Solana bulls have 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 saw 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 Friday, pumping more than $5 million into ETFs, a figure that more than reversed Monday as funds processed redemptions worth $13.55 million.
The pause in demand follows a three-week inflow trend that allowed SOL ETFs to stand out against their Bitcoin and Ether counterparts, which bled billions during the November market rout.
Additionally, since its debut on October 28, SOL ETFs have seen net inflows of over $600 million, with the Bitwise Solana ETF, BSOL, attracting over $540 million alone. Grayscale’s GSOL comes in a distant second, having seen net inflows of nearly $80 million since its debut.
During the same period, crypto investors withdrew over $3 billion and $1 billion from BTC and ETH ETFs, respectively.
The broader outperformance of SOL ETFs speaks to 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 providing exposure to the programmable blockchain’s native token without having to own it.
