Solana ETF Outflows Mark First Day in the Red
US spot Solana exchange-traded funds (ETFs) experienced their first net outflows on November 26, recording $8.1 million in outflows, breaking a consistent inflow streak since their launch. This marks a significant shift from their previous performance.
The 21Shares Solana ETF (TSOL) was the primary driver of this pullback, with over $34 million in outflows. This particular ETF has accumulated net outflows of $26 million since its inception and currently holds $86 million in net assets.
Despite the negative trend for TSOL, other Solana ETFs demonstrated resilience. The Bitwise Solana Staking ETF (BSOL) continued its strong performance, bringing in $13.33 million in a single day and increasing its cumulative inflows to $527.79 million.
The Grayscale Solana Trust (GSOL) also saw positive inflows, adding $10.42 million, and the Fidelity Solana Fund (FSOL) recorded $2.51 million in inflows. Data from Solana Strategic Reserve indicates that Solana ETFs collectively hold approximately 6.83 million Solana tokens, valued at around $964 million.
XRP ETFs Maintain Perfect Inflow Streak
In contrast to Solana ETFs, newly launched XRP ETF products have maintained a perfect streak of daily inflows, with no outflows recorded to date. Data from SoSoValue shows that XRP ETFs have consistently logged daily inflows, accumulating a total net inflow of $643 million.
On Wednesday, the Bitwise XRP ETF (XRP) led the inflows with $7.4 million, followed by Canary’s XRPC ETF with $5.2 million. Franklin Templeton’s XRPZ and Grayscale's GXRP also saw substantial inflows, each recording approximately $4 million.
Dogecoin ETFs Underperform After Launch
The highly anticipated Dogecoin (DOGE) ETFs, which track the memecoin cryptocurrency, have shown disappointing performance following their launch.
The New York Stock Exchange (NYSE) approved the listing of the Grayscale Dogecoin Trust ETF (GDOG) on Monday. While Bloomberg ETF analyst Eric Balchunas had predicted a debut performance of around $11 million for GDOG, the ETF fell short of these expectations.
On its first day of trading, the GDOG ETF generated only $1.4 million in volume, a figure significantly below the analyst’s projections. Balchunas described this as a "solid" performance for an average launch but noted it was low for a first-of-its-kind spot product.
According to SoSoValue data, the GDOG ETF recorded a net inflow of $1.8 million on Tuesday. However, this inflow saw a substantial decline of 80% on its second day of trading, falling to just $365,000.