TLDR
- Solana ETFs experienced their largest-ever outflow, totaling $13.55 million, marking a significant shift in investor sentiment.
- The outflow was driven by a $32.54 million redemption from the 21Shares Solana ETF, following consecutive withdrawals.
- Despite the outflow, other Solana ETFs like Bitwise’s BSOL and Grayscale’s Solana ETF reported inflows of $17.18 million and $1.82 million.
- Solana ETFs’ assets under management now exceed $790 million, reflecting sustained institutional interest despite recent outflows.
- XRP ETFs saw a significant $90 million in net inflows, the fourth-largest inflow since the ETF’s launch, signaling strong investor demand.
Solana ETFs experienced their largest-ever outflow as the crypto market faced a downturn. Meanwhile, XRP ETFs recorded inflows of $90 million, signaling a shift in institutional investment preferences. The contrasting performance of Solana and XRP ETFs reflects different market dynamics during the ongoing crypto turbulence.
Solana ETFs See $13.55 Million Outflow
Solana ETFs recorded a $13.55 million net outflow, marking the second consecutive outflow for the asset class. According to SoSoValue data on December 2, this represents the largest-ever outflow for Solana ETFs to date. The outflow was primarily driven by a $32.54 million redemption from the 21Shares Solana ETF (TSOL), which has experienced a series of withdrawals.
The 21Shares Solana ETF, the largest ETF tied to Solana, faced its third consecutive outflow, totaling $60.14 million since its launch. This decline follows weeks of inflows into Solana ETFs, and it aligns with the broader crypto market correction. Despite this setback, other Solana ETFs, such as Bitwise’s Solana Staking ETF (BSOL) and Grayscale’s Solana ETF, reported inflows of $17.18 million and $1.82 million, respectively.
The combined assets under management (AUM) of Solana ETFs now exceed $790 million, indicating ongoing institutional interest in the altcoin. However, the outflows, especially from the 21Shares ETF, suggest that some investors are reallocating their capital. Despite this, Solana’s price has rebounded slightly by 3%, trading at $127.53, signaling resilience in the broader market.
XRP ETFs Record $90 Million in Inflows
In contrast to Solana ETFs, XRP ETFs saw a surge in inflows, with a net $90 million entering the asset class. This marks the fourth-largest inflow for XRP ETFs since their inception. The largest share of this inflow came from Grayscale’s XRP ETF (GXRP), which saw $52.30 million in investments.
Franklin Templeton’s XRPZ followed with $28.41 million, while smaller contributions came from Canary Capital’s XRPC and Bitwise XRP ETF. These inflows underscore the growing institutional interest in XRP, especially as it continues to hold strong positions in the market. Despite recent volatility, XRP’s price is trading at $2.01, with its high and low reaching $2.06 and $1.99, respectively.
On-chain data from Santiment reveals that XRP whale holdings remain robust. The number of XRP whales, especially those holding over 100 million coins, is at a seven-year high. This shift in whale behavior further complements the strong institutional demand reflected in the recent ETF inflows.
