Spot solana (SOL) exchange-traded funds (ETFS) are unlikely to draw major investor inflows even if approved this week, according to a Wednesday report from Wall Street bank JPMorgan (JPM).

Solana ETFs could see about $1.5 billion in first-year inflows, roughly one-seventh of ether’s (ETH), analysts led by Nikolaos Panigirtzoglou wrote.

But the analysts warned that figure could be lower due to waning on-chain activity, heavy memecoin trading, investor fatigue from multiple launches, and competition from diversified crypto index products such as those tied to the S&P Dow Jones Indices Digital Markets 50. Corporate treasuries could also divert demand away from spot ETFs.

JPMorgan also noted weak demand signals in Chicago Mercantile Exchange (CME) solana futures positioning.

The U.S. Secur

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