Bitwise's staking fund took four of every five dollars in Solana's $1.4bn run

More than $1.4bn of net inflows sits inside roughly $1.62bn of assets ^[1][2]. The difference is about $220m ^[1], and that $220m has to cover both whatever the Solana products held before the streak began and every dollar of mark-to-market gain since. SOL was trading at $110 to $112 in mid-September, its highest in about seven months ^[9]. Both figures fit if most of the money arrived late in the price move.

Four fifths of the category's flow went to one fund ^[5]. On $1.4bn that is roughly $1.12bn for Bitwise's BSOL ^[2]. About $280m is left for Grayscale's GSOL, Fidelity's FSOL, VanEck's VSOL and Morgan Stanley's MSOL to divide ^[3][6], call it $70m each across twelve weeks ^[4].

Crypto Briefing calls the week ending September 18 a standout, and at $60.7m it is the category's headline number ^[3]. It is also roughly half the streak's own pace: twelve weeks and $1.4bn work out to at least $117m a week ^[5], which puts the standout week at about 52% of the average ^[6].

The Bitcoin half of the comparison is thinner than the divergence implies. Bitcoin spot ETFs took in $6.1m that week ^[8], a positive number, so nothing was redeemed to fund Solana's $60.7m ^[3]. Crypto Briefing notes that Bitcoin ETFs have had stretches of extended outflows in recent months ^[10], though not in the week it describes. It does not give an asset figure for the Bitcoin category, calling it multi-billion-dollar against Solana's still modest $1.62bn ^[11]. Solana's weekly inflow beat Bitcoin's by about ten to one ^[7], off that smaller base.

The yield explanation is the one I would back. The single product that passes staking rewards through to holders took 80% of the money ^[5], and Crypto Briefing argues the pass-through is what gives BSOL its structural advantage over competitors, since the buyer gets price exposure plus an embedded income stream ^[13].

The competing explanation is distribution: Bitwise arrived with the staking wrapper and four later entrants are dividing the remaining fifth. Those two readings predict different quarters. If SOL stops making seven-month highs and BSOL keeps taking $40m weeks, allocators bought the income; if the weekly print fades with the price, they bought SOL and treated the yield as a rebate. Crypto Briefing's own framing of the risk is narrower, that the other issuers must differentiate or become afterthoughts in the category ^[14].