Solana’s streak of uninterrupted ETF inflows came to an abrupt end on Wednesday, as Solana U.S. cash exchange-traded funds saw $8.1 million in net outflows, according to SoSoValue data.
The outing marked the first negative session since the products launched earlier this month and broke a 21-day accumulation streak that had helped position Solana as one of the fastest-growing ETF markets among non-Bitcoin assets.
The reversal was largely driven by the 21Shares Solana ETF, TSOL, which saw more than $34 million flow out of the fund in a single session.
TSOL has now seen total net outflows of $26 million since its launch, with current net assets standing at $86 million.
While one issuer’s sharp pullback triggered a broader negative sentiment, other Solana ETFs continued to attract stable capital, absorbing much of the imbalance.
Bitwise Solana Staking ETF, BSOL, led inflows with an inflow of $13.33 million, bringing its cumulative total to $527.79 million.
The Grayscale Solana Trust also had a good day, adding $10.42 million, while Fidelity’s FSOL fund recorded $2.51 million.
Together, Solana ETF products now hold approximately 6.83 million SOL tokens worth approximately $964 million, showing that institutional demand remains high even as short-term flows become uneven.
Despite Wednesday’s setback, Solana Cash ETFs finished the week with a net addition of nearly $103 million, pushing cumulative inflows to $613.22 million and total net assets to $917.99 million.
November alone generated $414.01 million in admissions, surpassing October’s $199.21 million in their first month.
The mixed day for Solana ETFs contrasts with the momentum seen in newly launched XRP products, which have yet to record a single release session.
XRP ETFs saw an additional $21 million in combined inflows on Wednesday, bringing their cumulative total to $643 million.
The Bitwise XRP ETF leads with $7.4 million, followed by Canary’s XRPC with $5.2 million and around $4 million each for Franklin Templeton’s
Elsewhere, the Dogecoin ETF performed below expectations. The New York Stock Exchange approved the listing of Grayscale’s Dogecoin Trust ETF, but the product fell short of analysts’ estimates, debuting at just $11 million.
Institutional demand drives Bitcoin ETFs higher as Solana market indicators turn bearish
Meanwhile, Bitcoin ETFs continued their trend of modest strength, adding $21.12 million on November 26 despite recent volatility.
Cumulative total Bitcoin ETF inflows now stand at $57.63 billion, supported by daily trading volumes exceeding $4.5 billion.
Ethereum ETFs also showed improvement in daily activity at the end of the month, with inflows above $60 million for three consecutive sessions.
However, they continue to face sustained net outflows in November, totaling $1.50 billion, as investors turn to Bitcoin, Solana and XRP.
Analysts monitoring Solana’s ETF performance note that the exit coincides with a period of broader market caution and weakening on-chain activity.
According to Nansen data, there was a 6% drop in active Solana addresses and a 16% drop in network fees over the past week. The total value locked on the network has fallen 32% from its peak of $13.23 billion in September, currently sitting at around $9.1 billion.
The slowdown has rippled across major Solana protocols including Jito, Jupiter, Raydium, and Sanctum, each seeing double-digit TVL declines this month.
Technical readings indicate continued uncertainty. Solana is trading in a bearish continuation trend after pulling back from the $170 region earlier in the month.
Traders are highlighting the $140-145 area as a pivotal zone, with a break below potentially confirming a continuation towards lower support levels.
Market strategists say the divergence between strong ETF inflows and weakening spot performance illustrates the broader tension in crypto markets, where institutional accumulation continues even as retail sales and cautious sentiment weigh on prices.
In the days and weeks ahead, analysts expect Solana to remain susceptible to market-wide volatility and consistency in ETF flows.
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