Spot Solana ETFs suffered their first net red trading day since debut, with a net outflow of approximately $8.1–$8.2 million, marking the end of a prior streak of 21–22 consecutive days of inflows. These vehicles have become a barometer for institutional allocation to crypto, and the pullback revealed a rotation of capital rather than a widespread exit.
After adding daily positive flows for three weeks, funds offering spot exposure to Solana recorded a net negative $8.1–$8.2 million on Nov. 27, 2025. The largest contribution to the pullback came from the 21Shares Solana ETF (TSOL), which accounted for about $34 million in redemptions; nevertheless, the aggregate balance showed only a modest outflow because other vehicles received inflows simultaneously.
In the first ten days after the debut, cumulative inflows reached $342 million and, before the negative day, total assets stood around $844 million. That same day, Bitcoin, Ethereum and XRP ETFs recorded positive flows, suggesting a strategic redistribution of capital between crypto asset classes rather than a generalized withdrawal.
Within the Solana universe, Bitwise (BSOL) and Grayscale (GSOL) continued to attract assets, pointing to a selective preference by managers and investors among similar products. The flow dynamics contrast with spot market behavior: the native token SOL lost nearly 20% shortly after the ETFs’ debut, and some Solana-linked funds had declines exceeding 25% since launch.
As a comparison of demand for alternative asset ETFs, XRP funds absorbed about 80 million tokens in 24 hours and surpassed $628 million in total assets, showing that reception varies significantly across ecosystems.
Flows and rotation: Spot Solana ETFs
The first spot Solana ETFs began trading on Oct. 28, 2025, including the Bitwise Solana Staking ETF (BSOL) and the Grayscale Solana Trust (GSOL). Fidelity launched its FSOL on Nov. 19, 2025, and players like VanEck and 21Shares also entered the offering; BlackRock opted not to participate in this first wave.
Internationally, Hong Kong pre-approved a Solana ETF managed by ChinaAMC (HK). There is also a 2x leveraged version (SOLT) with approximately $65 million in net assets. The first red day episode was interpreted by market observers as a “technical pause”: an adjustment between products and asset classes that does not by itself invalidate institutional demand, though it underscores the inherent volatility of the underlying asset.
The event underscores the dynamic nature of institutional allocation to crypto: a red day does not equate to a structural failure, but rather to a reassignment.
