Solana Dips to $157 Despite $531M ETF Inflows

Solana's price has fallen to around $157 amid a broader cryptocurrency market downturn, even as newly launched exchange-traded funds tied to the token attract substantial institutional inflows exceeding $500 million in their first week.

The token, which powers a high-speed blockchain network, dropped 18 percent over the past week and has been in a month-long downtrend, according to market data trackers. Trading volume remains active at nearly $6 billion in the last 24 hours, but Solana's movements closely track Bitcoin's, with a correlation coefficient of 0.97. Bitcoin has hovered near $100,000 without breaking higher, exerting downward pressure on altcoins like Solana. Analysts note that this linkage limits Solana's ability to decouple and recover independently in the short term.

Despite the price weakness, U.S.-listed spot Solana ETFs have seen consistent positive flows since their debut on October 28. Bitwise's BSOL fund alone drew $417 million in its first week, while Grayscale's GSOL contributed additional inflows, pushing the total for major funds to $531 million over seven days. Data from investor tracking services show daily inflows ranging from $9.7 million to $70...