SOL Bulls Take a Breather After Pumping Millions Into ETFs

Solana bulls have hit the pause button after lighting up the market in November with millions pumped into the U.S.-listed spot exchange-traded funds (ETF).

These spot ETFs recorded a cumulative outflow of $8.10 million on Friday, marking the first time since their inception on Oct. 28, according to data source SoSoValue. Buyers returned on Friday, pumping in over $5 million into the ETFs, a tally that was more than reversed Monday as funds processed redemptions worth $13.55 million.

The pause in demand follows a three-week inflows trend that made SOL ETFs stand out in comparison to their bitcoin and ether counterparts, which bled billions during the November market rout.

Moreover, since their debut on Oct. 28, SOL ETFs have registered net inflows of over $600 million, with Bitwise Solana ETF, BSOL, alone drawing in over $540 million. Grayscale’s GSOL is a distant second, having seen net inflows of nearly $80 million since its debut.

During the same time frame, crypto investors have pulled out over $3 billion and $1 billion from BTC and ETH ETFs, respectively.

The broader outperformance of SOL ETFs is evidence of growing institutional interest beyond BTC and ETH. On Nov. 21, Franklin Templeton officially filed with the SEC for the Solana ETF, citing continued demand for alternative investment vehicles offering exposure to the programmable blockchain’s native token without having to own it.