The streak is over for Solana. After 22 straight days of net inflows, U.S. spot Solana exchange-traded funds (ETFs) registered a net outflow of $8.2 million yesterday—the first negative session since their launch.
What happened
According to recent data, the drawdown was triggered largely by a massive withdrawal from 21Shares, which pulled about $34 million. Meanwhile, other issuers diverged: Bitwise added around $13.3 million, Fidelity’s FSOL added $2.5 million, Grayscale’s GSOL saw $10.4 million inflows, and VanEck remained relatively flat.
The net result: the collective outflows outweighed the inflows—ending a multi-week run of consistent demand for Solana exposure.
Background: The build-up
When Solana ETFs debuted on October 28, 2025, they quickly gained traction. For nearly three weeks thereafter, funds poured in, bringing cumulative inflows to hundreds of millions of dollars. As recently as mid-November the funds had collectively amassed close to $476 million over 19 straight days of inflows.
By late November, daily inflows had peaked — some sessions saw as much as $58 million. That run suggested growing institutional appetite for Solana — possibly tied to expectations that Solana projects and rapid-execution blockchain infrastructure might represent the next wave in crypto adoption.
What this means now
The outflow doesn’t necessarily spell disaster—the overall assets under management for Solana ETFs remain substantial, and several funds continue to attract fresh capital. The withdrawal from 21Shares might reflect profit-taking, rebalancing, or shifting allocations across issuers.
But the break in momentum signals a turning point: market participants might be rethinking their exposure — now that an initial wave of enthusiasm is cooling off. For some investors, this could mark a pause before a fresh leg up; for others, it serves as a reminder that crypto capital flows remain volatile and fast-moving.
Given this shift, all eyes will be on whether inflows resume in the coming days—especially as Solana’s fundamentals and the broader crypto environment evolve.
