Solana ETF Performance Shifts
U.S. spot Solana exchange-traded funds broke their flawless inflow streak on Wednesday, posting $8.1 million in net outflows for their first negative day since launch. Data provider SoSoValue confirmed the reversal marks the end of a 21-day consecutive inflow pattern.
The 21Shares Solana ETF (TSOL) drove the withdrawal wave, experiencing over $34 million in outflows during a single trading session. The ETF has accumulated cumulative net outflows of $26 million since launch and maintains net assets of $86 million.
Other Solana ETFs delivered strong performance, absorbing substantial portions of TSOL's outflows. The Bitwise Solana Staking ETF (BSOL) continued its dominance with a $13.33 million single-day intake, elevating its cumulative inflows to $527.79 million.
The Grayscale Solana Trust (GSOL) recorded a positive day with $10.42 million in new capital, while the Fidelity Solana Fund (FSOL) posted $2.51 million in inflows. Solana Strategic Reserve data revealed that Solana ETFs hold approximately 6.83 million Solana tokens, valued at roughly $964 million.
Rachel Lin, CEO and co-founder of SynFutures, suggested that flows out of Solana may reflect a broader reallocation away from higher beta altcoins into assets perceived as having better structural adoption or regulatory clarity. Total assets held by Solana ETFs hover around $915 million, representing roughly 1.15% of Solana's $79 billion market cap.
XRP and Dogecoin ETF Trends
While Solana ETFs broke their perfect streak, newly launched XRP ETF products have maintained consistent inflows. SoSoValue data showed that XRP ETFs have logged only daily inflows, reaching a cumulative total net inflow of $643 million.
On Wednesday, the Bitwise XRP ETF led the group with a $7.4 million inflow, while Canary's XRPC ETF followed with $5.2 million. Franklin Templeton's XRPZ and Grayscale's GXRP recorded similar inflows of approximately $4 million each.
The much-anticipated Dogecoin ETFs, holding the top memecoin cryptocurrency, underperformed following their launch. On Monday, the New York Stock Exchange approved the listing of the Grayscale Dogecoin Trust ETF (GDOG), with Bloomberg ETF analyst Eric Balchunas predicting a debut performance of about $11 million.
The GDOG ETF generated only $1.4 million in volume on its first day, significantly below analyst expectations. According to SoSoValue data, the GDOG ETF recorded a net inflow of $1.8 million on Tuesday, which plunged to just $365,000 on its second trading day, representing an 80% decline. The spot Dogecoin ETF holds $6.48 million in total assets, representing merely 0.03% of the meme coin's $23 billion market cap.