JPMorgan Forecasts Modest Demand for Solana ETFs Despite Expected SEC Approval
Spot Solana (SOL) exchange-traded funds (ETFs) are likely to see only limited investor inflows even if the U.S. Securities and Exchange Commission (SEC) approves them this week, according to a JPMorgan report.
Analysts led by Nikolaos Panigirtzoglou project first-year inflows of roughly $1.5 billion, about one-seventh the amount Ethereum (ETH) ETFs attracted.
The report cites several factors that could dampen demand: declining on-chain activity, strong memecoin trading, investor fatigue from multiple ETF launches, and competition from diversified crypto index products like the S&P Dow Jones Digital Markets 50. Corporate treasuries could also divert capital away from spot ETFs.
Institutional interest appears muted, with CME Solana futures positions showing weak demand, JPMorgan added.
The SEC is expected to rule on 16 spot crypto ETF applications this month, including Solana. Market participants generally expect approval, supported by Solana’s existing CME futures contract and the July launch of REX Osprey’s Solana ETF.
Pricing already reflects tempered expectations. The Grayscale Solana Trust (GSOL) premium to net asset value (NAV) has fallen from roughly 750% last year to near zero, mirroring trends seen with Bitcoin (BTC) and Ethereum (ETH) ahead of their ETF launches.
