Solana slips 5% after $69 mln ETF debut: Profit-taking hits SOL hard!

ambcryptoPublished on 2025-10-29Last updated on 2025-10-30

Key Takeaways

Why did Solana’s price drop after the Bitwise ETF launch?

Despite $69M in inflows, traders took profits, triggering a 5% dip in SOL’s price.

What’s the main risk with the new Solana ETF?

Bitwise plans to stake all SOL in the fund, which could tighten liquidity during large redemptions.

Solana [SOL] didn’t waste time flipping the script.

Hours after the long-awaited Bitwise Solana Staking ETF [BSOL] went live, the token slipped; a classic case of “buy the rumor, sell the news.”

Is this dip simply a pause, or the start of a bigger cooldown?

Inflows strong, but redemption risks emerge

BSOL made a solid entrance yesterday, attracting $69.45 million in first-day inflows and bringing total assets to $289 million; roughly 0.27% of Solana’s market cap.

Source: X

While the launch shows Solana’s strong investor appeal, ETF expert Nate Geraci flagged a structural risk. Bitwise plans to stake 100% of the SOL held in the fund, so liquidity could tighten during large redemptions.

Source: X

According to Bitwise’s filing, if unstaking delays occur, the trust may exchange “Moderately Liquid Solana” (pending cooldown) for “Highly Liquid Solana” via third-party trades.

This is a process that could slightly reduce the fund’s NAV during high-redemption periods.

SOL slips after ETF debut

In the hours after the BSOL went live, SOL price dropped to around $194, down nearly 5% from its pre-launch highs.

Source: TradingView

The one-hour chart showed strong selling pressure at press time, with large red candles and trading volume spikes indicating profit-taking. RSI showed weakening momentum, while OBV proved reduced buying activity.

Despite strong ETF inflows, SOL’s short-term outlook remains uncertain as traders appear to be locking in early gains.

Leverage builds, but caution dominates

Solana’s Open Interest rose to $4.36 billion, so traders are reopening leveraged positions after the ETF launch.

However, the average Funding Rate remained negative at -0.18%, meaning short positions still outweigh longs.

Source: Coinalyze

This means that despite growing market activity, sentiment is cautious, with many traders betting on further downside.

For SOL to move higher, a flip in Funding Rates toward positive territory and continued demand in Open Interest would be key signs of bullish confidence.

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