one volume was the most among nearly 850 ETF launches this year. 

"$72m is a huge number. Good sign," Bloomberg Senior ETF analyst Eric Balchunas wrote in a post on X. He also said the Canary Litecoin ETF (LTCC) and Canary HBAR ETF (HBR) did about the same volume as Tuesday, coming in at around $8 million and $1 million, respectively. These are strong numbers, Balchunas said, noting most ETFs drop after the first-day hype is over.

In addition to its strong trading debut, BSOL attracted $69.5 million in first-day inflows, bringing its total assets to nearly $292 million, per Farside and SoSoValue.

Elsewhere, Grayscale Investments debuted its Solana staking ETF (GSOL), which did about $4 million. GSOL was converted into an ETF after spending about four years as a closed-end vehicle offering exposure through a traditional brokerage account, The Block previously reported.

"Healthy but obviously short of BSOL," Balchunas said. "Being just one day behind is actually really huge. Makes it so much harder."

The REX Osprey SOL Staking ETF (SSK) added some $18 million into the mix on Wednesday.

There are over 150 cryptocurrency-based ETP proposals tracking 35 different digital assets, according to Bloomberg. Leading the list are SOL- and BTC-based filings, followed by XRP and Ethereum.

Dozens of crypto ETFs were gearing for the final SEC sign-off before the U.S. government shutdown that went into effect Oct. 1. The SEC released new guidance following the shutdown, outlining how companies can go public.

The SEC said firms can now file an S-1 registration without a "delaying amendment," which normally prevents an offering from automatically taking effect after 20 days.

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