While Bitcoin and Ethereum are suffering massive withdrawals, two newcomers are shaking up the codes. Solana and XRP ETFs accumulate nearly $900 million in net inflows, despite a market in meltdown. Are we witnessing the emergence of a new hierarchy in the crypto ecosystem?
In brief
- The Solana and XRP ETFs have accumulated $500 million and $410 million in net inflows, respectively, since their launch.
- Bitcoin and Ethereum are experiencing record outflows, with $3.79 billion evaporated in November for BTC.
- Bitwise's XRP ETF raises $105 million on its first day of trading on Thursday, November 21.
- Solana fell 32.5% over the last month despite the enthusiasm for its ETFs.
Solana and XRP attract massive flows despite crypto market collapse
On November 21, 2025, while the crypto market is going through one of its worst periods, two alternative ETFs are showing remarkable health. Solana and XRP are accumulating consistent daily inflows, defying the logic of a hemorrhaging sector.
The figures speak for themselves: nearly 900 million dollars captured by these two products, without the slightest net outflow since their launch.
This performance stands out in a context where Bitcoin ETFs are suffering record withdrawals. November was particularly brutal for flagship products: $3.79 billion flown on American Bitcoin ETFs, with BlackRock (IBIT) and Fidelity (FBTC) accounting for 91% of outflows. November 20 will be remembered with 903 million dollars evaporated in a single day.
Solana ETFs stay the course with entries ranging between $8 million and $56 million daily this week. November 19 marks the peak with $55.61 million collected in 24 hours.
On the XRP side, the euphoria is palpable. Bitwise's new ETF, launched Thursday under the ticker “XRP”, is off to a brilliant start with $105 million on the first day. Canary Capital adds another 12.8 million on the same day, bringing the total to 118 million.
Canary CEO Steven McClurg publicly congratulated Bitwise on the launch of its XRP ETF, emphasizing that mid-sized players can compete with giants like BlackRock in ranking the best ETFs of the year.
Its XRPC fund also holds the absolute record with $243 million in inflows on November 14. These figures reflect a rare conviction among investors, who are clearly seeking to diversify beyond Bitcoin and Ethereum.
The paradox of flows, shiny ETFs, distressed assets
The irony of the situation is obvious. While the Solana and XRP ETFs are attracting massive numbers, the underlying cryptos are losing ground severely. The Solana collapsed by 32.5% over one month and 10.9% over one week.
Currently at $122.94, the token is down a dizzying 52.3% over one year. XRP follows a similar trajectory with a decline of 21.2% over 30 days and 16.6% weekly. The only consolation: the asset remains up 49.9% over the year, trading at $1.86.
This divergence between ETF performance and asset prices is intriguing. It probably reveals a contrarian accumulation strategy on the part of institutional investors. Some see it as a long-term bet, others simply as a novelty effect.
Meanwhile, Bitcoin is flirting with $83,000 after massive liquidations of leveraged positions. On November 21, a billion dollars of long positions evaporated in one hour.
Analysts are wondering about a possible transfer of leadership in the crypto ecosystem. QwQiao, co-founder of Alliance DAO, warns that “it may take another 50% correction for the market to lay a solid foundation.”
Michael Saylor, for his part, minimizes these turbulences which he considers “background noise” on the road to mass adoption.
This resistance of the Solana and XRP ETFs poses a fundamental question. Are we witnessing a simple parenthesis or a real shift in the crypto hierarchy? The combined $700 million captured by these two alternative products, compared to the $3.79 billion lost by Bitcoin, suggests the beginning of a shift in institutional preferences.
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