An Altcoin’s Spot ETF Surpassed $1 Billion for the First Time in Its History: This Happened Despite the Downturn

Bitwise’s Solana Staking ETF (BSOL) surpassed the $1 billion mark in assets under management exactly 10 months after it began trading.

Bitwise announced today that BSOL’s total assets under management have surpassed $1 billion. The company noted that a significant portion of these inflows occurred during a period of weak price performance in the <a href="https://xpertsstudio.com/coinbase-ceo-says-crypto-is-updating-the-financial-system/” title=”Coinbase CEO Says Crypto Is 'Updating the Financial System'”>cryptocurrency market, arguing that this demonstrates investors’ long-term confidence in Solana.

Bitwise, in a post on X, stated, “We are grateful to the investors who trust Bitwise to manage their investments. Capital markets are moving onto the blockchain, and Solana is just getting started.”

According to Bitwise President Teddy Fusaro, BSOL shares have lost approximately 40 percent of their value compared to their listing levels on the exchange. Solana’s native token, SOL, is trading about 60 percent below its all-time high.

Bloomberg senior ETF analyst Eric Balchunas also noted that the Solana ETF category has seen cumulative fund inflows of approximately $1.7 billion so far. Balchunas considered it “impressive” that there has been no sustained and significant fund outflow despite the sharp market decline in the first half of the year.

*This is not investment advice.

Source: cryptonews.net