US spot Solana ETFs report 10th consecutive day of net inflows
Quick Take
- Spot Solana ETFs recorded their 10th consecutive day of net inflows on Monday, totaling $6.78 million.
- The two Solana funds have accumulated $342.48 million in net inflows since launch.
Spot Solana exchange-traded funds in the U.S. reported their 10th consecutive day of daily net inflows on Monday.
According to data from SoSoValue, spot Solana ETFs saw a total net inflow of $6.78 million on Monday, led by $5.92 million into Bitwise's BSOL. Grayscale's GSOL, the only other Solana fund, saw $854,480 in inflows.
Since the launch of BSOL on Oct. 28, flows into the two spot Solana ETFs have remained positive, except for two days when GSOL recorded no activity. Together, the funds have attracted a total of $342.48 million in net inflows.
While the funds drew nearly $200 million in their first week, Monday's net inflow of $6.78 million marked the lowest daily figure since their debut.
"The U.S. spot Solana ETF inflow streak significantly outperformed pre-launch expectations that projected less institutional adoption due to Solana's perceived regulatory and technical risks," said Nick Ruck, director at LVRG Research.
Despite initial expectations that the Solana funds' success would be minimal compared to bitcoin and ether, the two funds registered daily inflows exceeding $70 million last Wednesday. Bloomberg Senior ETF analyst Eric Balchunas hailed the performance as a "huge number, good sign."
LVRG's Ruck said investors are viewing Solana ETFs as a "high-beta" complement to BTC and ETH ETFs, offering diversified exposure to Solana's ecosystem. These investors are accepting greater volatility for potentially superior risk-adjusted returns in a maturing altcoin cycle, Ruck added.
"Going forward, sustained ETF inflows should provide durable price support for SOL by tightening supply dynamics and attracting institutional capital," Ruck said.
The Block's crypto price page shows that Solana fell 1.85% in the past 24 hours to $164.24.
Meanwhile, spot bitcoin ETFs saw $1.15 million worth of net inflows on Monday, entirely from Bitwise's fund. Ethereum ETFs saw no net flows for the day. Canary Capital's Litecoin ETF reported $2.11 million in inflows, while its Hedera ETF saw zero daily flows.
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