HBAR and LTC ETFs saw significantly lower openings of $8 million and $1 million.
On Tuesday, October 28, the Solana price plunged 2.48% to trade at $193.74 currently. The downtick likely followed broader market momentum as Bitcoin witnessed overhead supply at $116k. However, the coin price shows resilience above $190 with a long-rejection candle as the Bitwise Solana Staking ETF recorded $56 million in trading volume on its first day, accentuating strong institutional interest and growing confidence in SOL’s long-term ecosystem strength.
The Bitwise Solana Staking ETF (ticker BSOL) started officially trading on the New York Stock Exchange on October 28, 2025. The fund itself is designed to have 100% direct exposure to cryptocurrency Solana (SOL) tokens and to stake the investments on-chain through a partner, Helius Technologies, which aims to claim Solana’s average staking rewards of around 7% per year.
The fund carries a management fee of 0.20% per annum, which the issuer has temporarily waived (making the fee 0%) for the first three months or until the fund works up to $1 billion in assets.
“Investors like growth potential, and investors like staking rewards,” said Bitwise CEO Hunter Horsley. “BSOL provides low-cost exposure to both.We’re thrilled to create high-quality access to one of the most widely used blockchains in crypto: Solana.”
The launch attracted significant attention in the ETF market. Bloomberg analyst Eric Balchunas highlighted that BSOL’s first session saw trading volume of around $56 million, which is the largest opening day trading volume for any ETF launched in 2025.
Bitwise seeded the fund with around $220 million, and Balchunas said that had the entire sum been deployed on day one, trading activity could have topped $280 million, topping the Bitwise Ethereum-focused ETHA fund launch volume earlier this year.
In contrast, other recent launches, such as HBAR and LTC, had much smaller opening day volumes of $8 million and $1 million dollars respectively.
The BSOL launch could provide a price push to Solana as it will attract institutional inflows and reduce the circulating supply, as the fund will stake SOL on-chain. Increased demand through a regulated ETF may provide support to upward movement, but near-term movements will continue to be dependent on general crypto and macro market sentiment.
Since last week, the Solana price has bounced from $177.04 to reach a swing high of $205.33, accounting for nearly 16% recovery. Along with the ETP launch, the bullish upswing can be attributed to the broader market recovery amid the advancement in the U.S.-China trade talks and the potential Fed rate cut decision on Wednesday.
An analysis of the daily chart shows that this upstream occurred at the support trendline of a long-coming rising channel pattern. Since April 2025, the SOL price has been resonating within the formation of two parallel trendlines, acting as dynamic resistance and support.
The recent history of the pattern shows that a bullish reversal from the support trendline has supported a price recovery ranging from 97% to 101%, indicating an accumulation zone for buyers. Thus, the current surge in SOL coin could rise 22% and challenge the overhead resistance at $237, followed by a surge to the $255 barrier.
On the contrary, the overhead supply pressure at $205 could cause another retest of the bottom trendline at $180 before buyers could recuperate bullish momentum for the next leap.
