Solana ETFs Gain $421 Million While Bitcoin, Ethereum Face Outflows

Solana (SOL) is attracting increased interest from institutional investors, contrasting with significant outflows from Bitcoin (BTC) and Ethereum (ETH).

The US-based spot SOL exchange-traded funds (ETFs) have seen consistent inflows since their launch on Oct. 31.
Bitwise's BSOL ETF grew from a seed investment of $222.9 million to $388.1 million.
Total net inflow into SOL-based ETFs reached $421 million over 13 trading days.
VanEck and Fidelity recently launched Solana-related investment products, VSOL and FSOL, respectively.
Solana's price rose by 2.4% to $139.5 in the past 24 hours.

Bitcoin and Ethereum Outflows

Bitcoin and Ethereum ETFs experienced outflows shortly after their launches in January and July 2024.
BTC ETFs saw outflows on the third trading day, while ETH ETFs faced major outflows on the second day.
Combined net outflow from BTC and ETH investment products reached $3.25 billion over five consecutive trading days.
The broader crypto market, facing strong selloffs, has seen its global market cap drop by approximately $700 billion in the last 30 days, currently standing at $3.1 trillion.

If current trends persist, even Solana ETFs might experience outflows amid ongoing market volatility and large-scale selloffs.