Solana (SOL) Price: ETFs Record First Outflows After 21-Day Winning Streak

TLDR

• Solana ETFs recorded their first outflow of $8.1 million on November 27, ending a 21-day inflow streak since launch
• 21Shares TSOL fund saw $34.37 million in redemptions, which drove the overall negative flow
• Bitwise BSOL attracted $13.33 million and Grayscale GSOL added $10.42 million, partially offsetting the outflows
• Total Solana ETF assets stand at approximately $915 million, holding 6.83 million SOL tokens
• XRP ETFs continue showing strength with $21 million in daily inflows and no outflow sessions since their November 14 launch

Solana exchange-traded funds recorded their first net outflow on November 27. The $8.1 million exit broke a 21-day streak of continuous inflows that began when the products launched in late October.

The reversal came from the 21Shares Solana ETF, known as TSOL. This single fund saw $34.37 million in redemptions during Wednesday’s trading session.

TSOL has now posted $26 million in total net outflows since its debut. The fund currently holds $86 million in net assets.

Other Solana ETF products showed different behavior. The Bitwise Solana Staking ETF, BSOL, brought in $13.33 million on the same day.

Grayscale’s GSOL added $10.42 million. Fidelity’s FSOL fund recorded $2.51 million in fresh capital.

These inflows helped reduce the damage from TSOL’s large withdrawal. Combined Solana ETF products now hold about 6.83 million SOL tokens worth roughly $964 million.

Despite Wednesday’s pullback, Solana ETFs finished the week with nearly $103 million in net additions. Cumulative inflows since launch reached $613.22 million.

Total net assets across all Solana ETF products stand at $917.99 million. November alone generated $414.01 million in inflows, more than double the $199.21 million recorded in October.

Market Context and Competition

The Solana outflow arrived as XRP ETFs continued their perfect record. XRP products added another $21 million on November 27, pushing their cumulative total to $643 million.

These funds have not recorded a single negative flow day since launching on November 14. Bitwise’s XRP ETF led with $7.4 million, while Canary’s XRPC brought in $5.2 million.

Lin described Solana as more exposed to competition among layer-one blockchains. She suggested Solana holders tend to exit quickly when market sentiment shifts.

Dogecoin ETFs launched this week but fell short of expectations. Grayscale’s Dogecoin Trust ETF debuted with only $11 million despite receiving New York Stock Exchange approval.

On-Chain Data and Price Action

Solana is currently trading around $141, up roughly 3.6% over the past 24 hours according to CoinGecko. However, the 30-day performance shows a decline of approximately 30%.

The price remains more than 50% below its all-time high of $293.31 reached earlier this year.

Network activity on Solana has weakened in recent weeks. Data from Nansen shows a 6% drop in active addresses and a 16% decline in network fees over the past seven days.

Total value locked on the Solana network fell to roughly $9.1 billion. This represents a 32% decrease from the September peak of $13.23 billion.

Major Solana protocols including Jito, Jupiter, Raydium, and Sanctum each posted double-digit declines in total value locked during November. The broader market sees trading volumes above $4.5 billion daily for Bitcoin ETFs.

Bitcoin ETF products added $21.12 million on November 26. Total cumulative Bitcoin ETF inflows now stand at $57.63 billion.

Ethereum ETFs showed improvement late in the month with inflows above $60 million for three straight sessions. However, November remains negative for Ethereum products with $1.50 billion in total outflows as investors rotate toward Bitcoin, Solana, and XRP.

Solana ETF assets represent approximately 1.15% of SOL’s $79 billion market cap.

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