Spot Solana ETFs log 20 consecutive days of net inflows since debut

U.S. spot Solana exchange-traded funds reported their 20th consecutive day of net inflows on Monday, extending an unbroken positive streak since launching in late October.

According to data from SoSoValue, spot Solana ETFs reported $58 million in net inflows yesterday, led by $39.5 million entering Bitwise's BSOL. This inflow marked the third-largest amount the Solana funds reported, and the largest since Nov. 3.

With Monday's net inflows, the Solana ETFs have attracted a total of $568.24 million since BSOL first debuted on Oct. 28. The six funds hold total net assets of $843.81 million, equivalent to roughly 1.09% of SOL's market capitalization.

"The spot Solana ETFs have demonstrated strong resilience, exceeding pre-launch projections that anticipated more moderate institutional uptake amid the market downturn," said Nick Ruck, director at LVRG Research. "This sustained capital influx highlights Solana's maturation as a blue-chip asset, drawing in sophisticated investors seeking diversified exposure beyond Bitcoin and Ethereum in a competitive DeFi landscape."

Ruck added that while Solana is currently experiencing selling pressures due to a broader crypto market de-risking, the ETF inflows are poised to provide foundational support and tighten supply dynamics to set the stage for a potential rebound when the market stabilizes.

BTSE COO Jeff Mei also noted that multiple traditional financial players are choosing to tokenize assets on the Solana network, such as xStocks that tokenizes U.S. stocks and ETFs on Solana.

"That being said, Solana's token price has fallen in recent weeks as it still tracks that of the overall cryptocurrency market; it will likely take some time for the ETFs to lift the token price," Mei added.

Meanwhile, spot XRP ETFs recorded $164 million in net inflows on Monday, marking their second-highest inflows following the $243 million record set on Nov. 14. Grayscale's and Franklin Templeton's XRP ETFs each saw over $60 million in net inflows, while XRP funds from Canary and Bitwise also logged inflows.

On Monday, Grayscale debuted the first spot Dogecoin ETF, GDOG, on the New York Stock Exchange. The fund registered zero net flows on its first day of trading, despite logging a trading volume of $1.41 million.