JPMorgan analysts expect that the total net inflow of investments into spot funds based on Solana (Solana-ETF) in the first year after trading begins will be around $1.5 billion. This is significantly lower compared to similar figures for Ethereum-ETF — approximately seven times lower.
This is reported by Business • Media
Possible SEC Approval and Launch Features
Bank specialists indicate that the U.S. Securities and Exchange Commission (SEC) may consider the likelihood of approving about 16 new cryptocurrency ETFs, including Solana-ETF and XRP ETF, as early as October. The increased chances of approval for Solana products are attributed to the fact that futures for this asset are already traded on the CME exchange. The first spot fund based on Solana — REX Osprey — launched in July 2025 in accordance with the Investment Company Act of 1940.
New changes in listing rules have allowed companies to apply for ETFs without specifying particular tokens, simplifying the process. The deadline for submitting applications for spot Solana-ETFs is October 10, 2025.
Limited Demand and Market Factors
JPMorgan notes that demand for Solana-ETF remains moderate due to the current market structure and declining activity in the Solana network. The number of active addresses on the Solana blockchain has been gradually decreasing since the end of 2024, and a significant portion of trading volumes is related to meme coins. According to analysts, investors perceive Solana as a less reliable alternative to Ethereum in the DeFi and smart contract space.
“Optimism regarding the market has already been partially factored into the dynamics of Grayscale Solana Trust (GSOL): the premium to net asset value has decreased from 750% a year ago to nearly zero. A similar trend was observed with Grayscale Bitcoin and Ethereum trusts before their conversion to ETFs.”
Among additional restraining factors are investor fatigue due to the mass launch of new ETFs, increased competition from crypto index funds, and low demand for Solana futures on the CME.
It was previously reported that Solana Company plans to buy back 5% of the Solana supply for over $6 billion.