Bitwise Solana ETF Withdraws 192,865 SOL from Coinbase
- Bitwise’s BSOL Solana ETF continues rapid SOL withdrawals from Coinbase, supporting its growth.
- ETF assets under management surpass $587 million in less than 20 days.
- Increased Solana staking affects liquidity and potential DeFi protocols on Solana.
Bitwise BSOL Solana ETF has withdrawn 192,865 SOL, equating to $26.39 million, from Coinbase, increasing its holdings to over $587 million.
This move highlights BSOL’s rapid growth and strong institutional support, influencing both Solana’s liquidity and staking dynamics amid shifting ETF inflow patterns across the crypto market.
Bitwise BSOL Solana ETF has recently withdrawn 192,865 SOL, equivalent to $26.39 million, from Coinbase, now holding over 4.3 million SOL, totaling approximately $587 million.
The ETF’s swift growth highlights investor confidence in Solana’s ecosystem and affects SOL’s liquidity, reflecting a noticeable shift in crypto market dynamics.
Bitwise Surpasses $587M in Asset Holdings
Bitwise’s BSOL Solana ETF continues to gain attention as the fastest-growing Solana ETF. It recently surpassed $587 million in assets by withdrawing millions from Coinbase.
The ETF, managed by Bitwise Asset Management under Hunter Horsley’s leadership, aims to leverage Solana’s staking rewards for investors. Recent Coinbase withdrawals highlight growing institutional interest. “We are truly in awe of the speed and scale of BSOL’s growth. Crypto is becoming a mainstream asset class. BSOL hitting half a billion dollars in AUM this quickly is a clear testament to investors’ belief in the Solana ecosystem as a cornerstone of the future of the crypto industry,” said Hunter Horsley, CEO, Bitwise Asset Management.
Coinbase Withdrawal Impacts Solana Liquidity
The withdrawal from Coinbase underscores Bitwise’s commitment to maximizing staking rewards. It significantly affects Solana’s circulating supply, impacting liquidity in related DeFi protocols.
Institutional support for Solana is rising, with potential industry shifts towards Solana-staked products amidst Solana’s ecosystem advancements and blockchain adoption.
Solana’s ETF Growth Mirrors Past Bitcoin Trends
Previous ETF experiences, like early spot Bitcoin ETF inflows, reflect similar rapid growth patterns. Solana’s rising ETF popularity follows historical trends with unique staking features.
Experts suggest that increased SOL stakage may shift DeFi yield structures. Continued investor interest could strengthen Solana’s role in the broader crypto landscape.
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