Solana bulls hit the pause button after lighting up the market in November with millions pumped into US-listed spot exchange-traded funds (ETFs).
These spot ETFs recorded a cumulative outflow of $8.10 million on Friday, the first time since their inception on October 28, according to data source SoSoValue. Buyers returned on Friday, pumping more than $5 million into the ETFs, a figure that more than reversed on Monday when the funds processed redemptions worth $13.55 million.
The lull in demand follows a three-week inflow trend that made SOL ETFs stand out compared to their bitcoin and ether counterparts, which lost billions during the November market crash.
Furthermore, since its debut on October 28, SOL ETFs have seen net inflows of more than $600 million, with Bitwise Solana ETF, BSOL, alone attracting more than $540 million. Grayscale’s GSOL comes in a distant second, having posted net inflows of nearly $80 million since its debut.
During the same period, cryptocurrency investors have withdrawn more than $3 billion and $1 billion from BTC and ETH ETFs, respectively.
The overall outperformance of SOL ETFs is evidence of growing institutional interest beyond BTC and ETH. On November 21, Franklin Templeton officially filed with the SEC for the Solana ETF, citing continued demand for alternative investment vehicles that offer exposure to the native programmable blockchain token without having to own it.
