After a historic series of 18 flawless days, the Solana ETFs have just marked their first break. The 21Shares Solana ETF suffered massive withdrawals, dragging the entire sector into the red. Does this sudden reversal mark the end of the euphoria around SOL?
In brief
- Solana ETFs see their first net outflows of $8.1 million after a record 18-day streak of positive inflows.
- 21Shares' TSOL fund suffers massive withdrawals of $34 million in a single day.
- The Bitwise BSOL ETF maintains its dominance with $13.33 million in inflows, partially offsetting outflows.
- XRP ETFs maintain a perfect trajectory with $643 million in cumulative inflows since their launch.
Solana finally picks up after 18 perfect days
On November 27, 2025, the Solana ETFs experienced their first negative day since their launch in early November.
THE data from SoSoValue reveal net outflows of $8.1 million, ending an exceptional streak of 18 consecutive days of positive inflows. This breakup comes after the products had accumulated more than $500 million in institutional investments.
The main person responsible for this turnaround? The 21Shares TSOL fund, which recorded spectacular withdrawals of $34 million in 24 hours. Since its launch, this product now has cumulative net outflows of $26 million, with assets under management of just $86 million.
This hemorrhage raises questions about the manager's positioning strategy and investors' confidence in this particular vehicle.
Faced with this massive defection, the other Solana ETFs demonstrated their resilience. The Bitwise BSOL ETF, the undisputed leader in the segment, captured $13.33 million in daily inflows, taking its cumulative flows to $527.79 million.
The Grayscale Solana Trust (GSOL) contributed $10.42 million, while the Fidelity Solana Fund (FSOL) added $2.51 million. These performances allow the sector to limit the damage and confirm the differentiated appetite of investors depending on the issuer.
The Solana ETFs collectively hold approximately 6.83 million SOL tokens, representing a total valuation of $964 million according to Solana Strategic Reserve. This significant concentration of assets highlights the potential impact of capital movements on the price of the native token.
XRP shines while Dogecoin disappoints
Unlike Solana, XRP ETFs maintain an immaculate trajectory since their appearance on the market. No capital outflows have been recorded to date, with cumulative net inflows reaching $643 million.
On November 27, the Bitwise XRP ETF led the charge with $7.4 million in inflows, followed by Canary's XRPC fund at $5.2 million. Franklin Templeton and Grayscale also contributed about $4 million each.
This performance contrasts sharply with the disappointing launch of Dogecoin ETFs. The Grayscale Dogecoin Trust ETF (GDOG), listed on the New York Stock Exchange on Monday, generated trading volume of just $1.4 million on its first day.
A result well below the $11 million anticipated by Eric Balchunas, ETF analyst at Bloomberg. The latter described these figures as “satisfactory” for a classic launch, but “low” for a first spot product on this meme cryptocurrency.
The decline continued the next day. After a net inflow of $1.8 million on Tuesday, GDOG saw flows of just $365,000 on its second day of trading.
This 80% drop reveals a clear lack of interest among institutional investors in meme assets, even when they are packaged in regulated vehicles.
The first misstep of the Solana ETFs, although limited in scale, marks a symbolic turning point after a phase of euphoria. The concentration of outflows on a single issuer suggests more of a problem specific to 21Shares than a widespread disaffection with SOL. The strength of entries into competing products confirms that the institutional appeal for Solana remains intact.
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