Bitwise BSOL Records First Outflow as Selective Solana ETF Flows Continue
Bitwise’s Solana Staking ETF (BSOL) recorded its first net outflow since launch, withdrawing $4.6 million (about 36,860 SOL) and posting its lowest daily trading volume. The outflow coincided with broader year-end thin liquidity, rising macro uncertainty (including speculation around a potential Bank of Japan move) and falling trading volumes. Despite BSOL’s single-day redemption, other Solana ETFs saw continued inflows: Fidelity’s FSOL reported roughly $38.5–38.7 million of inflows the same day, and total spot Solana ETF category inflows were about $35 million, indicating selective capital rotation rather than a wholesale exit from Solana. SOL traded near $128, extending weekly losses; analyst Matthew Dixon flagged $120–$125 as near-term support (RSI ~38) with recovery targets at $145–$155 and $170–$180, and downside scenarios to $105–$110 or as low as $95–$100 under extreme stress. Key takeaways for traders: BSOL’s outflow signals short-term institutional risk-off and reduced liquidity that can amplify price moves, but continued inflows into competing Solana ETFs point to differentiated demand. Monitor ETF flows, SOL support at $120–$125, Bitcoin stability, and macro policy cues for near-term trade setups.
Neutral
The immediate BSOL outflow is a short-term bearish signal for SOL because it reflects institutional risk-off and reduced liquidity that can amplify downward moves. However, the overall spot Solana ETF complex remained net positive the same day—Fidelity’s FSOL and other Solana products attracted substantial inflows—indicating that investor demand for Solana exposure is differentiated rather than uniformly negative. Technicals show SOL around $128 with key support at $120–$125; downside targets exist but recovery targets are defined if momentum returns. Therefore, the net price impact is neutral: heightened near-term volatility and downside risk exist due to liquidity and sentiment, but persistent inflows into competing ETFs and defined recovery levels limit a clearly bearish long-term outlook. Traders should watch ETF flow data, SOL support levels, Bitcoin stability, and macro policy cues to size positions and manage risk.