Spot Solana ETFs Post First Red Day Since Launch

U.S. spot Solana exchange-traded funds recorded their archetypal outflow of $8.10 cardinal connected Wednesday, breaking a 21-day streak of inflows since their debut.

Despite the money outflows, Solana is trading astatine astir $141, up astir 3.6% implicit the past 24 hours, according to CoinGecko data.

The nett outflow was driven wholly by a $34.37 cardinal redemption from 21Shares’ TSOL. This was partially offset by inflows into different funds, including $13.33 cardinal for Bitwise’s BSOL and $10.42 cardinal for Grayscale’s GSOL, per SoSoValue data.

The full assets held by Solana ETFs hover astir $915 million, astir 1.15% of Solana’s $79 cardinal marketplace cap.

“Some of the flows retired of Solana whitethorn beryllium portion of a broader reallocation distant from ‘higher beta’ altcoins into ones perceived arsenic having amended structural adoption oregon regulatory clarity,” Rachel Lin, CEO and Co-Founder of SynFutures, told Decrypt connected Wednesday.

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XRP ETF netflows, connected the different hand, stay successful the greenish since its November 14 debut. The spot Dogecoin ETF, launched connected Monday, holds $6.48 cardinal successful full assets, representing a specified 0.03% of the meme coin’s $23 cardinal marketplace cap.

Launched connected October 28, the Litecoin ETF has seen nary outflows but has remained level since November 18.

In the existent risk-off environment, assets with clearer, little speculative narratives thin to clasp up better, Lin said. Unlike XRP, “Solana whitethorn beryllium seen arsenic much exposed to Layer 1 contention contempt its beardown ecosystem, making it susceptible erstwhile hazard is being chopped back.”

Furthermore, Lin characterized Solana holders arsenic much sentiment-driven, “who thin to exit aggressively erstwhile sentiment turns.”

Despite the bullish show implicit the past 24 hours, Solana's 30-day show hovers astir -30% and is down much than 50% from its all-time precocious of $293.31.

On prediction marketplace Myriad, owned by Decrypt’s genitor institution Dastan, users reflected this bleak outlook, placing a 92% accidental connected Solana failing to revisit its all-time precocious of $293.31 by year’s end.