BSOL ETF Crushes XRP Debut with Record First Day Volume of $56 Million

HBAR and LTC ETFs launched alongside BSOL, but with much smaller first-day volumes, $8 million and $1 million, respectively.

The new Bitwise Solana Staking ETF (BSOL) shocked the markets on Tuesday, recording a trading volume of $56 million on its first day.

This milestone makes it the best ETF launch of 2025, not only in crypto, but also among the more than 850 US ETFs launched this year.

A record-breaking debut

According to to Bloomberg analyst Eric Balchunas, BSOL’s $56 million in first-day volume was the highest in 2025, surpassing the launches of approximately 850 other new funds, including the REX-Osprey XRP ETF (XRPR).

By comparison, on its first day, September 18, XRPR raised $37.7 million, including $24 million in the first hour and a half. Furthermore, within five weeks it had more than $100 million in assets under management. BSOL’s final figure exceeded XRPR’s debut return by more than $18 million, and strong investor confidence was expected even before the start of trading. Balchunas did predicted it would reach $52 million on opening day, which was only $4 million less than the final amount.

Bitwise Asset Management launched BSOL on Nasdaq under the Securities Act of 1933. This gave investors direct access to SOL with staking rewards of approximately 7% and no management fees for a limited time.

The launch was part of a group of three new crypto funds. The other two were ETFs for Hedera (HBAR) and Litecoin (LTC), which saw first-day volumes of $8 million and $1 million, respectively.

These new funds came to market thanks to an automatic regulatory provision that allowed their registration to take place without manual sign-off by the Securities and Exchange Commission (SEC), which was especially helpful as parts of the US government are currently closed.

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Meanwhile, Grayscale confirmed that its Solana Trust (GSOL) would convert into an ETF on October 29, further expanding investor options around the Solana ecosystem.

SOL Price Action and Market Outlook

After BSOL’s debut, Solana’s market performance was mixed. At the time of writing, the asset is trading at around $195, down 2.3% in the last 24 hours. However, the price has risen 5.1% in the past week, suggesting that while the ETF news did not cause an immediate price increase, it may have contributed to positive medium-term sentiment towards the asset.

Some analysts say the strong ETF debut could attract interest from more institutional investors, keeping prices stable in the near term. SOL is down 7.1% over the past 30 days, but is up a modest 7.6% over the past year. Still, its daily trading volume of $7.7 billion and a market cap of $107 billion make it one of the more liquid and actively traded cryptocurrencies on the market.