Key Insights
Key Insights - The Solana staking ETF of Bitwise recorded its first outflow as the crypto markets experienced panic.
- Solana declined by over 6% and derivative data provided open interest declines.
- Other spot Solana ETFs saw inflow even as this occurred, suggesting some selectivity and caution but not an outright institutional exit.
The Bitwise Solana Staking ETF experienced its first net outflow since launch as the broader crypto markets dipped into extreme fear. Data from Farside Investors indicates the fund recorded an outflow of $4.6 million on December 16, ending a steady inflow streak which started in late October.
The outflow coincided with the lowest daily amount of trading on record for the fund. Nearly 36,860 SOL were sold, which suggests a change in institutional positioning at a time of increased uncertainty in the macroenvironment.
Institutions Pull Back as Risk Signals Build
BSOL has stood out among the examples of crypto-linked exchange-traded products in providing direct exposure to SOL along with staking rewards. Since launch, it saw steady institutional inflows despite volatility in the greater market. However, the latest data shows investors are reassessing short-term risk.
While BSOL posted outflows, spot Solana ETFs as a group still posted net inflows of $35.2 million. Fidelity’s Solana ETF dominated the pack with $38.7 million inflows, its best performance in a single day to date. Other Solana-linked products experienced limited movement, indicating uneven institutional demand as opposed to a general exit.
Analysts note that divergence signals selective positioning rather than uniform selling. Still, the decline in trading volume of BSOL shows caution, particularly for funds sensitive to changes in macro policies. Expectations of lower activity in the year-end period have also tempered the risk appetite.
Solana Price Slides as Derivatives Markets React
Solana’s price dropped more than 6% in the last 24 hours, trading around $126 after lows around $124. The drop came after a short period of stasis and at the lower end of the recent range of the token.
Trading volume increased by 73% during the same timeframe, indicating active repositioning as some market participants were buying into weakness. The move followed confirmation that CME will launch spot-quoted Solana futures, which is seen as a positive for longer-term market structure.
Derivatives information from CoinGlass revealed increasing stress. Total SOL futures open interest fell almost 2% in four hours, to about $7.09 billion. Over a 24-hour period, there was a slight decline of over 4% in open interest, with notable reductions on CME and Binance.
Despite near-term volatility, ecosystem news continues to emerge. Ondo Finance announced that it will go on-chain to Solana at the beginning of 2026, and plans to make tokenized stocks, bonds, and ETFs available on-chain.
