Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Solana’s string of uninterrupted ETF inflows came to an abrupt end on Wednesday, as U.S. spot Solana exchange-traded funds recorded $8.1 million in net outflows, according to data from SoSoValue.
The outflow marked the first negative session since the products launched earlier this month and broke a 21-day accumulation streak that had helped position Solana as one of the fastest-growing ETF markets among non-Bitcoin assets.
The reversal was largely driven by the 21Shares Solana ETF, TSOL, which saw more than $34 million exit the fund in a single session.
TSOL has now registered $26 million in total net outflows since launch, with current net assets standing at $86 million.
While the sharp pullback from one issuer triggered the broader negative print, other Solana ETFs continued to attract steady capital, absorbing much of the imbalance.
The Bitwise Solana Staking ETF, BSOL, led inflows with a $13.33 million intake, bringing its cumulative total to $527.79 million.
The Grayscale Solana Trust also posted a strong day, adding $10.42 million, while Fidelity’s FSOL fund logged $2.51 million.
Combined, Solana ETF products now hold approximately 6.83 million SOL tokens valued at around $964 million, showing that institutional demand remains elevated even as short-term flows turn uneven.
Despite Wednesday’s setback, Solana spot ETFs ended the week with a net addition of nearly $103 million, pushing cumulative inflows to $613.22 million and total net assets to $917.99 million.
November alone has generated $414.01 million in inflows, surpassing the $199.21 million recorded in October during their debut month.
The mixed day for Solana ETFs contrasts with the momentum seen in the newly launched XRP products, which have yet to log a single outflow session.
XRP ETFs recorded another $21 million in combined inflows on Wednesday, lifting their cumulative total to $643 million.
The Bitwise XRP ETF led with $7.4 million, followed by Canary’s XRPC with $5.2 million and roughly $4 million each for Franklin Templeton’s XRPZ and Grayscale’s GXRP.
Elsewhere, Dogecoin ETF performance lagged expectations. The New York Stock Exchange approved the listing of Grayscale’s Dogecoin Trust ETF, but the product fell short of analyst estimates, with a debut of only $11 million.
Institutional Demand Lifts Bitcoin ETFs as Solana Market Indicators Turn Bearish
Meanwhile, Bitcoin ETFs continued their pattern of modest strength, adding $21.12 million on November 26 despite recent volatility.
Total cumulative Bitcoin ETF inflows now stand at $57.63 billion, supported by daily trading volumes above $4.5 billion.
Ethereum ETFs also showed improving daily activity late in the month, with inflows above $60 million for three consecutive sessions.
However, they continue to face sustained net outflows for November, totaling $1.50 billion as investors rotate toward Bitcoin, Solana, and XRP.
Analysts monitoring Solana’s ETF performance note that the outflow coincides with a period of broader market caution and weakening on-chain activity.
According to data from Nansen, there was a 6% decline in active Solana addresses and a 16% drop in network fees over the past week. The total value locked on the network has fallen 32% from its September peak of $13.23 billion, currently standing at roughly $9.1 billion.
The slowdown has carried through to major Solana protocols, including Jito, Jupiter, Raydium, and Sanctum, each posting double-digit TVL declines this month.
Technical readings point to continued uncertainty. Solana is trading within a bearish continuation pattern after retreating from the $170 region earlier in the month.
Traders point out the $140–$145 area as a pivotal zone, with a break below potentially confirming a continuation toward lower support levels.
Market strategists say the divergence between strong ETF inflows and weakening spot performance illustrates the broader tension in crypto markets, where institutional accumulation continues even as retail-led selling and cautious sentiment weigh on prices.
In the coming days and weeks, analysts expect Solana to remain sensitive to market-wide volatility and ETF flow consistency.
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