US-listed Solana exchange-traded funds recorded their first day of net outflows on Wednesday, ending a three-week streak of steady inflows that began when the products were launched.
About $8.1 million came out of the funds, according to flow data reported by issuers.
The decrease was primarily due to a $34.37 million redemption of 21Shares’ TSOL.
Meanwhile, other issuers saw new subscriptions: Bitwise’s BSOL added $13.33 million and Grayscale’s GSOL gained $10.42 million, reducing the overall impact.
Solana price rose during the trading session, reaching around $141, up approximately 3.6% in 24 hours.
The combined assets held in the U.S. Solana ETFs total about $915 million, a small portion of Solana’s overall $79 billion market valuation, but notable for the products that have entered the market recently.
Altcoin ETF Activity
The first day of redemptions follows 21 consecutive sessions of net inflows into Solana products.
Other cryptocurrency-linked ETFs showed mixed but active trading:
- XRP funds continued to record net inflows
- Newly Launched Dogecoin ETF Expanded to $6.48 Million in Assets
- The Litecoin ETF, which has been trading since late October, has seen no redemptions but minimal growth since mid-November.
The variation between issuers reflects different allocation patterns within the altcoin ETF segment.
Recent performance
Solana price moved to around $141 during Wednesday’s session, but the monthly performance remains negative.
The data shows a drop of about 30% in the last 30 days, reversing a portion of the gains from the beginning of the year.
Even with the recent surge, Solana is trading at less than half its previous all-time high of $293.31 set in 2021.
On the Myriad prediction platform, users put a 92% chance that Solana will not revisit that record before the end of the year, indicating expectations of a slower recovery based on current prices.
Bottom mechanics during the first start
The funds processed redemptions without altering prices and no divergence emerged between ETF share prices and the underlying SOL market.
Trading volumes at listing venues remained consistent with recent averages, and settlement operations continued as normal through authorized participants.
Flow activity showed the ETF’s structure working as intended during its first withdrawal event since its launch.
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