Core Insights - Bitwise Asset Management's newly launched spot Solana ETF, Bitwise Solana Fund (BSOL), recorded $69.5 million in inflows on its first trading day, significantly outperforming its closest competitor, the Rex-Osprey Solana Staking ETF (SSK), which had $12 million in debut inflows [1][6] - The launch of BSOL is viewed as a "watershed moment" for institutional investment in Solana, as it allows a broader range of capital to legally trade or own Solana for the first time [2][6] - BSOL offers a fully spot-based structure, directly staking all held SOL tokens to provide investors with a yield of approximately 7% annually, while SSK employs a diversified strategy with a mix of assets [2][3] Fund Structure and Fees - BSOL trades on the New York Stock Exchange with a management fee of 0.20%, which is waived for the first three months [3] - SSK trades on the Chicago Board Options Exchange with a higher expense ratio of 0.75% and holds approximately 54% of its portfolio in direct Solana [3][4] - Staking rewards for SSK are paid monthly and classified as a return of capital for tax purposes [4] Market Sentiment and Future Outlook - Analysts indicate that BSOL's strong initial performance reflects growing institutional enthusiasm for Solana, which is recognized for its high throughput and increasing on-chain revenue [4][6] - Grayscale's Solana ETF (GSOL) is set to begin trading soon, further intensifying competition for institutional demand in Solana exposure [4][6] - Despite the positive sentiment surrounding the ETF launches, traders remain cautious, with prediction markets giving Solana only a 32.7% chance of reaching a new all-time high this year [5]