TLDR
- Solana ETFs recorded $8.1 million in net outflows on Wednesday, ending a 21-day inflow streak.
- The TSOL fund from 21Shares led the outflows with a one-day withdrawal of over $34 million.
- BSOL from Bitwise added $13.33 million in inflows, indicating continued institutional interest in Solana ETFs.
- Grayscale and Fidelity’s Solana funds also received capital, helping to offset the TSOL decline.
- Solana ETF products now have approximately 6.83 million SOL tokens worth close to $964 million.
US spot Solana ETFs posted $8.1 million in outflows on Wednesday, ending a 21-day positive streak. This marks the first session of net outflow since the launch of the Solana ETFs earlier this month. The pullback reflects mixed institutional positioning, despite overall market growth for the asset class.
21Shares TSOL drives first outflow since launch
The 21Shares Solana ETF, TSOL, led the decline with more than $34 million in one-day withdrawals. TSOL’s total net outflows now stand at $26 million, while its assets under management fell to $86 million. This change broke the streak of gains and weighed on the broader Solana ETF performance.
According to SoSoValue datacanceled the withdrawal one of the fastest growing ETF segments among non-Bitcoin cryptoassets. TSOL had previously driven much of the momentum in demand for the Solana ETF since its launch. However, Wednesday’s movement indicates a change in sentiment towards the product.
Despite the decline in TSOL, other issuers absorbed new capital and helped reduce overall pressure. The event highlighted different investor behavior between competing Solana ETFs. Market participants saw this as a short-term correction of an otherwise strong inflow trend.
BSOL, FSOL and Grayscale support broader Solana ETF intake
The Bitwise Solana Staking ETF, BSOL, recorded $13.33 million in inflows during the same session. This intake lifted BSOL’s cumulative tally to $527.79 million, confirming investors’ preference for stake-backed products. BSOL has been the best performing Solana ETF since its inception.
Grayscale’s Solana Trust added $10.42 million, while Fidelity’s FSOL the fund received $2.51 million. These flows balanced the effects of TSOL’s outflow and kept the weekly trend in positive territory. Collectively, Solana ETFs still saw net additions of $103 million per week.
Solana ETF products now hold 6.83 million SOL tokens, currently worth around $964 million. Net assets for all Solana ETFs total $917.99 million, indicating steady institutional interest. November accounted for $414.01 million of these inflows, compared to October’s $199.21 million.
ETF data shows continued support for Solana from institutional platforms, despite uneven daily performance. The pullback in one product contrasts with accumulation in others, reflecting selective investor flows. Analysts continue to monitor ETF flows for signs of upcoming trends.
Market activity is slowing across the Solana Network
According to Nansen, active Solana addresses are down 6% in the past week. Network charges also fell by 16%, reflecting reduced user activity and network interaction. The total value locked on the chain fell 32% from its peak in September.
Current TVL on Solana is near $9.1 billion, down from a peak of $13.23 billion. The Jupiter, Raydium, Jito and Sanctum protocols posted double-digit TVL losses this month. This suggests a broad decline in usage across Solana’s core platforms.
Technical indicators show that Solana is trading below its previous level of $170, within a bearish continuation zone. Analysts identify $140-$145 as a critical support range for potential price moves. Breaks below this zone could confirm further downside targets.
Despite chain weakness, Solana ETFs continue to attract new capital at a high rate. This divergence reflects mixed investor sentiment between institutional ETF demand and retail market caution. Short-term ETF flows are expected to remain volatile.
XRP and Bitcoin ETFs Exceed Expectations
XRP ETFs recorded another $21 million in combined inflows during Wednesday’s session. Bitwise’s XRP ETF led with $7.4 million, followed by Canary’s $5.2 million. Franklin Templeton’s XRPZ and Grayscale’s GXRP added nearly $4 million each.
XRP ETFs has not posted any outflows since launch, maintaining a consistent accumulation trend. Their total inflows reached $643 million, continuing to build institutional interest. Momentum in XRP products remains strong despite Solana’s midweek setback.
Meanwhile, Bitcoin ETFs added $21.12 million in inflows on November 26. Their total cumulative intake now stands at $57.63 billion, with daily trading exceeding $4.5 billion. Ethereum ETFs brought in over $60 million in three straight sessions but still show net outflows for November.
Ethereum’s total ETF outflows reached $1.50 billion this month, as capital moved toward Solana ETFs and XRP products. Market data indicates that institutional funds remain active across multiple assets. Solana ETFs finished the week strong, despite Wednesday’s outflow disruption.
