Solana ETFs See Record Outflow as 21Shares' TSOL Bleeds $42M

U.S. spot Solana exchange-traded funds recorded their largest single-day outflow connected Wednesday, diverging from a broader crypto marketplace rally led by Bitcoin.

The $32.19 cardinal redemption marks the third—and largest—outflow since the funds launched connected October 28, according to SoSoValue data. A money breakdown shows the entirety of Wednesday's outflow came from 21Shares’ TSOL product, which saw $41.79 cardinal exit, partially offset by humble inflows into different Solana ETFs.

Notably, TSOL has been the superior root of outflows, contributing to each 3 Solana ETF redemption events to date. The erstwhile outflows were $13.55 cardinal connected December 1 and $8.10 cardinal connected November 26.

“This is apt a presumption reset aft 3 weeks of uninterrupted inflows and a crisp November drawdown,” Vitaliy Shtyrkin, CPO astatine an all-in-one crypto ecosystem for concern B2BINPAY, told Decrypt.

The outflow coincided with the motorboat of a competing product, arsenic Franklin Templeton’s Solana ETF (SOEZ) began trading connected the aforesaid day.

Despite the ETF weakness, Solana’s on-chain fundamentals archer a antithetic story. Over $321 cardinal has flowed onto the layer-1 web successful the past month, with Ethereum the large contributor, supplying implicit $240 cardinal of that total, according to Artemis data.

“Since the memecoin peak, on-chain enactment has decreased, progressive addresses fell to multi-month lows, and positioning connected derivatives is net-long yet little assertive than successful October,” Shtyrkin added. This improvement occurs amid a simplification successful speech proviso and unchangeable staking yields.

However, the expert added, “This doesn’t awesome exit, much of a longer-term conviction.”

Solana is presently trading astatine $142.75, up 1.1% connected the day, according to CoinGecko data.

Users of prediction marketplace Myriad, owned by Decrypt’s genitor institution Dastan, are cautious astir Solana’s short-term prospects, placing a 95% accidental connected it failing to interruption its all-time precocious earlier the extremity of the year.

Though Bitcoin’s December 1 selloff and consequent betterment has relieved near-term pressure, the outlook remains tense owed to the Federal Reserve’s involvement complaint determination connected December 10 and economical information releases this month.

Meanwhile, respective altcoins person demonstrated beardown bounce-back capacity. Coins similar Fartcoin, ZCash, Sui, and PumpFun person posted double-digit rallies implicit the past week, according to CoinGecko data.

XRP and Solana Are Jumping. They Just Got 2 Leveraged ETFs.

Still, the sentiment remains successful the fearfulness territory owed to the liquidation spikes noted since October 10. It volition beryllium connected however the macro overhang resolves, peculiarly successful the Fed’s guardant guidance for 2026.

Myriad predictors person assigned an 80% accidental that Bitcoin volition deed $100,000 archetypal earlier $80,000.