Key points
- The new Solana ETF in Hong Kong will list on October 13.
- The U.S. Solana Fund saw a record $24.8 million outflow in one week.
- After sustained inflows, Bitwise accounted for 84% of the withdrawals.
Hong Kong is preparing to launch another spot Solana ETF on October 13, while U.S. funds tracking SOL have experienced their largest weekly outflows since entering the market nearly a year ago.
According to the official fund documents issued by the provider, Pando Finance’s new product will be traded on the Hong Kong Stock Exchange under the ticker symbol 2831.HK, with an annual management fee of 0.60% and an estimated ongoing charge of 1.60%.
At the time of this listing, for the week ending October 9, U.S. spot Solana ETFs experienced $24.8 million in outflows, ending 14 consecutive weeks of inflows. This reversal, occurring just as another Asian investment product is set to launch, has raised questions about institutional demand.
Solana ETF listed in Hong Kong, with an ongoing fee of 1.60%
It is important to note that the fund will not stake the SOL it holds, meaning investors will have price exposure but will not receive additional staking rewards.
This makes Pando’s structure different from several U.S. products, including Bitwise’s BSOL, which has approximately 99% of its assets staked.
Hong Kong previously launched its first Solana ETF in October 2025 through ChinaAMC. Therefore, Pando’s product represents a further expansion of regulated investment channels, rather than Solana’s first entry into the Asian ETF market.
U.S. Solana ETF experiences $24.8 million in outflows.
This point contrasts sharply with the flow of institutional funds in the United States.
The Solana ETF experienced its largest weekly net outflow since its launch in October 2025, nearly triple the previous record of $8.9 million in outflows.
Bitwise BSOL accounted for approximately $20.9 million in outflows, or 84% of total withdrawals. Grayscale’s GSOL and Fidelity’s FSOL also experienced outflows, while Morgan Stanley’s MSOL saw modest inflows.
This reversal is particularly notable because just two weeks ago, the Solana Foundation attracted $188.2 million in inflows, continuing months of growing institutional participation.
Bitwise previously surpassed the $1 billion milestone, demonstrating the rapid growth of regulated SOL investment products.
Can Hong Kong demand offset U.S. divestment?
Selling is not limited to Solana. Last week, Bitcoin ETFs saw outflows of approximately $681.1 million, while Ethereum products experienced outflows of $542.1 million, indicating that cryptocurrency investment funds overall are becoming more cautious.
This divergence continues the prior shift in ETF fund flows, during which XRP products attracted funds even as other major cryptocurrencies experienced outflows.
Marcus Hale
Marcus Hale is a cryptocurrency and financial markets writer covering Bitcoin, Ethereum, digital assets, regulation, ETFs, and institutional adoption. His work focuses on the developments driving the market, investor trends, and the broader forces shaping the crypto economy.