Solana bulls have hit the pause button after lighting up the market in November with millions pumped into the US-listed spot exchange-traded funds (ETF).
These spot ETFs recorded a cumulative outflow of $8.10 million on Friday, the first time since their inception on Oct. 28, according to data source SoSoValue. Buyers returned on Friday, pumping over $5 million into the ETFs, a figure that was more than reversed on Monday, when funds processed $13.55 million worth of redemptions.
The pause in demand follows a three-week inflow trend that saw SOL ETFs stand out against their bitcoin and ether counterparts, which bled billions during the November market meltdown.
Additionally, since their debut on October 28, SOL ETFs have recorded net inflows of over $600 million, with the Bitwise Solana ETF, BSOL, alone pulling in over $540 million. Grayscale’s GSOL is a distant second, having seen net inflows of nearly $80 million since its debut.
During the same time frame, crypto investors have withdrawn over $3 billion and $1 billion from BTC and ETH ETFs, respectively.
The broader 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 programmable blockchain’s native token without having to own it.
