The Bitwise Solana Staking ETF (BSOL) recorded its first-ever daily outflow on December 16, marking a notable shift in institutional positioning toward Solana. According to data from Farside Investors, the fund saw $4.6 million exit, breaking an uninterrupted inflow streak that had persisted since its late-October launch.
BSOL, which offers 100% direct exposure to SOL with built-in staking rewards, also posted its lowest daily trading volume on record, selling roughly 36,860 SOL. The move comes amid heightened volatility across digital asset markets and growing caution among institutional allocators as macro risks resurface.
The timing is critical. Global markets are bracing for a potential Bank of Japan policy shift, while thinner year-end liquidity is amplifying price swings. Together, these factors appear to have nudged some institutions to reduce exposure, even as long-term interest in Solana-linked products remains intact.
Institutional Flows Show Mixed Signals
Despite the outflow from BSOL, broader demand for Solana exposure has not vanished. In fact, spot Solana ETFs collectively attracted $35.2 million in net inflows on the same day, highlighting a divergence in investor behavior rather than a uniform retreat.
Notable flow dynamics included:
- Fidelity’s Solana ETF (FSOL) posting $38.7 million in inflows, its largest single-day gain to date
- Other Solana ETFs recording marginal or flat activity
- BSOL standing out as the sole product with net redemptions
This contrast suggests institutions are rotating selectively rather than abandoning Solana altogether. Analysts point to portfolio rebalancing, short-term risk management, and upcoming holidays as contributors to uneven fund flows.
SOL Price Slides as Derivatives Turn Defensive
Solana’s spot price reacted sharply to the shift in sentiment. SOL fell more than 6% over 24 hours, trading near $126, with an intraday low of $124 and a high of $134.72. Paradoxically, trading volume surged 73%, indicating aggressive dip-buying alongside forced liquidations.
Several market developments are shaping near-term price action:
- CME’s launch of spot-quoted Solana futures, expanding institutional access
- Ondo Finance’s plan to expand to Solana in early 2026, bringing tokenized equities and bonds on-chain
- Rising derivatives pressure, with SOL futures open interest falling nearly 2% to $7.09 billion in just four hours
Data from CoinGlass shows 24-hour futures open interest down over 4%, including declines of 4% on CME and 0.9% on Binance, reinforcing the defensive stance among leveraged traders.
Crypto analyst Ali Martinez noted that SOL is currently trapped between $145 resistance and $124 support, warning that a decisive break below support could trigger cascading liquidations. For now, Solana sits at a critical inflection point, where institutional caution and long-term adoption narratives are colliding.
