Solana's price climbed 6.72% on August 25 to trade at $100, the first time it has touched that level in recent sessions. The move came as Bitwise's Solana staking ETFs pulled in a record $108 million in volume, according to Bitwise President Teddy Fusaro.
Record ETF turnover
The $108 million figure marks the highest daily volume for the Bitwise SOL staking ETFs since they launched. Fusaro noted the record turnover in a social media post, pointing to growing interest in staking-based products tied to Solana. The ETFs let institutional investors gain exposure to Solana while earning staking rewards, a structure that has drawn increasing attention in the digital asset space.
That volume is a clear step up from the average daily trading these ETFs have seen. It also comes during a week when crypto markets have been quiet, making the jump stand out even more.
Why the price and volume moved together
The price gain and the ETF volume spike weren't isolated events. The facts show both happened on the same day, and they point to a single driver: institutional demand for Solana-based staking products. As the ETFs saw their busiest day, Solana's price rose sharply, closing at the $100 mark—a level that traders often watch as a psychological barrier.
Institutional investors aren't just buying SOL on spot exchanges; they're increasingly doing it through regulated, staking-enabled funds. That means the demand is coming from a different pool of capital than the retail trades that often dominate crypto moves. The structure of these products could also be smoothing out some of the volatility, because the staking component adds a yield on top of price appreciation.
What the ETF numbers say
Fusaro didn't provide a breakdown of which specific Bitwise SOL ETF product saw the highest activity, but the $108 million combined volume is the headline. For a relatively new staking ETF, that kind of turnover is a signal that institutional players are comfortable with the product's mechanics—including how staking rewards are distributed and how the fund handles slashing risks.
It's also worth noting that this record volume came without any major Solana-specific news or network upgrade on the day. The move was driven purely by trading activity and the demand for the staking vehicle itself.
The $100 level and what's next
Solana's close at $100 is the kind of round number that tends to attract chart-watchers. The last time SOL traded at this level, it quickly moved above it. But nothing in the current data guarantees that will happen again. The ETF volume and the price jump together suggest momentum is building, but the market is still open to a pullback if institutional flows slow down.
Traders will be looking at the next session to see if Solana can hold above $100 and whether the Bitwise ETFs maintain their elevated volumes. That will tell whether the August 25 move was a one-off or the start of a broader trend.
