JPMorgan Forecasts Limited Investor Demand for Solana ETFs
Spot Solana (SOL) exchange-traded funds (ETFs) are expected to attract only modest inflows, even if the U.S. Securities and Exchange Commission (SEC) approves them this week, according to a JPMorgan report released Wednesday.
Analysts led by Nikolaos Panigirtzoglou estimate first-year inflows of roughly $1.5 billion, about one-seventh of the levels seen for Ethereum (ETH) ETFs.
The report cites several factors that could dampen demand, including declining on-chain activity, high memecoin trading, investor fatigue from multiple recent launches, and competition from crypto index products, such as the S&P Dow Jones Digital Markets 50. Corporate treasuries could also redirect investment away from spot ETFs.
JPMorgan additionally highlighted subdued activity in CME Solana futures positions, signaling limited institutional interest in the near term.
The SEC is expected to decide on roughly 16 spot crypto ETF applications this month, including Solana-focused funds. Market participants widely anticipate approval, supported by the existence of a CME futures contract for Solana and the July launch of REX Osprey’s first Solana ETF.
JPMorgan also pointed out that pricing already reflects these expectations: the premium to net asset value (NAV) for the Grayscale Solana Trust (GSOL) has fallen sharply from around 750% last year to near zero, echoing trends previously seen with Bitcoin (BTC) and Ethereum ahead of ETF approvals.
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