Market pullback triggers Solana ETF outflow at Bitwise but category inflows stay firm

After weeks of resilience, the Bitwise Solana ETF segment briefly cooled as investors reacted to a broader crypto pullback and thinner year-end liquidity conditions.

Bitwise Solana fund breaks its month-long inflow streak

The Bitwise Solana Staking ETF logged its first daily outflow on Dec. 15, ending a steady run of inflows that stretched back to its late October debut. According to SoSoValue, investors redeemed $4.6 million, marking the fund’s first net withdrawal since trading began.

The move represented the sale of roughly 36,800 SOL and arrived on the ETF’s lowest trading volume since launch. Moreover, the timing aligned with a wider retreat in digital assets, as Bitcoin, Ethereum and Solana all slipped amid rising macro uncertainty and subdued December market depth.

The ETF, which started trading on Oct. 28, is the first U.S.-listed spot product to offer direct Solana exposure alongside full on-chain staking. Since inception, it has drawn robust demand, surpassing $500 million in assets under management within its first month and quickly becoming the leading Solana vehicle by net inflows.

Strong cumulative flows despite BSOL’s first setback

Despite the single-day outflow, BSOL still shows solid momentum. Even after the Dec. 15 redemption, its cumulative net inflows stand near $604 million, keeping it well ahead of rival Solana offerings from Grayscale, Fidelity and 21Shares. That said, the bsol first outflow has drawn attention because of the fund’s rapid growth since launch.

The product’s structure permits staking of its entire SOL holdings via Bitwise Onchain Solutions, with infrastructure support from Helius. Staking rewards are not paid out as cash distributions. Instead, they are reinvested, gradually increasing the Solana backing of each share over time and boosting the effective exposure for long-term holders.

This design has been a central feature of the fund, aligning demand for solana staking rewards with a regulated, exchange-traded wrapper. However, as risk sentiment cooled in mid-December, even structurally attractive products were not fully immune to short-term redemptions.

Solana ETF flows stay positive across the category

While Bitwise posted an isolated outflow, broader spot solana etf activity in the U.S. remained constructive. On the same Dec. 15 session, total net flows across all U.S. spot Solana funds reached about $35 million in inflows, offsetting the BSOL redemption.

The key driver was Fidelity’s FSOL ETF, which recorded its strongest single-day inflow since launch, attracting around $38.5 million. Moreover, cumulative net solana etf inflows across all listed products have climbed to roughly $711 million as of mid-December, underscoring persistent institutional and retail interest in Solana exposure.

That context supports the view that the BSOL move was more of a portfolio adjustment than the start of a structural unwind. Compared with peers from Grayscale and 21Shares, Bitwise’s staking-centric design continues to differentiate the fund in any ongoing solana etf comparison.

Macro headwinds weigh on crypto but demand holds

The outflow occurred against a backdrop of a broader sell-off in cryptocurrencies, lower trading volumes ahead of year-end and mounting caution around upcoming macro events in Japan. These factors combined to pressure digital asset prices, including Solana, during the mid-December stretch.

However, market observers note that the underlying appetite for regulated Solana exposure through exchange-traded products appears intact. For now, there are few clear indications that overall solana etf performance has been undermined by the recent volatility in spot markets.

In summary, the first outflow from the Bitwise staking product highlights how even high-growth funds can see short-term reversals. Yet, with category-wide net inflows still rising and structures built to capture on-chain yields, Solana ETFs remain a key gateway for investors seeking blockchain exposure via traditional markets.