Spot Solana ETFs Post First Red Day Since Launch
U.S. spot Solana ETFs saw their first outflow of $8.1 million on Wednesday after 21 consecutive days of inflows, driven primarily by a $34.37 million redemption from 21Shares’ TSOL. This outflow was partly offset by inflows to other funds, such as Bitwise’s BSOL and Grayscale’s GSOL. Despite the ETF outflows, Solana is trading at about $141, up 3.6% in 24 hours, though its 30-day performance is down about 30% and over 50% below its all-time high. Solana ETFs hold around $915 million in assets, representing roughly 1.15% of Solana’s market cap. Analysts attribute the outflows to a broader shift from higher-risk altcoins like Solana toward assets with greater regulatory clarity or adoption. In contrast, XRP and Dogecoin ETFs continue to see inflows or stability, with the Dogecoin ETF holding $6.48 million since its Monday launch. Litecoin’s ETF has remained flat since mid-November. Market sentiment remains cautious, with prediction markets highly skeptical about Solana regaining its all-time high by year’s end.
