Solana ETFs Took Money In for 14 Straight Weeks, Their Longest Run Yet. The Week It Ended, Hong Kong Opened a Second Solana ETF. Which Market Has Solana Right?
Quick Read
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U.S. Solana ETFs ended a 14-week inflow streak with $24.8M in outflows, a figure that amounts to just 1.4% of the $1.72B in net assets.
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Ethereum’s nine straight outflow sessions and Bitcoin’s near-total losing week signal a broad crypto pullback, not Solana-specific selling.
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Hong Kong launched its second spot Solana ETF the same week, but months-long approvals make the timing coincidental, not a real-time bullish call.
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U.S.-listed Solana (CRYPTO: SOL) ETFs saw $24.8 million in outflows for the week ending October 9, 2026, ending a remarkable 14-week inflow streak. The selling ran through early October, with money flowing out of these funds on seven of the first eight trading sessions.
On October 13, however, a Hong Kong asset manager launched the city’s second spot Solana ETF, which directly buys and holds Solana coins. This raises the question: while U.S. investors are pulling money out of Solana funds, why is a Hong Kong firm launching a new product to invest in the same coin? Which market truly understands Solana’s potential?
U.S. Solana ETFs Break Their Longest Inflow Streak
Weekly fund flows indicate the movement of cash into and out of these ETFs. When investors add money, the fund creates new shares and buys more Solana; conversely, when they withdraw funds, the ETF redeems shares and sells the corresponding coins. A consecutive 14-week inflow streak means more money came in than went out each week.
Eventually, even strong streaks end. A single week of outflows after such a long period shows a shift, but it’s premature to judge Solana’s future based solely on this one development.
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The amount withdrawn was relatively minor. According to SoSoValue, U.S. Solana ETFs currently hold $1.72 billion in net assets, compared to a cumulative investment of $1.58 billion. Thus, the recent outflow represents only about 1.4% of the total assets. Additionally, net assets exceeding total inflows suggests the coins in these funds have appreciated since the investments were made.
Daily trends reveal more than the weekly totals. Outflows during seven of the first eight trading sessions of October suggest a consistent pattern of selling rather than a sudden large withdrawal.
Ethereum ETF Outflows Point to a Wider Crypto Pullback
In crypto markets, “rotation” refers to investors shifting money from one asset to another within the crypto ecosystem. Data from SoSoValue indicates that Bitcoin (CRYPTO: BTC) funds attracted $21.1 million on October 9, the only day of positive movement in a mostly negative week. If some funds leaving Solana ETFs redirected to Bitcoin, it could suggest a smaller shift in the crypto market.
Conversely, a broader crypto exit could be linked to declining prices. Solana is trading at $109, down 9.4% over the past week, but up 7.3% over the last 30 days. Still, this price point is about 63% lower than its peak of $293. When fund outflows coincide with falling prices, it often signals that holders are selling assets and moving into cash.
Ethereum (CRYPTO: ETH) showcases a different trend. Ethereum funds have faced nine consecutive sessions of outflows, while Bitcoin funds managed only one positive day during a down week. This suggests Bitcoin funds couldn’t offset withdrawals from Solana and Ethereum funds.
Overall, while some rotation may be happening, the evidence points to a broader pullback in crypto markets, not simply a move toward Bitcoin.
Hong Kong’s Second Solana ETF Says More About Access Than Price
Hong Kong’s market welcomed its first spot Solana ETF in October 2025, and the introduction of a second fund on October 13 opens additional regulated options for investors to access Solana. This indicates some ongoing confidence in Solana’s potential in the Hong Kong market.
However, a new fund launch doesn’t necessarily shed light on Solana’s pricing or the recent U.S. outflows. New funds typically take several months to plan and get approved, meaning that any inference drawn from the launch date in relation to the U.S. outflows could be misleading.
So, Who Reads Solana Better, U.S. Solana ETF Investors or Hong Kong?
The U.S. investment landscape appears to offer a clearer picture of Solana’s current situation, as it reflects investors’ real-time decisions in October. Nevertheless, the recent outflow seems more like a broader exit from various crypto funds outside Bitcoin than an outright rejection of Solana.
The impressive 14-week inflow streak, coupled with a $136 million gap between net assets and total investments, indicates strong demand for Solana over the summer. One week of $24.8 million in outflows is not enough to change that narrative.
Investors in Solana ETFs may need to be patient. If another week of outflows occurs while Ethereum funds continue losing money, this could reinforce the notion of a broad exit from crypto. Conversely, if inflows return while Ethereum remains in the red, it could signal renewed demand specifically for Solana. If net assets dip below the $1.58 billion investors have contributed, the average fund holder could be left at a loss.
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