Solana (CRYPTO: SOL) ETFs have seen $1.5 billion in inflows since launch, with Bloomberg ETF analyst Eric Balchunas calling it “defying physics” as SOL tests critical $80 support.
The ‘Defying Physics’ ETF Performance
Solana ETFs launched in the U.S. in July 2025, but SOL has since fallen 57%.
Despite this decline, the funds accumulated $1.5 billion in flows and “not really given any of it up,” Balchunas said Thursday.
Half of the inflows come from institutional investors, which Balchunas called a “serious investor base” and a good sign for the future. ETFs launching into this kind of market downturn usually make getting inflows “near impossible.”
“Most wouldn’t even make it to age one or two if they went down 57% in the first six months,” Balchunas said. “Solana is defying physics here.”
The Market Cap Adjusted Comparison
Balchunas adjusted Solana’s $50 billion market capitalization to Bitcoin’s (CRYPTO: BTC) $1.4 trillion.
On this basis, Solana ETFs have seen the equivalent of $54 billion in net new flows—about double where Bitcoin was at the same point.
Bitcoin had also gained in months after Bitcoin ETFs launched, compared to Solana’s price fall. This makes Solana’s ETF performance even more impressive given the size and condition of the underlying market.
Solana ETFs saw their first net outflow day in over a month on Thursday with $6 million exiting the six products. This followed a big net inflow day Wednesday when $19 million entered the products.
SOL Tests $80 Support
SOL is pressing against critical horizontal support near $80-$85 that has held as a floor since early 2025.
All four EMAs are stacked in fully bearish order above price: 200 EMA at $135.30, 100 EMA at $114.64, 50 EMA at $97.49, and 20 EMA at $86.97.
The 20 EMA at $86.97 sits right at current price, meaning even the shortest-term average offers overhead resistance.
The chart shows a classic rounded top formation that peaked around $260 in mid-2025 and has completed its downside curve.
The RSI sits at 42.94, below the 50 midline confirming bearish momentum dominance.
Critical support sits at $80. A sustained hold here with bullish candlestick confirmation could set up a relief bounce toward $97-$100. A daily close below $80 opens the door toward $60-$65.
Image: Shutterstock
