Solana funds in the US continue to retain most of the capital they have attracted, despite a sharp drop in the token itself. Since launch in July, the price of SOL has fallen by 57%, but ETFs have raised about $1.5 billion and have barely lost any of that volume. This is an important signal for the market. Even with weak performance of the underlying asset, investors are not rushing to exit the product.
Token Drop Did Not Break Demand
Solana is now trading around $88. This is about 70% below its all-time high, which was recorded in January 2025 during the memecoin boom. At that time, the price reached $293.
Since then, the market has cooled significantly. Over the past month, SOL has lost another 11%, and over the past day it has dropped by about 2.7%. Against this backdrop, the resilience of the ETFs is especially noticeable. Usually, funds find it difficult to maintain inflows when the underlying asset is falling so quickly.
Institutional Investors Play an Important Role
According to Bloomberg analyst Eric Balchunas, about half of all inflows into Solana ETFs have come from institutional investors. He called this a serious base of holders.
This means that a significant portion of the capital did not come from short-term speculators, but from participants who are willing to hold their position even through a deep drawdown. The market usually sees this type of demand as more stable.
In Relative Terms, the Result Is Stronger Than Bitcoin’s
Balchunas suggests looking not only at the absolute numbers, but also at the size of the market itself. Solana’s market capitalization is now about $50 billion, while Bitcoin’s is about $1.4 trillion.
If you scale Solana ETF flows to the size of Bitcoin, you get the equivalent of about $54 billion in net inflows. According to the analyst, this is about twice the level at which Bitcoin ETFs were at a comparable stage.
This calculation is not perfect, but it shows one thing: interest in Solana funds turned out to be higher than expected, given the market size and the weak token price.
Usually Such ETFs Do Not Withstand a Drawdown
Launching exchange-traded funds amid a falling asset is usually considered a bad scenario. When the underlying token loses more than half its value in the first few months, it is difficult for new funds not only to grow inflows, but even just to maintain investor interest.
This did not happen with Solana. In essence, the funds continue to operate according to their own logic, which does not fully coincide with the behavior of the spot market. This is what makes the current statistics unusual.
The First Signs of Pressure Have Still Appeared
On Thursday, Solana funds showed their first day of net outflows in more than a month. About $6 million left six products. The day before, by contrast, there was an inflow of $19 million. So, it cannot be said that there is no pressure at all. But so far, isolated outflows have not changed the overall picture.
What This Means for the Market
The story with Solana ETFs shows that institutional demand can persist even in a weak market. This is especially important for an asset that for a long time was seen as a more volatile and risky alternative to Bitcoin and Ethereum.
If funds continue to retain capital, it will be an argument that Solana is gradually establishing itself in the institutional part of the market. If outflows begin to increase, the current resilience may turn out to be only a temporary pause. For now, the result for Solana looks stronger than one might expect with a 57% price drop.
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