solana It fell 8% on Thursday, extending this week’s decline despite the long-awaited launch of the first spot-based Solana ETF in the US.
The drop below $180 has wiped out year-to-date gains for the token and sent it down 4% for 2025. Those numbers make things even worse for SOL bulls as both BTC and ETH – despite their recent price weakness – continue to post year-to-date gains of over 40%.
Bitwise Solana Staking ETF (BSOL) launched on Tuesday received net inflows of $116 million in the first two sessions, raising $223 million in seed investments, according to data from Farside Investors. The Grayscale Solana Trust (GSOL), which was converted from a closed-end fund to an ETF on Wednesday, attracted modest inflows of $1.4 million.
Bitwise’s healthy capital inflows were not enough to boost SOL, which dropped 12% from Monday’s high.
What likely impacted sentiment was a large onchain transfer noted by blockchain spy Lukechain. Blockchain data has revealed that Jump Crypto – one of the most prominent crypto trading firms – transferred 1.1 million SOL (worth $205 million) to Galaxy Digital, receiving approximately 2,455 BTC ($265 million) at around the same time, fueling speculation that Jump may have pivoted from SOL to BTC.