Solana ETFs break 21-day streak of inflows

Source: PortaldoBitcoin Original Title: Solana ETFs break 21-day streak of inflows Original Link: The Solana ETFs traded in the US recorded their first capital outflow, amounting to $8.1 million, breaking a streak of 21 days of inflows since their debut.

Despite the outflows, Solana (SOL) is trading around $142, with an increase of approximately 3% in the last 24 hours.

The net outflow was entirely driven by a resGate of $34.37 million from the TSOL fund of 21Shares. This amount was partially offset by inflows into other funds, including $13.33 million in Bitwise's BSOL and $10.42 million in Grayscale's GSOL.

The total assets held by Solana's ETFs amount to approximately $915 million, about 1.15% of Solana's market capitalization, which is $79 billion.

“Part of the outflow from Solana may be part of a broader reallocation of 'higher beta' altcoins to others perceived as having better structural adoption or greater regulatory clarity,” said Rachel Lin, CEO and co-founder of SynFutures.

Altcoin ETFs

On the other hand, the net flows of the XRP ETF have remained positive since its debut on November 14. The recently launched spot ETF for Dogecoin holds $6.48 million in total assets, representing only 0.03% of the $23 billion market capitalization of the cryptocurrency.

Launched on October 28, the Litecoin ETF has not recorded capital outflows but remains stable since November 18.

In the current risk-averse environment, assets with clearer and less speculative narratives tend to perform better, Lin said. Unlike XRP, “Solana can be seen as more exposed to competition from layer one blockchains, despite its robust ecosystem, making it vulnerable when risk is being reduced.”

In addition, Lin characterized Solana holders as being more influenced by sentiment, “who tend to exit aggressively when the sentiment changes.”

Despite the positive performance in the last 24 hours, Solana's performance over the last 30 days is around -30% and is more than 50% below its all-time high of $293.31.