Solana ETFs Face First Setback as TSOL Posts $34M Withdrawal

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 single-day withdrawal of over $34 million.
• BSOL from Bitwise added $13.33 million in inflows, showing continued institutional interest in Solana ETFs.
• Grayscale and Fidelity’s Solana funds also gained capital, helping to offset the TSOL pullback.
• Solana ETF products now hold around 6.83 million SOL tokens valued near $964 million.

U.S. spot Solana ETFs posted $8.1 million in outflows on Wednesday, ending a 21-day positive streak. This marks the first net outflow session since the launch of 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 downturn with over $34 million in single-day withdrawals. TSOL’s total net outflows now stand at $26 million, while its assets under management dropped to $86 million. This shift broke the uninterrupted streak of gains and weighed on broader Solana ETF performance.

According to SoSoValue data, the withdrawal disrupted one of the fastest-growing ETF segments among non-Bitcoin crypto assets. TSOL had earlier driven much of the momentum in Solana ETF demand since launch. However, Wednesday’s movement suggests a shift in sentiment toward the product.

Despite the decline in TSOL, other issuers absorbed new capital and helped reduce overall pressure. The event underlined divergent investor behavior across competing Solana ETFs. Market participants viewed this as a short-term correction in an otherwise strong inflow trend.

BSOL, FSOL, and Grayscale Support Broader Solana ETF Intake

The Bitwise Solana Staking ETF, BSOL, registered $13.33 million in inflows during the same session. This intake lifted BSOL’s cumulative total to $527.79 million, reaffirming investor preference for staking-backed products. BSOL has remained the top-performing Solana ETF since inception.

Grayscale’s Solana Trust added $10.42 million, while Fidelity’s FSOL fund received $2.51 million. These flows balanced the impact of TSOL’s outflow and kept weekly performance in positive territory. Combined, Solana ETFs still saw a $103 million weekly net addition.

Solana ETF products now hold 6.83 million SOL tokens, currently valued around $964 million. Net assets across all Solana ETFs total $917.99 million, showing steady institutional interest. November accounted for $414.01 million of those inflows, compared to October’s $199.21 million.

ETF data highlights 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 tracking ETF flows for signs of upcoming trends.

Market Activity Slows Across Solana Network

According to Nansen, active Solana addresses declined by 6% over the past week. Network fees also dropped 16%, reflecting reduced user activity and network interaction. Total value locked on the chain declined 32% from its September high.

Current TVL on Solana stands near $9.1 billion, down from a peak of $13.23 billion. Jupiter, Raydium, Jito, and Sanctum protocols posted double-digit TVL losses this month. This suggests a broad slowdown in usage across core Solana platforms.

Technical indicators show Solana trading below its earlier $170 level, within a bearish continuation zone. Analysts identify $140–$145 as a critical support range for potential price movement. Breaks below this zone may confirm further downside targets.

Despite on-chain weakness, Solana ETFs continue attracting new capital at a strong pace. 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 Outpace 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 have 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 above $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 hit $1.50 billion this month, as capital shifted toward Solana ETFs and XRP products. Market data indicates institutional funds remain active across multiple assets. Solana ETFs ended the week strong, despite Wednesday’s outflow interruption.

The post Solana ETFs Face First Setback as TSOL Posts $34M Withdrawal appeared first on Blockonomi.