Solana ETFs Record First Outflow After 21-Day Inflow Streak

In the fast-paced world of cryptocurrency investments, institutional players often look beyond daily price fluctuations to build long-term positions. For Solana, this approach has been evident as major funds accumulated tokens steadily through exchange-traded funds (ETFs), even as the asset’s value experienced mixed results in November 2025.

Institutional Momentum in Solana ETFs

Solana spot ETFs, which began trading in late October 2025 following regulatory approval, have demonstrated robust demand from institutional investors. Data indicates a cumulative net inflow of $613 million since inception, with total net assets approaching $918 million. This accumulation occurred despite the asset’s price trading at $142.93 as of late November, reflecting a divergence between on-chain buying activity and spot market performance. Daily inflows remained in the multi-million-dollar range for an extended period, underscoring steady interest. However, this pattern shifted on November 26, 2025, when the ETFs recorded their first net outflow of $8.10 million since launch—ending a 21-day streak of positive flows. Prior days showed stronger gains, including $53.08 million on November 25 and $57.99 million on November 24.

Inflow Patterns and On-Chain Activity

The inflow streak highlights institutional resilience amid market volatility, mirroring patterns observed in earlier Bitcoin ETF launches where buying persisted through price swings. Key statistics from the period include:

• Bitwise Solana Staking ETF (BSOL): Surpassed $500 million in assets under management within its first 18 days, holding 4.31 million SOL tokens valued at approximately $587 million.
• Recent Withdrawals: Bitwise moved 192,865 SOL (worth $26.39 million) from Coinbase to ETF custody wallets, part of broader exchange outflows signaling accumulation.
• Fee Structure: Management fees for Solana ETFs range from 0.19% to 0.80%, with lower fees potentially aiding investor retention, similar to trends in Bitcoin and Ethereum ETF markets.

“21 CONSECUTIVE DAYS!!! Think it’s safe to say the 21 day $SOL ETF inflow streak continues with the Franklin Templeton ETF coming.”

— Kyle Chassé, Crypto Analyst

Expanding Institutional Involvement and Market Outlook

The entry of major asset managers is amplifying interest in Solana products. Franklin Templeton, overseeing $1.7 trillion in assets, has filed for its own Solana spot ETF with a competitive 0.19% management fee. This move builds on the firm’s blockchain experience, including tokenised money market funds, and could drive additional inflows upon launch. Broader market context shows the total cryptocurrency capitalisation at $3.22 trillion, with daily trading volume reaching $154.75 billion in late November.

Volumes in CME-regulated crypto derivatives have also hit records, indicating heightened institutional participation across spot and futures markets. Looking ahead, the sustainability of these inflows depends on factors such as regulatory developments, Solana network reliability, and competition from other blockchains. Macroeconomic conditions will play a role, though a recent security incident involving the Upbit exchange—resulting in Solana-related losses—may introduce short-term volatility and temper sentiment. (Note: Exact details of the Upbit incident remain under investigation, with potential impacts on investor confidence flagged as uncertain.) How do you see institutional ETF inflows influencing Solana’s long-term market position?