Rex-Osprey’s Solana ETF Sees Inflows Double to $41M – Institutional FOMO in Full Swing

Solana's institutional moment arrives as the Rex-Osprey spot ETF pulls in another $41 million—proof that even Wall Street can't resist a high-performance blockchain when the numbers talk.

Money talks, bullshit walks: While traditional finance debates 'crypto winter,' smart money is quietly stacking SOL. The ETF's inflows doubled in a single day—suggesting either deep conviction or a herd mentality chasing the next shiny object.

Bonus jab: Meanwhile, Bitcoin maximalists are still waiting for their 'approved' leverage ETF. Tick-tock, boomers.

Falling short of BTC and ETH

SSK began trading on July 2 with a 0.75% management fee, triple the 0.25% headline charge that BlackRock and Fidelity levy on their Bitcoin (BTC) and ethereum (ETH) products. 

Comparing the first four trading days for each asset class reveals a disconnect between the flows and the market capitalization of the underlying assets.

Bitcoin spot ETFs earned about $2.9 billion during their first four sessions in January, which is roughly 0.34% of BTC’s market capitalization at the time. 

Ethereum spot ETFs absorbed almost $1.2 billion over their opening quartet in late June, or 0.3% of Ether’s market value once Grayscale’s legacy outflows are stripped out, per the same dataset. 

By contrast, Solana’s $41.2 million equates to approximately 0.05% of SOL’s circulating supply, roughly 16.7% of the penetration level achieved by the earlier Bitcoin and Ethereum launches.

Fee drag and single-issuer structure

One reason for the divergence is the cost. Rex-Osprey’s 0.75% levy ranks as the highest among US spot crypto ETFs, while its seed inventory of just $600,000 suggests limited authorized participant warehousing capacity. 

Fidelity and BlackRock launched their Bitcoin funds with seed baskets exceeding $300 million and fee-waiver schedules that decreased to 0.12% and 0.20% during the first year.

Furthermore, Rex-Osprey remains the sole issuer of Solana ETFs, whereas nine issuers competed in Bitcoin’s debut and eight launched Ethereum products. 

While the small base and higher expense ratio leave SSK’s early intake below that of its large-cap counterparts, the fund’s doubling on July 8 shows an incremental appetite from allocators undeterred by cost.