Приток капитала в Solana-ETF сохраняется, но цена SOL остается стабильной Translation: Capital inflow into Solana-ETF remains steady, but SOL price stays stable

As of the trading session on October 29, spot exchange-traded funds (ETFs) based on Solana attracted $47.9 million, bringing the total capital influx since the launch of the instrument to over $117 million.

The majority of these inflows were directed towards the SOL-ETF from Bitwise (BSOL), which received $116 million. This product was introduced slightly ahead of its competitor from Grayscale (GSOL), which currently has assets under management (AUM) amounting to just $1.4 million.

According to Bloomberg analyst Eric Balchunas, BSOL recorded trading volumes of $72 million on its second day. The expert described the outcome as “a huge number” and “a positive sign.”

In contrast, GSOL had a trading volume of $4 million, he added.

The combined assets of the two funds total $432 million.

Ahead of the launch of the spot Solana ETFs, many experts anticipated a surge in the price of SOL. In August, Matt Hougan from Bitwise forecasted that the launch of the instrument would push the asset’s price to a new historical peak.

Sean Young, chief analyst at MEXC Research, noted that the cryptocurrency could reach $250 by the end of the year, highlighting the Alpenglow upgrade as a contributing factor.

Thus far, Solana has not displayed a pronounced price trend. Over the past week, the coin’s value has increased by 4.4% and by 0.1% over the last day. At the time of writing, SOL is trading at approximately $195.

Analysts from Hyblock, in a comment to Cointelegraph, compared the altcoin’s reaction to Bitcoin’s behavior following the launch of spot Bitcoin ETFs in January 2024:

“There was a similar trend back then. Despite increasing capital inflow, the price of the first cryptocurrency remained in a sideways movement, showing a decline of about 5%. However, a breakthrough eventually occurred—the influx of capital surged, marking a turning point for the price of digital gold.”

Experts suggested that Solana might be going through a similar phase where initial excitement is gradually subsiding. Therefore, they do not view the current situation as alarming: “This is quite typical when significant financial instruments are launched,” they added.

Market participants remain optimistic about the prospects for SOL. An analyst using the nickname NekoZ described the current chart of the altcoin as “incredibly bullish.”

“We’ve broken through a descending trend line and seem to be confirming the beginning of a large impulse move. If we maintain the support level at $194, we will pave the way to resistance at $295 and eventually price levels above $400,” he projected.

According to Bitcoin trader known as HODL GENTLEMAN, the nearest resistance level is at the psychological mark of $200. Closing above this would open the pathway for further growth towards $210.

If not, a retest of the support level at $190 could occur, he pointed out.

Analyst EtherNasyonaL commented that “Solana is caught between two key levels: resistance at the historical maximum of 2021 and an uptrend that has been developing over the past few years.

“Such prolonged compression typically culminates not in a minor breakout but in a significant explosive movement,” he added.

Bitcoin-based ETFs saw an outflow of $470 million.

Most of the outflow was attributed to FBTC from Fidelity, which lost $164 million. This was followed by ARKB from ARK Invest (-$143 million) and IBIT from BlackRock (-$88 million).

The overall net inflow decreased to $61 billion, with total assets under management dropping to $149 billion.

Ethereum ETFs also experienced a capital outflow of $81 million. The largest losses were seen by Fidelity’s FETH (-$69 million), Grayscale’s ETH (-$16 million), and VanEck’s ETHV (-$4 million).

Since their launch, the net inflow for these instruments amounts to $14.6 billion, with assets under management at $26 billion.

At the time of writing, Bitcoin and Ethereum are trading at approximately $110,000 and $3,900, respectively, according to CoinGecko.

It’s worth noting that Martin Hisbek, head of blockchain research at Uphold, has declared the end of the era of self-custody for digital gold, stating that major players are increasingly favoring ETFs.