‘Truth Is out There’: Solana Founder Fires Back as SOL ‘Dead’ Sentiment Fades

In a remarkable milestone for Solana, asset manager Bitwise’s BSOL has launched as the first ETP in the U.S. with 100% direct exposure to SOL.

Bitwise has announced the launch of the Bitwise Solana Staking ETF (NYSE: BSOL), the first ETP in the U.S. to have 100% direct exposure to SOL, and one of the first crypto ETPs with built-in staking.

The ETF milestone has sparked reactions and excitement in the Solana community, including Solana Founder Anatoly Yakovenko.

In a comeback story that will go down in history, Solana rose from the depths of the 2022 Crypto Winter into the limelight and continues to attract institutional interest.

Solana “dead” sentiment disappears

The Solana founder reacted to a tweet that reflected Solana’s growth, from its comeback from the 2022 bear market to it now getting its first ETF approved.

Solana enthusiast Jakey tweeted: “In late 2022, SOL was ‘dead’, sentiment at 0. Today, late 2025, SOL got its first ETF approved. The teams who tripled down and stood the test of time are winning. Believe in something.” The Solana founder responded, saying, “The truth is out there,” accompanied by an image that bore the caption “I want to believe.” It is a reference to the 1990s TV show “The X Files.”

Dismissed by some as a casualty of Crypto Winter in 2022, Solana’s comeback demonstrates its resilience.

The 2022 bear market, combined with the catastrophic collapse of crypto exchange FTX, crashed Solana’s market cap by about 96% to $3 billion.

Solana’s impressive comeback began in 2023, after which its market cap rose nearly 50-fold and is currently at $111 billion. Solana was trading near $8 following the FTX crash in late 2022, but it now trades at $202, with its current all-time high of $294 reached on Jan. 19, 2025.