JPMorgan Predicts Modest Solana ETF Inflows Despite Expected SEC Approval
Spot Solana (SOL) ETFs are unlikely to attract significant investor interest, even if the U.S. Securities and Exchange Commission (SEC) approves them this week, according to JPMorgan.
Analysts led by Nikolaos Panigirtzoglou forecast first-year inflows of around $1.5 billion, roughly one-seventh of the inflows seen for Ethereum (ETH) ETFs.
The report noted several factors that could limit demand: declining on-chain activity, heavy memecoin trading, investor fatigue from multiple ETF launches, and competition from diversified crypto index products such as the S&P Dow Jones Digital Markets 50. Corporate treasuries could also divert capital away from spot ETFs.
Institutional interest appears muted, with CME Solana futures positioning showing weak demand, JPMorgan added.
The SEC is expected to rule on about 16 spot crypto ETF applications in October, including Solana-focused funds. Approval is widely anticipated, supported by Solana’s existing CME futures contract and the July launch of the first Solana ETF by REX Osprey.
JPMorgan also highlighted that market pricing reflects tempered expectations. The Grayscale Solana Trust (GSOL) premium to net asset value (NAV) has dropped from roughly 750% last year to near zero, mirroring trends seen in Bitcoin (BTC) and Ethereum (ETH) ahead of ETF launches.
