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A U.S. Solana ETF could mark a major milestone for the blockchain, expanding mainstream access and potentially challenging Ethereum’s dominance.
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However, Solana’s ability to outperform will depend on sustained ETF inflows, developer growth, and onchain utility beyond speculative demand.
Ethereum may have pioneered the path for altcoin exchange-traded funds (ETFs), but Solana’s infrastructure and momentum suggest it could be next in line, and potentially next in performance.
While Ether’s ETF debut brought credibility and access to institutional investors, Solana’s growing market foundation, coupled with new regulatory flexibility, could ignite a shift in how capital flows across major blockchains.
Spot Ether ETFs began trading in the U.S. on July 23, 2024, recording around $107 million in first-day inflows and opening traditional brokerage access for institutions and retail investors alike. However, the enthusiasm has proved cyclical, with inflows and outflows oscillating through 2025.
Even so, Ethereum’s ETFs have enhanced its institutional profile, reinforcing its dominance as the most widely held programmable asset. Yet, they haven’t fundamentally changed its network dynamics, or eliminated market rotations.
Solana, by contrast, has spent the past year quietly building the necessary “plumbing” for ETF readiness. The Chicago Mercantile Exchange (CME) launched Solana futures in March 2025, with options pending approval for October 13, a crucial milestone that strengthens liquidity and hedging tools for potential ETF market makers.
Meanwhile, the U.S. Securities and Exchange Commission’s “generic listing standards,” adopted in September 2025, now enable faster listings of spot-commodity ETPs beyond Bitcoin and Ethereum, effectively clearing the regulatory runway for a Solana ETF proposal.
Beyond the U.S., Solana already trades in regulated wrappers through 21Shares in Europe and 3iQ in Canada, indicating that investor appetite is real and global.
Onchain data supports that momentum: Solana generated $271 million in network revenue in Q2 2025, maintaining its lead among layer-1 blockchains. Stablecoin volumes surged too, with over $59 billion in P2P transfers and $11.7 billion in total stablecoin supply by early 2025.
If approved, a U.S. Solana ETF would mark a major accessibility leap — enabling exposure via retirement accounts, RIAs, and brokerage platforms, similar to what boosted Bitcoin and Ether in prior cycles. Coupled with CME derivatives, authorized participants could hedge efficiently, keeping ETF spreads tight and day-one liquidity robust.
Still, outperforming Ethereum won’t be easy. ETH benefits from a longer track record, entrenched institutional trust, and broader staking economics once those features gain ETF approval. For Solana, the challenge is turning ETF-driven inflows into sustained onchain activity, developer engagement, and fee generation the real indicators of fundamental growth.
Ultimately, Solana’s ETF case isn’t just about access — it’s about follow-through. If liquidity deepens, onchain usage remains strong, and ETF creations stay positive, Solana could finally rival Ethereum’s dominance in both returns and relevance. But until those signals align, Ether remains the benchmark — the one to beat, but no longer unchallenged.