Picture Solana , doing a steady climb back into the spotlight. And the star of this comeback?
The REX-Osprey Solana Staking ETF, just busted through a $200 million milestone in cumulative flows.
Zero activity days
Now, experts highlighted that SSK had a rocky start. Think of it like a new guy in the office who showed up late, spilled coffee, and didn’t make much of an impression at first.
Early on, it barely moved the needle, four out of six trading days had zero activity in early August.
Institutional investors were chillin’, watching from the sidelines, unsure if this Solana gig was their kind of party.
Compared to Bitcoin and Ethereum ETF s, Solana products looked like the underdog at the crypto dinner table.
Solana treasury
But the slow start wasn’t about a lack of demand. Nah, it was more about complexity, SSK’s got some fancy moves like staking baked right in, plus offshore allocations.
Picture a fancy espresso machine nobody knows how to use yet, charging a 0.75% fee.
Critics are right, that’s higher than Bitcoin and Ethereum funds hanging around 0.15% to 0.25%. So, yeah, the entry barrier was higher.
But here’s where the story flips. Toward late August, some heavy hitters, like Galaxy Digital, Multicoin Capital, Jump Crypto rolled up their sleeves, aiming to build a Solana treasury worth a cool $1 billion.
Cantor Fitzgerald playing lead banker? That’s like having the Don himself backing the move.
Forward Industries closed $1.65 billion private placement in cash and stablecoins, and Nasdaq gave the green light to SOL Strategies, making Solana-first investment vehicles official.
Total Value Locked
Institutional flows caught the vibe. Solana exchange-traded products soaked up $177 million in inflows during that last week of August. That’s no small change and the biggest altcoin flow besides Ethereum.
Early September saw Solana products gobble up $16 million while Ethereum ETPs oddly experienced $912 million in outflows.
DefiLlama shows Solana’s Total Value Locked topping $13 billion for the first time on September 12. That’s serious firepower beneath the surface.
As the lights go green, SOL climbed 5.5% to hit $241.84 on September 12, marking its highest since the end of January.
A solid 20% jump this month. Solana’s putting on a show, backed by savvy investors who know when the right time to bet is.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
