JPMorgan Projects Limited Solana ETF Inflows Even If SEC Gives Green Light

JPMorgan Predicts Modest Inflows for Solana ETFs Despite Likely SEC Approval

Spot Solana (SOL) exchange-traded funds (ETFs) are expected to attract only modest investor interest, even if the U.S. Securities and Exchange Commission (SEC) approves them this week, according to a Wednesday report from JPMorgan.

Analysts led by Nikolaos Panigirtzoglou estimate first-year inflows of roughly $1.5 billion — about one-seventh of the inflows seen for Ethereum (ETH) ETFs.

JPMorgan cautioned that actual demand could be lower due to several factors: declining on-chain activity, high memecoin trading volumes, investor fatigue from multiple ETF launches, and competition from crypto index products like the S&P Dow Jones Digital Markets 50. Corporate treasuries may also redirect capital away from spot ETFs.

The report also highlighted weak demand signals in CME Solana futures positioning, suggesting institutional interest may be limited in the near term.

The SEC is expected to rule on around 16 spot crypto ETF applications in October, including those for Solana. Market participants largely anticipate approval, aided by the existence of a CME Solana futures contract and the July debut of the first Solana ETF by REX Osprey.

JPMorgan noted that investor expectations are already reflected in pricing: the premium to net asset value (NAV) on the Grayscale Solana Trust (GSOL) has collapsed from roughly 750% last year to near zero, a trend seen previously for Bitcoin (BTC) and Ethereum ahead of ETF launches.

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