According to a recent JPMorgan research report, spot Solana (SOL) exchange-traded funds are projected to attract only modest investor capital even if regulatory approval is granted this week. The Wall Street bank estimates approximately $1.5 billion in first-year inflows for Solana ETFs, representing just one-seventh of Ethereum's projected inflows.
JPMorgan analysts highlighted several concerning factors that could further suppress demand, including declining on-chain activity, excessive memecoin trading volume, investor fatigue from multiple crypto product launches, and growing competition from diversified crypto index products. The report also noted weak demand signals in CME Solana futures positioning and potential diversion of corporate treasury investments.
While market participants widely anticipate SEC approval of approximately sixteen spot crypto ETF applications in October, including Solana-based products, JPMorgan emphasized that these expectations are already reflected in current pricing. The premium for Grayscale Solana Trust (GSOL) has dramatically decreased from 750% last year to nearly zero, mirroring patterns observed with Bitcoin and Ethereum before their ETF launches.