Institutional Flows: ETFs and DATCOs
SOL ETP inflows totaled $249.8M in August, a tenfold acceleration from July's $24.7M marking the highest inflow month of the year. Bitwise’s spot SOL ETF (BSOL) alone saw just over $76M in inflows on August 27th, marking its best daily inflow figure for the year. The category-wide backdrop improved just as sharply: BTC ETPs took in roughly $3.6B in August after barely positive flows in July, and ETH ETPs added $1.8B, with the week of August 17th marking both products' best week of the year.
On a market cap adjusted basis, August SOL ETP inflows amounted to 0.31% of SOL's market cap, up from 0.07% in July and the strongest print since May. SOL saw higher market-cap-adjusted inflows than BTC (0.26% of market cap) on this basis, though ETH led the majors at 0.68%.
By contrast, Solana DATCO holdings were again roughly unchanged in aggregate at around 16.8M SOL, an eleventh consecutive month of stasis, still constrained by limited secondary liquidity and persistent mNAV discounts.
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