The Bitwise Solana Staking ETF (BSOL) stunned investors on its first trading day by achieving a remarkable trading volume of $56 million. This not only marks a significant milestone for the crypto sector but also for all ETFs launched in 2025, outperforming over 850 new U.S. funds.

A Record-Breaking Debut

According to Bloomberg analyst Eric Balchunas, BSOL’s debut volume is impressive, surpassing the initial figures of its counterparts such as the REX-Osprey XRP ETF (XRPR), which raised $37.7 million on its opening day.

For reference, XRPR’s first-day performance included $24 million raised within the first hour and a half, accumulating over $100 million in assets within five weeks. Notably, BSOL outperformed XRPR by more than $18 million, tapping into strong investor confidence even before it started trading. Balchunas had anticipated BSOL would reach $52 million, only $4 million short of the actual figure.

The launch of BSOL on Nasdaq was executed under the Securities Act of 1933, providing direct access to SOL with staking rewards of approximately 7% and waived management fees for a specified period.

This ETF roll-out was part of a trio of new crypto funds. The other two included ETFs for Hedera (HBAR) and Litecoin (LTC), which attracted first-day volumes of $8 million and $1 million, respectively.

These new offerings emerged thanks to a legal provision that enabled their registrations to proceed without the typical manual authorization from the Securities and Exchange Commission (SEC), a necessity given the current government shutdown.

SOL Price Action and Market Outlook

Following BSOL’s introduction, Solana’s market reaction was mixed. As of this report, Solana’s trading price stood around $195, reflecting a 2.3% decrease over the past 24 hours but a 5.1% increase over the last week. These figures suggest that although the ETF news didn’t trigger an immediate price surge, it might foster a positive sentiment towards SOL in the coming weeks.

Market analysts speculate that the strong debut of the ETF could attract more institutional investors, maintaining price stability in the shorter term. Despite a 7.1% decline over the last 30 days, Solana still boasts a daily trading volume of $7.7 billion and a market capitalization of $107 billion, establishing itself as one of the most traded cryptocurrencies.