While Bitcoin and Ethereum spot ETFs were hemorrhaging capital in May, Solana quietly had its best month in six. US spot Solana ETFs pulled in $115 million in net inflows, with Bitwise’s BSOL fund accounting for roughly $80 million of that total.

Cumulative net inflows into US Solana spot ETFs have now reached approximately $1.13 billion, with Bitwise capturing around 81% of all category flows. Perhaps the most striking detail: May recorded zero outflow days across Solana spot products. Not a single session where more money left than entered.

Bitwise’s BSOL dominance

Bitwise launched BSOL on October 28, 2025, making it the first US spot Solana ETF to hit the market. Seven months later, the fund still commands the lion’s share of inflows in the category.

BSOL includes a built-in staking feature that channels Solana’s average staking rewards of about 7% directly to investors. Bitwise is currently waiving its management fee entirely for the first $1 billion in assets under management.

The rotation story

May’s Solana inflows occurred alongside heavy outflows from both Bitcoin and Ethereum spot ETFs.

What this means for investors

The $1.13 billion in cumulative Solana ETF inflows is still modest compared to Bitcoin’s ETF complex, which measures in the tens of billions.

Bitwise’s fee waiver won’t last forever. Once BSOL crosses $1 billion in AUM, management fees kick in. At the current pace of inflows, that threshold isn’t far off.