Share this article
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.
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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
