Analysts Say Solana ETFs Could Garner $3B+ Following Bitcoin, Ether ETF Momentum

Institutional/Analytical Tone

Solana ETF Could See $3B Inflows as New Spot Crypto Funds Go Live in U.S.
October 28, 2025

Three new spot cryptocurrency ETFs — tracking Solana (SOL), Hedera (HBAR), and Litecoin (LTC) — began trading in the U.S. on Tuesday, broadening institutional access to crypto markets.

The funds, launched under the Securities Act of 1933, provide a regulated structure for single-asset exposure without the governance and disclosure requirements of ‘40 Act funds.

Analysts at Bloomberg Intelligence, led by James Seyffart, estimate that Solana’s ETF could attract over $3 billion in inflows over the next 12–18 months, assuming flow ratios similar to those of bitcoin and ether ETFs. “Solana’s market cap is about 5% of bitcoin’s and 22% of Ethereum’s,” Seyffart said. “If proportional demand persists, $3 billion is a realistic target.”

Bitwise’s BSOL ETF opened on the NYSE, reaching $10 million in volume within the first 30 minutes. On the Nasdaq, Canary Capital’s Hedera (HBR) and Litecoin (LTCC) ETFs recorded $4 million and $400,000, respectively. Eric Balchunas of Bloomberg Intelligence expects day-end volumes of $52 million for BSOL, $8 million for HBR, and $7 million for LTCC.

CoinDesk Indices serves as the official benchmark provider for HBR and LTCC.

For comparison, spot bitcoin ETFs generated $628 million in day-one inflows earlier this year, while ether ETFs drew $106 million. Tuesday’s rollout saw only one issuer per token, though Grayscale’s Solana Trust — set to convert to an ETF — will begin trading on Wednesday.

Seyffart said inflows for HBAR and LTC will likely lag behind Solana due to their smaller market capitalizations — 8% and 7% of Solana’s, respectively.