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Solana ETFs attract over $350 million in 11 days
As of the last trading session on November 11, spot exchange-traded funds (ETFs) based on Solana attracted $7.9 million, marking the 11th consecutive day of positive inflows.
Flows and outflows in Solana spot ETFs. Source: SoSoValue.
Most of the inflows came from GSOL by Grayscale — $5.9 million. BSOL by Bitwise recorded $2 million.
Total trading volume reached $23 million.
Since their launch in late October, investors have poured a total of $350.4 million into Solana-based ETFs. The funds currently manage $568.3 million in assets — about 0.6% of Solana’s total supply.
Unexpected results
LVRG Research director Nick Ruck told The Block that the consistent inflows into Solana spot ETFs came as a surprise to the market, with results far exceeding initial conservative forecasts.
According to him, many experts were initially skeptical about institutional demand for the product.
Ruck emphasized that investors view Solana ETFs as a high-yield complement to their Bitcoin and Ethereum positions. These market participants accept higher volatility in exchange for the potential of greater returns.
“In the long term, steady inflows into ETFs should provide lasting support for the SOL price by tightening supply dynamics and attracting institutional capital,” the expert added.
So far, the positive momentum of the instruments has not had a significant impact on the altcoin’s price. At the time of writing, SOL is trading around $156, down 5% over the past 24 hours.
Hourly chart of SOL/USDT on Binance. Source: TradingView.
Analyst opinions
Senior etf.com analyst Sumit Roy said that inflows into Solana spot ETFs appear “logical,” given the token’s $90 billion market capitalization.
“The coin has a loyal community of supporters — perhaps the strongest after Bitcoin and Ethereum,” he told Decrypt.
In his view, the inclusion of a staking feature in the ETFs also increased their attractiveness. Roy suggested that Solana-based ETFs could eventually accumulate at least 5% of the asset’s market capitalization.
Bitcoin and Ethereum ETFs
Spot ETFs based on the leading cryptocurrency attracted $523 million, bringing total net inflows to $60.4 billion.
Flows and outflows in Bitcoin spot ETFs. Source: SoSoValue.
The majority came from IBIT by BlackRock — $224 million. FBTC by Fidelity and ARKB by Ark & 21Shares received $165 million and $102 million, respectively.
Bitcoin ETFs currently hold $137.8 billion in assets — around 6.6% of the total Bitcoin supply.
Ethereum-based ETFs, on the other hand, recorded outflows of $107 million. ETH by Grayscale lost $75 million, and ETHA by BlackRock lost $19 million.
Flows and outflows in Ethereum spot ETFs. Source: SoSoValue.
As a reminder, in November the U.S. post-trading, clearing, and settlement provider DTCC added five XRP-based spot ETFs to its list.
See also: "Arthur Hayes Prepares to Buy Zcash at the Bottom — at a Rather High Price"
