Every U.S. spot solana ETF took in money last week. Most of it still went to one fund.
The group drew a record $188 million in net inflows over the five sessions through Sept. 25. Bitwise’s BSOL collected roughly $128 million of that, about two-thirds of the week’s total, according to weekly figures shared by Solana’s official account.
One fund, most of the money
The rest of the field trailed well behind. Grayscale’s GSOL brought in $28 million and Fidelity’s FSOL added $18 million. Morgan Stanley, VanEck, Franklin Templeton and 21Shares split the remaining $14 million between them.
That lopsided split isn’t new. BSOL accounts for about $1.2 billion of the group’s $1.6 billion in cumulative net inflows, or roughly 76%. So last week’s 68% share was below Bitwise’s long-run average, and competing funds collected about $60 million combined.
It’s a small dent. But it’s a dent, and it came during the busiest week these products have had.
Friday did half the work
The week wasn’t evenly spread. On Friday alone, the funds added about $87 million, their largest single day since going live and nearly half the weekly total.
Bitwise took $56 million of Friday’s haul. Grayscale took $19 million.
What the inflow number measures
A quick reality check on the metric. Net inflows track money entering the funds after withdrawals. They don’t reflect the value of shares traded between investors, which can look much larger on a busy day without any new money arriving.
The appeal of a spot ETF is simple. You get exposure to SOL through a brokerage account, and you don’t have to manage a crypto wallet to do it.
Solana wasn’t alone
The buying reached well beyond one token. U.S. bitcoin ETFs attracted about $2.4 billion during the same week, and ether products added roughly $690 million.
Put against those figures, solana’s record $188 million is a fraction of the flows. It’s a record for this group, not a sign that solana has caught up with the two larger assets.
The price hasn’t followed
SOL traded around $119 during Monday’s Asian morning hours. That’s still about 60% below its record near $293.
Record inflows and a price more than halfway off its peak can coexist. Anyone reading last week’s numbers as a recovery signal should keep that gap in view.
Alpenglow is still a test
The flows land while Solana developers test Alpenglow, an upgrade intended to shorten the time before a payment is considered irreversible from about 12.8 seconds to roughly 150 milliseconds.
Alpenglow reached the network's second public testing environment on Friday. The 150-millisecond figure remains a target, and no launch date has been announced for the live blockchain.
For now, if you’re tracking where ETF money for solana actually goes, watch Bitwise’s share. It slipped from 76% to 68% in the strongest week yet, and whether rivals keep chipping at it will tell you more than the headline total does.
