Solana ETFs saw their first withdrawal, ending a multi-week streak of steady inflows.
A large redemption from 21Shares’ Solana product drove the net outflow.
Bitwise and Grayscale continued to attract inflows despite the streak breaking.
Solana ETFs in the United States had been enjoying an impressive run since launch, recording more than three weeks of uninterrupted inflows. The streak marked one of the strongest starts for any US altcoin-based ETF. This momentum took an unexpected turn in late November 2025, when the funds registered their first net outflow, estimated at around $8.1–$8.2 million in a single day.
This shift was not large enough to move total assets under management in a meaningful way, but it was significant symbolically. The streak had become a key narrative for analysts and traders who viewed consistent inflows as a sign of rising institutional confidence. The sudden break in that pattern triggered fresh questions about whether the withdrawal indicated a change in sentiment or was simply a short-term market event.
The day turned negative due to a large withdrawal from 21Shares’ Solana ETF (TSOL). Reports showed that this product alone saw redemptions in the tens of millions of dollars, with some sources citing figures as high as $34 million.
Other issuers, including Bitwise and Grayscale, continued to attract new inflows on the same day. The TSOL redemption’s size was so large that it outweighed the positive flow into the competing products. This means that even though investor demand for other products remained strong, the entire Solana ETF category recorded a net outflow.
This underlines a common feature of ETF markets: a single institutional trade can significantly move daily flow numbers, particularly in newer products where volumes are still maturing.
Also Read: Will Solana Be Worth More Than XRP by 2030?
Before this withdrawal, the Solana ETFs had seen remarkable momentum. During their launch phase in October and November 2025, they reportedly had 18-22 consecutive days of inflows, depending on the data provider and methodology. That consistent demand pushed total assets invested across the various Solana ETFs into the hundreds of millions of dollars.
Bitwise played the leading role in this growth. The aggressive accumulation strategy that it employed in the early days of trading forced other asset managers to react swiftly to avoid falling behind in market share. This competitive environment boosted early adoption and helped establish Solana ETFs as a serious alternative exposure for institutional investors who wanted more than just Bitcoin and Ethereum ETFs in their portfolios.
One important factor that caused the outflow is the presence of large institutional investors. As institutions rebalance portfolios, shift risk exposure, or close out positions for quarterly or tax-related reasons, they tend to do so in large blocks. These block trades can create a day of unusually high inflows or outflows that may not reflect the broader trend.
Another possible factor was a minor issue in the Solana ecosystem that occurred around the same time. Sources indicated that a security-related incident in late November led some participants to exercise caution. Since this development did not have significant spillovers on Solana's price or network activity, it might have provoked risk-sensitive investors to adjust their positions.
There were also deeper market dynamics at play, impacting all crypto ETFs. The onslaught of launches and conversions in the wake of the SEC's new regulatory framework in September 2025 further catalyzed the competition for distribution channels.
As flows into Bitcoin and Ethereum-focused ETFs ebbed and flowed, spillover effects into smaller assets like Solana were commonplace. Changes in liquidity, market attention, or advisor recommendations will naturally lead to temporary distortions in this set of altcoin ETFs.
Despite the one-day blow, Solana ETF prices quickly showed signs of stabilization. Data in the days following the drawdown showed inflows resumed across several issuers, a recovery suggesting investor interest had not waned and that the withdrawal was an isolated event rather than the start of a larger trend.
The overall market for Solana remains strong. The size of the outflow was small compared to Solana’s daily trading volume and far smaller relative to its market capitalization. The impact on price was minimal. Traders noted that this inflow streak served as a strong bullish indicator, but after a brief break, the asset did not lose momentum. Instead, standard trading patterns continued.
Analysts also underlined that even new launches inside the ETF ecosystem often experience early volatility as the investor base forms and liquidity deepens.
While Solana ETFs are gaining favor, the broader crypto ETF segment has kept evolving. Recently, CoinShares pulled several proposed US crypto ETPs from the market, a testament to how competitive the space has become. Asset managers are reassessing product strategies, fee structures, and long-term viability as more issuers attempt to capture market share.
The effects of timing and strategy are evident in Bitwise's early Solana accumulation. Aggressive issuers in launch windows generally have built stronger, stickier investor bases. Those who have entered more cautiously may face less predictable flow patterns, which include large, sudden withdrawals.
These changes in the competitive environment will no doubt be influential determinants of future inflows and outflows.
Also Read: Best Solana Altcoins to Watch for 5X Growth in 2025
The $8.1–$8.2 million withdrawal that broke the perfect inflow streak of Solana ETFs is an important moment, but not a reflection of any collapse in demand. It was mainly caused by a large institutional withdrawal from a single issuer, while others continued to see inflows. This break in the streak should be better understood as normal market behavior rather than weakened sentiment.
Solana ETFs are well-positioned, underpinned by sustained investor interest in the underlying asset, competing issuers, and growing adoption across institutional channels. Ongoing daily flows, product competition, and regulatory developments will be important factors to watch in determining whether this drawdown was merely a technical blip or an early indicator of a new trend. For now, the evidence strongly points to the former.
1. What caused the first withdrawal in Solana ETFs?
A large redemption from 21Shares’ Solana ETF led to a net outflow despite other issuers seeing inflows.
2. How much was withdrawn from Solana ETFs?
The first recorded withdrawal was around $8.1–$8.2 million in a single day.
3. Did all Solana ETF issuers experience outflows?
No. Bitwise and Grayscale still recorded inflows; the overall negative number was due to one major redemption.
4. Does this outflow signal weakening interest in Solana?
Current data suggests no. Inflows resumed soon after, showing continued investor demand.
5. How long was Solana ETFs’ inflow streak before the withdrawal?
The streak lasted 18 to 22 consecutive days, depending on the data source.
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