Solana ETFs Likely to See Only Modest Uptake, JPMorgan Analysts Say

JPMorgan Expects Limited Inflows for Solana ETFs Even if SEC Approves

Spot Solana (SOL) exchange-traded funds (ETFs) are projected to attract only modest investor interest, even if the U.S. Securities and Exchange Commission (SEC) grants approval this week, according to a JPMorgan report.

Analysts led by Nikolaos Panigirtzoglou estimate first-year inflows around $1.5 billion, roughly one-seventh of the levels seen for Ethereum (ETH) ETFs.

Several factors could constrain demand, the report notes: waning on-chain activity, high memecoin trading volumes, investor fatigue from multiple ETF launches, and competition from crypto index products like the S&P Dow Jones Digital Markets 50. Corporate treasuries may also redirect capital away from spot ETFs.

JPMorgan also cited muted institutional interest, reflected in weak positioning in CME Solana futures.

The SEC is set to decide on 16 spot crypto ETF applications in October, including those for Solana. Approval is widely anticipated, aided by the existence of a CME Solana futures contract and the July debut of REX Osprey’s Solana ETF.

Market pricing already signals tempered expectations. The Grayscale Solana Trust (GSOL) premium to net asset value (NAV) has fallen from around 750% last year to near zero, a pattern previously observed for Bitcoin (BTC) and Ethereum (ETH) ahead of ETF approvals.