Last week, not a single U.S. spot solana ETF went without new money. Even so, the bulk of it landed in just one product.
Across the five trading sessions ending Sept. 25, the funds pulled in a record $188 million in net inflows. Weekly data posted by Solana’s official account show that Bitwise’s BSOL accounted for roughly $128 million, or about two-thirds of the total.
One fund, most of the money
Nobody else came close. Grayscale’s GSOL took in $28 million, and Fidelity’s FSOL gathered $18 million. That left $14 million to be divided among Morgan Stanley, VanEck, Franklin Templeton and 21Shares.
Bitwise has dominated like this before. Of the $1.6 billion in cumulative net inflows the group has gathered, BSOL holds about $1.2 billion, or roughly 76%. Measured against that, its 68% share last week actually ran below its long-term average, and rival funds together picked up about $60 million.
The dent is small. It is still a dent, though, and it showed up in the strongest week these funds have recorded.
Friday did half the work
The inflows weren’t spread evenly across the week. Friday alone brought in about $87 million. That was the funds’ biggest day since launch and close to half of the week’s total.
Of Friday’s total, Bitwise took $56 million and Grayscale $19 million.
What the inflow number measures
It helps to be clear about what this metric shows. Net inflows count new money coming into the funds, minus withdrawals. They leave out the value of shares that investors trade with each other. On a busy day that trading figure can look far bigger even when no fresh capital comes in.
What a spot ETF offers is straightforward: exposure to SOL through an ordinary brokerage account, with no crypto wallet to manage.
Solana wasn’t alone
Buyers weren’t only going after one token. In the same week, U.S. bitcoin ETFs took in about $2.4 billion, and ether products added roughly $690 million.
Next to those numbers, solana’s record $188 million is a small share of the total. It sets a high for this group of funds. It doesn’t mean solana has caught up with the two bigger assets.
The price hasn’t followed
In Asian morning trading on Monday, SOL was changing hands at around $119. That still leaves it about 60% below its all-time high near $293.
A token can post record inflows while its price sits more than halfway below its peak. Anyone treating last week’s data as a sign of recovery should keep that gap in mind.
Alpenglow is still a test
These flows come while Solana developers are testing Alpenglow, an upgrade meant to cut the time before a payment counts as irreversible from about 12.8 seconds to roughly 150 milliseconds.
On Friday, Alpenglow reached the network's second public testing environment. The 150-millisecond figure is still only a target, and no launch date has been announced for the live blockchain.
If you want to know where solana ETF money is actually going, keep an eye on Bitwise’s share. In the strongest week so far it fell from 76% to 68%. Whether rival funds keep eating into it will say more than the headline total.