Share this article
Solana ETFs Could Draw Over $3B If Bitcoin, Ether ETF Trends Repeat
Three spot ETFs tracking SOL, HBAR and LTC went live under ’33 Act structure on Tuesday.
Oct 28, 2025, 3:50 p.m.
Make us preferred on Google
What to know:
- The first spot ETFs for Solana, Hedera and Litecoin began trading Tuesday on NYSE and Nasdaq, expanding regulated crypto investment options beyond bitcoin and ether.
- Bitwise’s Solana ETF (BSOL) led with $10 million in early volume and could reach $3 billion in inflows over 18 months if momentum matches BTC and ETH ETFs.
- All three ETFs launched under the Securities Act of 1933, with CoinDesk Indices providing benchmarks for Hedera and Litecoin.
The first U.S. spot exchange-traded funds (ETFs) for Solana , Hedera (HBAR) and began trading Tuesday, opening a new door for investors seeking regulated exposure to crypto assets beyond bitcoin and ether.
If early momentum holds, Solana’s ETF alone could pull in over $3 billion in the first 12 to 18 months, according to Bloomberg Intelligence ETF analyst James Seyffart.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“A good frame of reference is to look at the size of Solana in relation to bitcoin and Ethereum,” Seyffart said. “Solana’s market cap is 5% of bitcoin’s and 22% of Ethereum. If they keep up with the flows we’ve seen for ETH and BTC ETFs on a relative basis that would equate to like $3+ billion in flows over the first 12 to 18 months. Time will tell if they manage to do that though.”
Bitwise’s Solana ETF (BSOL) debuted on the New York Stock Exchange and traded $10 million in volume in its first 30 minutes, according to Bloomberg Intelligence’s Eric Balchunas. On Nasdaq, Canary Capital’s Hedera ETF (HBR) and Litecoin ETF (LTCC) posted $4 million and $400,000, respectively.
Balchunas expects BSOL to hit $52 million in volume by the end of the day, with HBR and LTCC expected to reach $8 million and $7 million.
The funds launched under the Securities Act of 1933, a regulatory structure commonly used for commodity-based ETFs. Unlike funds governed under the Investment Company Act of 1940, ‘33 Act products don’t require a board of directors or daily portfolio disclosure, making them a preferred format for single-asset crypto ETFs.
CoinDesk Indices provides the pricing benchmarks for both HBR and LTCC.
For comparison, the spot bitcoin ETFs brought in $628 million in flows on their first day across multiple issuers. Spot ether ETFs saw $106 million. Tuesday’s launch featured only one issuer per asset but Grayscale’s Solana Trust, which the firm filed to convert into an ETF, is set to begin trading on Wednesday.
Looking at potential demand for HBAR and LTC, Seyffart added: “HBAR’s market cap is about 8% the size of Solana while Litecoin is 7% of Solana. So probably going to be much smaller. Again, time will tell.”
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Silver nears $1 billion in volume on Hyperliquid as bitcoin remains frozen: Asia Morning Briefing
Silver perps have more volume on Hyperliquid than SOL or XRP.
What to know:
- Silver futures on the Hyperliquid crypto derivatives exchange have surged to become one of its most active markets, ranking just behind bitcoin and ether in trading volume.
- The SILVER-USDC contract’s high volume, sizable open interest and slightly negative funding suggest traders are using crypto infrastructure for volatility and hedging in macro commodities rather than for directional crypto bets.
- Bitcoin is holding near $88,000 in a "defensive equilibrium" with cooling ETF inflows, uneven derivatives positioning and rising demand for downside protection, while ether lags and capital rotates toward hard assets like gold and silver.
Top Stories
