Solana ETF Inflows Pause After Early Gains; $600M+ Net Since Launch
Solana spot ETFs—launched Oct. 28—recorded their first cumulative net outflow after three weeks of steady inflows. Funds saw a net daily withdrawal of about $8.1 million (first outflow day), following a brief $5+ million inflow on the Friday before Thanksgiving and $13.55 million in redemptions the following Monday. Since inception, the five tracked U.S. Solana spot ETFs have accumulated roughly $600M+ in net inflows, led by Bitwise’s BSOL (~$540M) and Grayscale’s GSOL (~$80M). The single-day outflow was driven mainly by a sizable redemption from 21Shares’ TSOL, while other issuers reported modest inflows—suggesting an issuer- or fund-specific reallocation rather than sector-wide weakness. This contrasts with concurrent larger withdrawals from bitcoin and ether spot ETFs, and Franklin Templeton has filed for a Solana ETF, signalling continued institutional interest in SOL exposure. Key trading takeaways: monitor fund-specific flows (notably BSOL, GSOL, TSOL), watch for further redemptions that could pressure SOL short-term, and track new ETF filings as a sign of ongoing institutional demand.
Neutral
The net inflow since launch (> $600M) and ongoing new ETF filings (Franklin Templeton) point to sustained institutional interest in SOL, which is supportive for longer-term demand and access — a bullish structural factor. However, the first single-day outflow (~$8.1M), driven largely by a large redemption from 21Shares’ TSOL, shows that fund- or issuer-specific redemptions can produce short-term selling pressure on SOL. Because most inflows are concentrated in a couple of funds (notably BSOL and GSOL), overall liquidity and price sensitivity remain dependent on a small number of issuers. Traders should expect potential short-term volatility around large ETF redemptions or reallocations but view the medium-to-long-term outlook as supported by continued institutional interest. Therefore the immediate price impact is mixed: short-term downside risk from redemptions, but neutral-to-bullish structural demand over time.