Solana ETF demand is surging, but a $1B SOL problem may be brewing – Details

Solana [SOL] is in a peculiar state.

On one side, investor interest seems to be growing. On the other, one of the biggest corporate holders of SOL is sitting on massive unrealized losses.

Here’s the rundown…

Solana ETFs see huge demand

Investor interest in U.S Spot Solana ETFs is picking up. The funds recorded $6.5 million in net inflows yesterday, taking weekly inflows to $58 million. That’s the strongest week since December 2025, and that’s with one trading session still left!

The press time tracker also revealed that total net flows across Solana ETFs were at around $1.13 billion, with the combined AUM near $1.05 billion. Bitwise’s BSOL led the pack with over $900 million in total net flows, followed by Fidelity’s FSOL and Grayscale’s GSOL.

The other side of the trade

What you’re not seeing, however, is that Forward Industries, the largest-listed Solana treasury firm, is facing the heat on its SOL position.

The company holds nearly 7 million SOL, most of it staked. However, its earlier purchases were made at a much higher average cost.

With SOL now trading below that level, Forward’s unrealized loss is nearing $1 billion. Its latest quarterly filing also showed a net loss of about $586 million, mostly caused by the drop in the fair value of its SOL holdings.

SOL’s price could go either way

This mixed picture is very visible in the chart.

SOL was trading at $89, at press time, after pulling back from its recent move towards the high-$90 range. The RSI had slowed down from stronger levels and seemed to be closer to neutral. The MACD was also slowing down too.

Put simply, we’re not in a clearly bullish or bearish state yet. Demand may be entering the market, but large SOL exposure (like that of Forward Industries) is still under pressure.

As it stands, SOL needs a move above to confirm renewed upside. Until then, traders are likely to watch whether ETF demand can outweigh the pressure from weaker price action.

Final Summary

• Solana spot ETFs saw $58M in weekly inflows; strongest demand since December 2025.
• However, a major corporate SOL holder is sitting on nearly $1B in unrealized losses.