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. Securities and Exchange Commission (SEC) is expected to decide on roughly sixteen spot crypto ETF applications in October, including solana.Markets widely expect approval, helped by an existing CME futures contract and the July launch of the first Solana ETF from REX Osprey, the bank said.JPMorgan noted that expectations are already visible in pricing. The premium to net asset value (NAV) on the Grayscale Solana Trust (GSOL) has collapsed from around 750% last year to near zero, echoing bitcoin (BTC) and ether trends ahead of ETF launches.Read more: ‘Solana Is the New Wall Street,’ Bitwise CIO Matt Hougan Explains