Solana Spot ETFs See First Outflows, XRP ETFs Maintain Perfect Streak

Key Takeaways

• US spot Solana ETFs record $8.1 million in net outflows, their first day in the red.
• The 21Shares Solana ETF (TSOL) largely drove the pullback with over $34 million in outflows.
• XRP ETFs maintain their perfect streak with continuous inflows totaling $643 million.
• Dogecoin ETFs underperform after launch, with a significant drop in inflows on the second day of trading.

US spot Solana exchange-traded funds (ETFs) experienced a notable shift on Wednesday, recording $8.1 million in net outflows, marking their first day in the red since launch, according to data from SoSoValue. The pullback was largely attributed to a single ETF product, the 21Shares Solana ETF (TSOL), which saw outflows exceeding $34 million. Since its inception, TSOL has recorded cumulative net outflows of $26 million, and currently holds net assets of $86 million.

However, the remaining SOL ETFs demonstrated resilience, absorbing a substantial portion of TSOL's outflows. The Bitwise Solana Staking ETF (BSOL) continued its dominance with a single-day intake of $13.33 million, elevating its cumulative inflows to $527.79 million. The Grayscale Solana Trust (GSOL) also recorded a positive day with $10.42 million coming in, while the Fidelity Solana Fund (FSOL) posted $2.51 million in inflows. Solana Strategic Reserve data indicates that SOL ETFs collectively hold approximately 6.83 million Solana tokens, valued at an estimated $964 million.

In contrast, the newly launched XRP ETF products have sustained a flawless streak, consistently recording daily inflows. SoSoValue data reveals that XRP ETFs have amassed a cumulative total net inflow of $643 million. On Wednesday, the Bitwise XRP ETF (XRP) spearheaded the inflows with $7.4 million, followed by Canary’s XRPC ETF with $5.2 million. Franklin Templeton’s XRPZ and Grayscale's GXRP experienced similar inflows of approximately $4 million.

Meanwhile, the much-anticipated Dogecoin (DOGE) ETFs, which hold the top memecoin cryptocurrency, have underperformed since their launch. On Monday, the New York Stock Exchange (NYSE) granted approval for the listing of the Grayscale Dogecoin Trust ETF (GDOG). Bloomberg ETF analyst Eric Balchunas initially projected an inaugural performance of approximately $11 million for GDOG. However, the asset fell short of expectations.

On its debut day, the GDOG ETF generated a volume of only $1.4 million, significantly below the analyst's forecast. The ETF analyst characterized this as “solid” for an average launch, but considered it low for a first-ever spot product. According to SoSoValue data, the GDOG ETF recorded a net inflow of $1.8 million on Tuesday. While the initial inflow was already modest, it plummeted to a mere $365,000 on its second day of trading, representing an 80% decline.