JPMorgan analysts say spot Solana ETFs are likely to be approved soon, but inflows may fall well below those of Bitcoin and Ethereum. The team, led by Nikolaos Panigirtzoglou, projects only about $1.5 billion in net inflows during the first year roughly one-seventh of what Ethereum ETFs attracted.
The U.S. SEC is set to review around 16 spot crypto ETF applications this month, including Solana and XRP, after introducing new generic listing standards that simplify approvals. The final decision deadline for Solana ETFs is October 10, and approval is widely expected.
Analysts pointed to the existing CME Solana futures contract and the REX Osprey Solana ETF, launched in July under the Investment Company Act of 1940, as factors reinforcing approval odds.
Meanwhile, the Grayscale Solana Trust (GSOL) premium to NAV has collapsed from 750% to near zero a trend that mirrored Grayscale’s Bitcoin and Ethereum trusts before they became spot ETFs.
Despite optimism, JPMorgan warns of limited investor demand. They cite weaker market perception of Solana compared to Ethereum, falling on-chain activity since late 2024, and the dominance of memecoin trading on its network.
Analysts added that “investor fatigue” from multiple ETF launches, rising competition from crypto index funds, and muted CME Solana futures demand could further cap inflows.
This conservative view contrasts with earlier JPMorgan forecasts suggesting $2.7–$5.2 billion in potential inflows within the first year.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
