Key Takeaways
- • Grayscale's Solana Trust ETF (GSOL) took in about $20.2 million across two inflow sessions, on 25 September ($18.5 million) and 1 October ($5.4 million), offset by a $3.7 million outflow on 6 October, according to Farside flow data cited by Altcoin Buzz.
- • The wider US Solana ETF group lost about $24.8 million in the week ending 9 October, its first negative week after 14 consecutive weeks of inflows.
- • US Solana ETFs hold $1.72 billion in net assets against $1.58 billion of cumulative investment; the October withdrawals total about $30.12 million across eight sessions, or roughly 1.4% of assets for the week.
- • GSOL's $102.7 million seed was a conversion from a prior Grayscale product, so it reflects existing Grayscale capital rather than fresh demand.
- • SOL traded near $106.30 on 14 October, down 3.6% in 24 hours, while SOL futures turned over $9.19 billion versus $845.70 million on spot.
Summary
Grayscale's Solana Trust ETF, ticker GSOL, has taken in roughly $20.2 million in net inflows, but nearly all of it arrived in two bursts. According to Farside's daily flow table for US Solana ETFs, the fund took in $18.5 million on 25 September and $5.4 million on 1 October, then gave back $3.7 million on 6 October. GSOL recorded zero flow on nearly every other session in the table. Its cumulative total on the table reads $165.9 million.
The broader US Solana ETF group has moved in the opposite direction. The funds lost about $24.8 million in the week ending 9 October, their first negative week after 14 straight weeks of inflows. Money left the funds on seven of the first eight trading sessions in October. Net outflows across the eight US sessions from 1 to 12 October total about $30.12 million, with 2 October the only inflow day at $1.30 million. On 12 October the group shed $0.7 million, all from VanEck's VSOL, while GSOL recorded no sales. On 13 October, the group saw a further $1.0 million outflow, all from Bitwise's BSOL.
Scale provides context. US Solana ETFs hold $1.72 billion in net assets against $1.58 billion of cumulative investment, so the week's withdrawal equaled about 1.4% of assets. Farside's running totals place Bitwise's BSOL at $1,197.8 million, FSOL at $230.5 million, GSOL at $165.9 million, MSOL at $42.5 million, VSOL at $20.4 million, SOEZ at $13.3 million and TSOL at minus $97.5 million. GSOL's figures include a $102.7 million seed that Farside flags as a conversion from a prior Grayscale product, meaning that capital was already inside a Grayscale vehicle.
Fees differ across the group. GSOL charges 7% of staking rewards and a 0.19% management fee, compared with 6% at BSOL, 25% at VSOL, 15% at FSOL and 5% at MSOL. Grayscale launched the trust in 2021, began staking in October 2025 and uplisted it to NYSE Arca under the GSOL ticker on 29 October 2025. It was the first Grayscale staking product to list under the SEC's generic listing standards. Staking returns are captured in NAV rather than distributed, and Grayscale has stated a plan to pass 77% of staking rewards to holders on a net basis.
Price and flows have diverged. Per CoinGecko data cited by Altcoin Buzz, SOL traded near $106.30 on 14 October, down 3.6% over 24 hours and about 11.7% over seven days, though still up 6.7% over 30 days. Derivatives dominate activity: SOL futures turned over $9.19 billion in the 24 hours to 13 October, compared with $845.70 million on spot, and $60.36 million of positions were liquidated, $56.25 million of them longs. Farside has recorded only two sessions for the week beginning 12 October, both negative for the group and flat for GSOL. Hong Kong listed its second spot Solana ETF on 13 October, adding competition for the same asset.
The broader US Solana ETF group has moved in the opposite direction. The funds lost about $24.8 million in the week ending 9 October, their first negative week after 14 straight weeks of inflows. Money left the funds on seven of the first eight trading sessions in October. Net outflows across the eight US sessions from 1 to 12 October total about $30.12 million, with 2 October the only inflow day at $1.30 million. On 12 October the group shed $0.7 million, all from VanEck's VSOL, while GSOL recorded no sales. On 13 October, the group saw a further $1.0 million outflow, all from Bitwise's BSOL.
Scale provides context. US Solana ETFs hold $1.72 billion in net assets against $1.58 billion of cumulative investment, so the week's withdrawal equaled about 1.4% of assets. Farside's running totals place Bitwise's BSOL at $1,197.8 million, FSOL at $230.5 million, GSOL at $165.9 million, MSOL at $42.5 million, VSOL at $20.4 million, SOEZ at $13.3 million and TSOL at minus $97.5 million. GSOL's figures include a $102.7 million seed that Farside flags as a conversion from a prior Grayscale product, meaning that capital was already inside a Grayscale vehicle.
Fees differ across the group. GSOL charges 7% of staking rewards and a 0.19% management fee, compared with 6% at BSOL, 25% at VSOL, 15% at FSOL and 5% at MSOL. Grayscale launched the trust in 2021, began staking in October 2025 and uplisted it to NYSE Arca under the GSOL ticker on 29 October 2025. It was the first Grayscale staking product to list under the SEC's generic listing standards. Staking returns are captured in NAV rather than distributed, and Grayscale has stated a plan to pass 77% of staking rewards to holders on a net basis.
Price and flows have diverged. Per CoinGecko data cited by Altcoin Buzz, SOL traded near $106.30 on 14 October, down 3.6% over 24 hours and about 11.7% over seven days, though still up 6.7% over 30 days. Derivatives dominate activity: SOL futures turned over $9.19 billion in the 24 hours to 13 October, compared with $845.70 million on spot, and $60.36 million of positions were liquidated, $56.25 million of them longs. Farside has recorded only two sessions for the week beginning 12 October, both negative for the group and flat for GSOL. Hong Kong listed its second spot Solana ETF on 13 October, adding competition for the same asset.
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