Solana Spot ETFs Pull In $39M for the Week as Futures Open Interest Jumps Nearly 30%
Solana spot ETFs drew net inflows of $39.23 million last week, their strongest weekly showing since February, while futures positioning expanded sharply as spot and derivatives demand rose in tandem.
Cointelegraph reported on May 11 that SOL spot ETFs posted $39.23 million in net inflows over the prior week. Bitwise's staked product BSOL contributed about $36 million, roughly 92% of the total, while Fidelity's FSOL added around $1.8 million. BSOL has accumulated about $861 million in assets since launch, representing about 81% of the cumulative net inflows across Solana spot ETFs (around $1.06 billion). Total net assets for all SOL spot ETFs stand near $938 million, with SOL making up about 1.82% of the ETFs' net assets and cumulative net inflows topping $1 billion.
The latest weekly inflow is notable against a longer downtrend. BeInCrypto, citing SoSoValue, said monthly inflows have declined for six straight months after peaking at $419 million in November: $148 million in December, $105 million in January, $63 million in February, $45.44 million in March, and $39.93 million in April, the weakest month since launch. Inflows in the first two weeks of May have already approached April's total; maintaining that pace would mark a reversal of the six-month slide.
Market pricing and derivatives positioning moved higher alongside the ETF bid. Over the same period, SOL rose about 15% over seven days to roughly $97. Coinglass data showed SOL futures open interest climbing from $4.94 billion on May 1 to $6.4 billion, up 29.5% in about two weeks—an increase of roughly $1.5 billion.
Spot market buying also strengthened. Velo.Chart data indicated spot cumulative volume delta (CVD) increased from $163 million to nearly $250 million in five days. Futures CVD has trended higher since May 5, reaching about $594 million, suggesting buyers absorbed sell-side liquidity across both venues. Funding rates remained around 0.065%, indicating longs are paying to hold positions without signaling extreme overheating. After SOL pushed into the $95–$96 area, spot and volume net differentials began to flatten, pointing to easing short-term momentum.
On the network side, CoinDesk reported on May 11 that Solana core developer Anza launched Alpenglow—described as the network's largest consensus upgrade to date—on a community test cluster. The upgrade would replace Proof-of-History and TowerBFT with the Votor and Rotor protocols, targeting a reduction in transaction finality time from about 12.8 seconds to roughly 150 milliseconds, close to a 100x improvement. In a community vote last September, 98.27% of stakers backed the proposal with 52% participation. Solana cofounder Anatoly Yakovenko said at the Consensus conference in Miami that, if testing proceeds smoothly, mainnet deployment could come as early as next quarter.
Some analysts also point to a shift in the holder base after a prolonged consolidation. Crypto KOL gum wrote on X that SOL is breaking out of a four-month range, arguing the move reflects a broader "return to risk" and a healthier token distribution. He said short-term traders and speculative capital exited during the consolidation, driving volumes down and allowing conviction holders to regain supply control. Under that structure, a renewed pickup in activity could add upside momentum.
Technically, an Adam & Eve bottom pattern has been cited with a target near $120, though confirmation is still needed via a daily close. If SOL fails to hold above $95, it could revisit support around $89 to $91.
Risks remain. BeInCrypto has warned that if May ETF inflows fail to stabilize or keep declining, SOL could face selling pressure tied to exchange flows. The rapid buildup of high-leverage positions raises the odds that any pullback triggers liquidation-driven volatility. Observers also flag the potential for a liquidity gap after meme-coin-fueled retail enthusiasm fades—a pattern seen in prior cycles. Even with multiple bullish signals aligning across funding rates, derivatives data, technical setups, and onchain factors, the path from $95 toward $120 still depends on sustained real buying demand.
