solarium fell 8% on Thursday, extending this week’s decline despite the long-awaited debut of the first Solana spot ETFs in the US.
The drop below $180 has erased all of the token’s year-over-year gains and also leaves it 4% down by 2025. Compounding those numbers for SOL bulls, both BTC and ETH, despite their recent price weakness, continue to sport year-over-year gains of over 40%.
The Bitwise Solana Stake ETF (BSOL), launched on Tuesday, saw $116 million in net inflows over the first two sessions, adding to $223 million in initial investment, according to data from Farside Investors. The Grayscale Solana Trust (GSOL), which converted from a closed-end fund to an ETF on Wednesday, attracted a modest inflow of $1.4 million.
Bitwise’s decent capital inflow was not enough to boost SOL, which posted a 12% drop from Monday’s highs.
What perhaps weighed on sentiment was a large on-chain transfer noted by blockchain sleuth Lookonchain. Blockchain data showed that Jump Crypto, one of the most prominent cryptocurrency trading companies, appeared to have moved 1.1 million SOL (worth $205 million) to Galaxy Digital, receiving approximately 2,455 BTC ($265 million) around the same time, speculating that Jump could be rotating from SOL to BTC.
