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Solana Tumbles 8%, Erasing All Year-Over-Year Gains as Spot ETF Debuts Fail to Boost Price
One onchain observer noted a large transaction by Jump Crypto, speculating that the crypto firm might be rotating SOL into BTC, perhaps weighing on sentiment.
Oct 30, 2025, 8:59 p.m.
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What to know:
- Solana (SOL) fell 8% on Thursday, continuing its decline despite a solid launch of the first spot-based Solana ETFs in the U.S.
- The Bitwise Solana Staking ETF (BSOL) saw $116 million in net inflows, while the Grayscale Solana Trust (GSOL) attracted $1.4 million.
- A significant on-chain transfer by Jump Crypto may have impacted sentiment, as that firm moved 1.1 million SOL to Galaxy Digital, sparking speculation of rotating from SOL to BTC.
Solana tumbled 8% on Thursday, extending this week's slide despite the long-anticipated debut of the first spot-based Solana ETFs in the U.S.
The drop below $180 has erased all year-over-year gains for the token and also leaves it down 4% for 2025. Making those numbers feel worse for SOL bulls, both BTC and ETH — despite their own recent price weakness — continue sporting year-over-year gains of more than 40%.
STORY CONTINUES BELOW
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The Bitwise Solana Staking ETF (BSOL), launched on Tuesday, pulled in $116 million in net inflows across the first two sessions, adding to $223 million in seed investment, per data by Farside Investors. The Grayscale Solana Trust (GSOL), which was converted from a closed-end fund into an ETF on Wednesday, attracted modest $1.4 million inflow.
Bitwise's decent capital influx wasn’t enough to buoy SOL, which posted a 12% decline from Monday’s highs.
What perhaps weighed on sentiment was a large onchain transfer noted by blockchain sleuth Lookonchain. Blockchain data showed that Jump Crypto — one of the most prominent crypto trading firms — appeared to have moved 1.1 million SOL (worth $205 million) to Galaxy Digital, receiving roughly 2,455 BTC ($265 million) around the same time, speculating that Jump may be rotating out of SOL to BTC.
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What to know:
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- Last week's buys were funded via common stock sales and the sale of the STRC preferred series.
