Solana Price Surges on Record ETF Volumes and Institutional Demand

The price of Solana (SOL) has risen by 6.72% to $100, driven by rising institutional demand and a surge in trading volumes for Bitwise's SOL staking ETFs.

The Bitwise Solana Staking ETF (BSOL) recorded its highest volume day ever on August 24 with $108 million in trades, while the firm's president Teddy Fusaro noted that this was the 'highest volume day for any SOL ETF in history'.

Bitwise CEO Hunter Horsley added that BSOL continued to perform well even when Solana dropped by 70%, saying 'The Bitwise Solana Staking ETF took in nearly $1 billion in inflows as price went from $225 to $60. Wonder what's possible with price going in the other direction.'

The total net assets for Solana ETFs have increased by 68% to $1.21 billion, while data from SoSoValue shows that BSOL recorded its highest single-day inflows of $24.99 million on August 24.