Institutional interest has been rotating from Bitcoin and Ethereum to Solana. While the US-based BTC and ETH ETFs continue to see outflows, SOL ETFs recorded six consecutive inflow days since their October 28-29 launch.
US SOL ETFs Gained Over $284 Million in Total Inflows
On November 4, SOL ETFs saw over $14,8 million in inflows, marking their sixth day of consecutive positive flows in the crypto products.
Bitwise’s BSOL saw over $13,1 million in inflows, while Grayscale’s GSOL recorded $1,67 million in inflows yesterday, according to data from SoSoValue.
Since October 28, the US-based SOL ETFs have recorded only positive flows, with the biggest inflow day being on November 3 at over $70 million.
Bitwise’s Solana Staking ETF, BSOL, went live on October 28, recording a cumulative flow of over $275 million since that day. Meanwhile, Grayscale’s SOL ETF, GSOL, which went live on October 29, has over $8,7 million in net inflows.
None of the two crypto products saw any day of outflows since their launch.
The crypto products went live in the US after Hong Kong launched its first SOL ETF on October 27.
The continued inflows in SOL ETFs mirror rising institutional interest in Solana, moving away from Bitcoin and Ethereum.
Institutional Interest in BTC, ETH Diminished
The US-based BTC ETFs recorded five consecutive outflow days since October 29, with the biggest outflow day being November 4 at over $577 million in outflows. Ark and 21Shares’ BTC ETF saw the biggest outflows yesterday at over $128 million.
Since October 29, ETH ETFs have also recorded only negative flows. The biggest outflow day was on November 4, when the crypto products saw over $219 million in outflows. BlackRock’s ETHA recorded more than $111 million in outflows yesterday.
Solana Captures Fresh Capital
The capital trajectory in US ETFs mirrors a clear rotation from BTC and ETH to Solana, amidst a very volatile market. Vincent Liu, chief investment officer at Kronos Research, recently stateed that the pattern reflects:
- A growing macro unease
- Solana’s appeal to new, “curious” capital
He said that while others bleed amidst macro chaos, Solana’s speed, staking, and story keep the momentum upwards.
Solana is a chain known for its high speeds, low fees, and network stability, and despite the current market volatilty, it continues to retain institutional interest.
