Solana ETFs See First Outflows After 18 Straight Days of Inflows

After a historic series of 18 flawless days, Solana ETFs have just marked their first halt. The 21Shares Solana ETF faced massive withdrawals, dragging the entire sector into the red. Does this sudden reversal mark the end of the euphoria around SOL?

Solana finally drops after 18 perfect days

On November 27, 2025, the Solana ETFs experienced their first negative day since their launch in early November. 

SoSoValue data reveal net outflows of 8.1 million dollars, ending an exceptional streak of 18 consecutive days of positive inflows. This break occurs while the products had accumulated over 500 million dollars in institutional investments.

The main cause of this reversal? The 21Shares TSOL fund, which recorded spectacular withdrawals of 34 million dollars in 24 hours . Since its launch, this product now shows cumulative net outflows of 26 million dollars, with assets under management of only 86 million dollars. 

This hemorrhage raises questions about the manager’s positioning strategy and investor confidence in this particular vehicle.

In response to this massive defection, other Solana ETFs have demonstrated resilience. The Bitwise BSOL ETF, the undisputed leader in the segment, captured 13.33 million dollars in daily inflows, bringing its cumulative flows to 527.79 million dollars. 

The Grayscale Solana Trust (GSOL) contributed with 10.42 million dollars, while the Fidelity Solana Fund (FSOL) added 2.51 million. These performances help limit the damage in the sector and confirm the differentiated appetite of investors depending on issuers.

Solana ETFs collectively hold around 6.83 million SOL tokens, representing a total valuation of 964 million dollars according to Solana Strategic Reserve. This significant concentration of assets highlights the potential impact of capital movements on the native token’s price.

Evolution of Solana ETFs flows. Source: SoSoValue.

XRP shines while Dogecoin disappoints

Unlike Solana, XRP ETFs maintain a spotless trajectory since their market appearance. No capital outflows have been recorded to date, with cumulative net inflows reaching 643 million dollars. 

On November 27, the Bitwise XRP ETF led the charge with 7.4 million dollars in inflows, followed by Canary’s XRPC fund with 5.2 million. Franklin Templeton and Grayscale also contributed around 4 million dollars each.

This performance sharply contrasts with the disappointing launch of Dogecoin ETFs. The Grayscale Dogecoin Trust ETF (GDOG), listed Monday on the New York Stock Exchange, generated a trading volume of only 1.4 million dollars on its first day. 

A result well below the 11 million dollars anticipated by Eric Balchunas, ETF analyst at Bloomberg. He described these figures as “satisfactory” for a typical launch, but “weak” for a first spot product on this meme cryptocurrency.

The decline continued the following day. After a net inflow of 1.8 million dollars on Tuesday, GDOG registered flows of only 365,000 dollars on its second trading day. 

This 80% drop reveals a clear lack of interest from institutional investors in meme assets, even when packaged in regulated vehicles.

The first misstep of Solana ETFs, though limited in scale, marks a symbolic turning point after a phase of euphoria. The concentration of outflows on a single issuer suggests more a specific problem at 21Shares than a widespread disaffection for SOL. The strength of inflows into competing products confirms that institutional appeal for Solana remains intact .