Bitwise Solana ETF Soars on First Day: What You Need to Know!

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Bitwise Says Its Solana Staking ETF (BSOL) Had a ‘Big First Day’; GSOL to List on NYSEMarkets

What to know:

  • BSOL launched Oct. 28; Bitwise called it a “big first day” and posted $55.4M in volume and $217.2M AUM.
  • Bloomberg Senior ETF Analyst Eric Balchunas cited around $56M volume.
  • GSOL lists Oct. 29 on NYSE Arca, offering exposure to SOL and potential staking rewards, according to Grayscale.
  • SOL underperformed the broader crypto market despite finishing up 0.78% near $195.58, with overall volume 44% below the seven-day average.

In this article

SRMSRM$0.009127◢0.00%

Solana steadied near $195–$196 after a quick slide through $200 was absorbed around $195.

As a researcher tracking the crypto ETF space, I’ve been following the launch of the Bitwise Solana Staking ETF, or BSOL. It started trading on October 28th and saw a strong first day, with $55.4 million in trading volume and $217.2 million in assets under management. The fund aims to stake 100% of its holdings in Solana, and we’re seeing an anticipated average staking reward of around 7%.

The Grayscale Solana Trust ETF (GSOL) will begin trading on the NYSE Arca exchange on October 29th, giving investors a way to invest in Solana (SOL) and potentially earn rewards from staking.

Technical analysis highlights

The following is based on CoinDesk Research’s technical analysis data model.

  • Performance: SOL up 0.78% at $195.58, underperforming the broader crypto market by 2.33 percentage points.
  • Path and range: Fell from $201.03 to $195.34, then rebuilt toward $195.58; earlier lower highs at $204.11 and $203.12 show sellers leaning on rallies.
  • Volume picture: Overall volume 44% below seven-day average; during the $200 breakdown, trades spiked to 2.56M (about 130% of the 24-hour average 1.02M).
  • Capitulation check: Report notes a recovery from a $195.10 low, framing it as a capitulation-style dip that found bids.
  • Stablecoin backdrop: Solana stablecoin market cap hit $16.25B on Oct. 14, up around 200% YTD from $5B, suggesting deeper DeFi liquidity.

What the patterns mean

  • Range with softer peaks: SOL is boxed between $194 and $203 while making slightly lower highs; that tells you rallies have been fading before clearing the prior top.
  • Why the $200 slip mattered: Round numbers cluster orders; dropping under $200 helped trigger the 2.56M volume burst. Catching near $195 shows buyers still engage at nearby support.
  • With volume below the seven-day average, conviction was muted, which helps explain the underperformance even with ETF headlines.

Support vs. resistance: the map

  • Support (floor): $194–$195 first; if it fails, the report flags $188–$180 as the next area.
  • Resistance (ceiling): $196.50–$197.00 nearby; then the $200 round number; above that, $203.12.

Targets and risk framing

  • If support holds: Room to revisit $196.50–$197.00, with a potential continuation toward $200. These are checkpoints, not promises.
  • If support fails: $188–$180 are the next risk zones.
  • Tactical lens: With consolidation and below-trend volume, many traders wait for a decisive break outside $194–$203 to judge momentum.

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2025-10-29 12:31