Solana’s uninterrupted streak of daily ETF inflows came to a sudden halt on Wednesday, as U.S. spot Solana ETFs recorded $8.1 million in net outflows, according to new data from SoSoValue. The pullback marks the first negative session since the products debuted earlier this month and ends a 21-day accumulation run that helped position Solana as one of the fastest-expanding ETF markets outside of Bitcoin.
21Shares’ TSOL Drives the Reversal as Solana ETF Market Nears $1B
The outflow was almost entirely driven by the 21Shares Solana ETF (TSOL), which saw more than $34 million withdrawn in a single day.
Key TSOL stats:
$34M outflow on Wednesday
$26M total net outflows since launch
$86M current net assets
While TSOL’s sharp decline pushed the broader Solana ETF segment into negative territory, other issuers continued to attract steady inflows, softening the overall impact.
Bitwise BSOL Leads Inflows With $13.33M
The Bitwise Solana Staking ETF (BSOL) again emerged as the strongest performer, bringing in $13.33 million and lifting its cumulative inflows to $527.79 million.
Additional inflows:
Grayscale Solana Trust → +$10.42M
Fidelity FSOL → +$2.51M
Combined, Solana ETF products now hold 6.83 million SOL, valued at roughly $964 million, signaling that institutional interest remains robust even as short-term flows turn uneven.
Despite the single-session setback, Solana ETFs ended the week with $103 million in net additions, pushing:
Cumulative inflows → $613.22M
Total net assets → $917.99M
November alone accounted for $414.01 million, doubling October’s $199.21 million during the market’s debut month.
XRP ETFs Maintain Perfect Streak — No Outflows Yet
The mixed performance for Solana contrasts sharply with the momentum behind newly launched XRP spot ETFs, which have yet to log a single outflow session.
On Wednesday, XRP ETFs added $21 million, bringing cumulative inflows to $643 million.
Breakdown:
Bitwise XRP ETF → +$7.4M
Canary XRPC → +$5.2M
Franklin Templeton XRPZ → ~+4M
Grayscale GXRP → ~+4M
Analysts Eric Balchunas and James Seyffart expect 100+ new crypto ETFs to hit the U.S. market in the next six months as regulatory paths continue to open.
Dogecoin ETF Debut Falls Short of Expectations
The New York Stock Exchange approved the listing of Grayscale’s Dogecoin Trust ETF, but its launch volume hit only $11 million, well below the $20–$30 million some analysts anticipated.
DOGE ETF demand lags behind XRP and Solana, though a second Dogecoin product from Bitwise is expected to help diversify access.
Bitcoin ETFs Add $21M as Institutional Capital Remains Steady
Meanwhile, Bitcoin ETFs continued to draw moderate inflows, adding $21.12 million on November 26.
Bitcoin ETF stats:
Total cumulative inflows → $57.63 billion
Daily trading volumes → $4.5B+
Ethereum ETFs saw more than $60 million in daily inflows for three consecutive sessions but remain deep in the red for November, with $1.50 billion in net outflows as capital rotates toward Bitcoin, Solana, and XRP.
Weak On-Chain Activity Adds Bearish Pressure to Solana
The ETF setback coincides with weakening fundamentals on the Solana network.
According to Nansen:
Active addresses ↓ 6% over the past week
Network fees ↓ 16%
Total Value Locked (TVL) ↓ 32% from September’s peak of $13.23B
Current TVL: ~$9.1B
Major protocols including Jito, Jupiter, Raydium, and Sanctum posted double-digit TVL declines, according to DefiLlama.
Solana Trades Near Key Support as Technicals Turn Cautious
SOL’s price action reflects growing uncertainty:
Trading below the $170 rejection zone
Consolidating in a bearish continuation pattern
Critical support region: $140–$145
Analysts warn that a breakdown below this level may signal a move toward deeper support areas.
Institutional Accumulation vs. Retail Weakness: A Market in Divergence
Market strategists observe that despite weakening spot performance, Solana continues to attract institutional ETF inflows, highlighting a deeper divergence across crypto markets:
Institutional players are accumulating through ETFs
Retail traders remain cautious, contributing to spot selling pressure
Market sentiment remains fragile, sensitive to volatility and macro conditions
Analysts expect Solana to remain highly responsive to:
ETF flow trends
On-chain fundamentals
Broader crypto-market volatility
In the weeks ahead.
