Hong Kong greenlights spot Solana ETF, Bitwise’s BSOL debuts on Wall Street: What it could mean for prices and ETFs ahead

Hong Kong leads Asia with first spot Solana ETF

Hong Kong continues to accelerate its lead in the regulated digital asset ETF market by approving Asia’s first spot Solana (SOL) exchange-traded fund, ahead of the United States. 

The approval by the Securities and Futures Commission (SFC) in mid-October 2025 makes Solana the third cryptocurrency to secure a regulated ETF listing in the region, following Bitcoin and Ether.

Issued by China Asset Management (Hong Kong), the ETF — named the ChinaAMC Solana ETF — began trading on the Hong Kong Stock Exchange (HKEX) under the tickers 3460 (HKD), 83460 (RMB), and 9460 (USD) on October 27, 2025. It will track the CME CF Solana-USD Index and provide investors direct, regulated exposure to SOL tokens without managing wallets or private keys.

The approval comes amid what is billed the longest U.S. government shutdown in history, which has delayed the SEC’s review of multiple Solana ETF applications from major issuers.

Yet, just days later, the U.S. market produced its own milestone, the debut of Bitwise’s Solana Staking ETF (BSOL) on the New York Stock Exchange, officially bringing spot Solana exposure to U.S. investors for the first time.

Bitwise’s BSOL ETF launch

Bitwise Asset Management confirmed in an announcement on X (formerly Twitter) that its BSOL ETF would list this week, making it the first product in the U.S. offering 100% direct exposure to spot SOL.

The launch followed weeks of uncertainty amid the SEC shutdown; however, newly clarified procedures have allowed ETF issuers to go effective automatically after a 20-day period if filings meet listing standards.

Other issuers, including Canary Capital (Litecoin and HBAR ETFs) and Grayscale (Solana Trust ETF), are also expected to debut this week.

Market reaction: SOL price and trading volume 

Market reaction was modest, with price upticks driven mainly by volume inflows. SOL’s price briefly rose from roughly $183 to $197 intraday before easing back into its recent trading range. Trading volumes increased over 40%, while open interest in Solana futures climbed around 15%, indicating increased institutional positioning rather than short-term retail activity.

JPMorgan forecasts about $1.5 billion in first-year inflows across global Solana ETFs, a slower start compared with the approximately $10.5 billion and $9 billion that entered BTC and ETH spot ETFs in their initial months of trading.

Where could the SOL price go next

Following the release of the news, chart patterns suggested a potential recovery if momentum extends into the ETF launch window, assuming absence of more macro shocks.

On October 27, SOL advanced above the $200 threshold to hit $204, marking another leg in the recovery following the ETF news. 

A hold above $200 suggests the resistance level is being confronted and possibly converted to support. But at the same time, technical indicators and on-chain flows suggest caution: supply in profit has increased, and profit-taking moments may surface.

Updated price targets

• In the short term (next 1 to 2 months): If SOL holds above $200 and navigates smoothly, technical analysts have put the next key resistance band at around $215 to $220.
• For the medium term (3 to 6 months): If institutional flows remain supportive and the ETF launch catalyses wider adoption, targets in the $230 to $260 range are plausible.

Yet, the upside isn’t guaranteed. If price fails to hold above $200 and retraces, then a test of the $175 to $180 zone may become more likely. Past analysis has flagged that region as a demand area.

Risks to watch

• A rejection near $215 to $220 could signal exhaustion in the current leg and lead to consolidation or pullback.
• Macro headwinds (e.g., U.S. government shutdown, APEC Summit) or weak ETF flows could undermine momentum.
• The rise above $200 has brought more holders into profit, which may increase selling pressure.

When might it be the U.S.’s turn?

While Hong Kong moves ahead, U.S. Solana ETF filings remain under review by the SEC. Issuers including Bitwise, VanEck, and 21Shares have recently amended their applications to incorporate staking-related features, following the precedent set by ETH’s ETF structure. The trend signals interest in reflecting network mechanics within regulated products rather than pursuing yield directly.

Prediction markets like Polymarket price in a 99% probability of U.S. approval. Analysts had expected approvals to arrive as early as late October, but the ongoing U.S. government shutdown resulted in delays.

If cleared, a U.S. listing may broaden liquidity access, deepen institutional engagement, and further align Solana with the market trajectory already established by BTC and ETH.

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