Bitwise Solana Staking ETF Records First-Ever Outflow as SOL Price Slides

The Bitwise Solana Staking ETF (BSOL) recorded its first-ever net outflow, shedding $4.6 million on December 16, according to data from Farside Investors. This marks a notable turning point for the leading Solana ETF, which offers 100% direct exposure to SOL along with built-in staking rewards. The outflow involved the sale of nearly 36,860 SOL and coincided with BSOL’s lowest daily trading volume since launch, signaling a shift in investor sentiment during the latest crypto market downturn.

Since its debut in late October, the Bitwise Solana ETF has attracted strong institutional interest, even amid extreme fear across the broader digital asset market. However, the recent outflow suggests growing caution among institutional investors, potentially driven by macroeconomic uncertainty. Market participants are increasingly concerned about a possible interest rate hike by the Bank of Japan later this week, while the approaching holiday season is also expected to dampen overall trading volumes.

Despite the BSOL outflow, spot Solana ETFs as a whole still posted healthy net inflows of $35.2 million. The Fidelity Solana ETF (FSOL) stood out, recording $38.7 million in inflows on Monday, its largest single-day inflow to date. Other spot Solana ETFs saw relatively muted activity, highlighting a divergence in investor preferences within the Solana ETF market.

Meanwhile, Solana’s price has come under pressure, falling more than 6% in the past 24 hours to trade near $126. SOL fluctuated between a low of $124 and a high of $134.72, reflecting heightened volatility. Trading volume surged 73% over the same period, suggesting dip-buying interest fueled by optimism around CME’s upcoming spot-quoted Solana futures and Ondo Finance’s plan to expand tokenized stocks, bonds, and ETFs to the Solana network in early 2026.

Derivatives data from CoinGlass points to continued bearish sentiment, with SOL futures open interest dropping nearly 2% to $7.09 billion in just four hours. Analysts warn that Solana remains range-bound between $145 and $124, and a deeper pullback could trigger large-scale liquidations, reinforcing short-term downside risks for SOL.