Solana bulls have paused their momentum after a surge in November, with substantial investments directed toward U.S.-listed spot exchange-traded funds (ETF).
These spot ETFs experienced a total outflow of $8.10 million on Friday, marking a first since their launch on Oct. 28, as per data from SoSoValue. However, buyers returned on Friday with an influx of over $5 million into the ETFs, which was swiftly offset on Monday when redemptions reached $13.55 million.
This lull in demand follows a three-week inflow trend that positioned SOL ETFs ahead of their bitcoin and ether counterparts, which suffered losses of billions during the November market decline.
Since launching on Oct. 28, SOL ETFs have seen net inflows exceeding $600 million, with the Bitwise Solana ETF (BSOL) alone attracting over $540 million. Grayscale’s GSOL trails significantly, accumulating almost $80 million in net inflows since its introduction.
In contrast, during the same period, investors have withdrawn more than $3 billion and $1 billion from BTC and ETH ETFs, respectively.
The superior performance of SOL ETFs highlights increasing institutional interest beyond BTC and ETH. On Nov. 21, Franklin Templeton filed officially with the SEC for the Solana ETF, citing persistent demand for alternative investment options that provide exposure to the programmable blockchain’s native token without direct ownership.
