Solana spot exchange-traded funds have drawn investor capital for 10 consecutive trading days, contrasting sharply with significant outflows from rival Bitcoin and Ethereum products.
The funds, which offer direct exposure to SOL, have accumulated $342.48 million in inflows since their debut on October 28. This makes them the only segment of cryptocurrency ETFs to maintain sustained investor interest amid recent market volatility.
On Monday, the Bitwise Solana ETF (BSOL) and the Grayscale Solana Trust (converted to an ETF) jointly attracted $6.78 million, according to data from SoSoValue. Their total assets under management now stand at $598.36 million.
This positive trend starkly deviates from the performance of Bitcoin and Ethereum spot ETFs. Bitcoin funds saw a marginal inflow of just $1.15 million on Monday, following a substantial $558.4 million outflow on Friday. The previous week concluded with total net outflows of $1.2 billion for Bitcoin products.
🚀💰 Historic streak for Solana:
Solana spot ETFs have recorded 10 consecutive days of inflows.
They have accumulated USD $342 million since their launch on October 28.
In contrast, Bitcoin and Ethereum ETFs are suffering significant net outflows.
SOL… pic.twitter.com/HSCMtgVFFK
— Diario฿itcoin (@DiarioBitcoin) November 12, 2023
Ethereum spot ETFs recorded zero net inflows or outflows on Monday. This came after withdrawals of $46.6 million on Friday and a total loss of $507 million in the prior week.
The renewed appetite for Solana products emerges as the broader crypto market experiences a partial recovery. Bitcoin had recently dipped below the psychological $100,000 threshold twice last week.
As of recent market close, Bitcoin traded at $105,341, Ethereum at $3,577, and Solana at $163.90. All three saw slight declines of between 1% and 3% in the last 24 hours.
Analysts cite several factors for Solana’s sustained appeal. These include a narrative of an “altcoin season” following Bitcoin’s consolidation above six figures. The growing decentralized finance (DeFi) and memecoin ecosystem on Solana is also a contributing factor.
Furthermore, these ETFs represent the first regulated and direct exposure to SOL for institutional investors in the United States. With 10 consecutive days of inflows and no outflows since launch, Solana spot ETFs are proving to be a significant positive surprise for the fourth quarter in the realm of Wall Street’s crypto-backed products.