Solana's token price tumbled 8% on Thursday, erasing year-over-year gains, even as the first spot-based Solana ETFs debuted in the U.S. The Bitwise Solana Staking ETF attracted significant inflows, but failed to lift the price. Meanwhile, Fidelity advanced its own Solana ETF filing with the SEC.
Solana (SOL) fell 8% on Thursday to $195.99, extending a weekly slide that pushed the token below $180. This drop erased all year-over-year gains and left SOL down 4% for 2025. In contrast, bitcoin (BTC) and ether (ETH) maintained year-over-year gains exceeding 40%, despite their own recent weakness.
The decline came despite the launch of the first spot-based Solana ETFs in the U.S. The Bitwise Solana Staking ETF (BSOL), which debuted on Tuesday, recorded $116 million in net inflows over its first two trading sessions, on top of $223 million in seed investment, according to data from Farside Investors. The Grayscale Solana Trust (GSOL), converted from a closed-end fund to an ETF on Wednesday, saw a more modest $1.4 million in inflows. Despite these developments, SOL declined 12% from Monday's highs.
Market sentiment may have been pressured by an on-chain transaction involving Jump Crypto. Blockchain data tracked by Lookonchain showed Jump Crypto transferring 1.1 million SOL, worth $205 million, to Galaxy Digital. In exchange, Jump received approximately 2,455 BTC, valued at $265 million. Observers speculated that the move indicated Jump rotating out of SOL into BTC.
Separately, Fidelity Investments submitted a pre-effective amendment to its Solana ETF filing with the Securities and Exchange Commission. This step advances the registration toward automatic effectiveness. The proposed fund plans to stake all its SOL holdings to generate returns exceeding the Fidelity Solana Reference Rate.