US spot Solana exchange-traded funds (ETFs) broke their flawless inflow streak on Wednesday, recording $8.1 million in net outflows, their first day in the red since launch, according to ETF data provider SoSoValue.
A single ETF product largely drove the pullback, the 21Shares Solana ETF (TSOL), which experienced over $34 million in outflows. The ETF has recorded cumulative net outflows of $26 million since launch and has net assets of $86 million.
The rest of the SOL ETFs performed well, absorbing much of the outflows by TSOL. The Bitwise Solana Staking ETF (BSOL) continued to dominate with a $13.33 million single-day intake, lifting its cumulative inflows to $527.79 million
The Grayscale Solana Trust (GSOL) also recorded a positive day with $10.42 million coming in, while the Fidelity Solana Fund (FSOL) posted $2.51 million in inflows. Data provider Solana Strategic Reserve showed that SOL ETFs hold about 6.83 million Solana tokens, valued at around $964 million.
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XRP ETFs maintain perfect streak while DOGE ETFs disappoint
While Solana ETFs broke their perfect streak, the newly launched XRP ETF products have yet to see an outflow day. SoSoValue data showed that XRP ETFs have only logged daily inflows, reaching a cumulative total net inflow of $643 million.
On Wednesday, the Bitwise XRP ETF (XRP) led the pack with a $7.4 million inflow, while Canary’s XRPC ETF followed with $5.2 million. Franklin Templeton’s XRPZ and Grayscale’s GXRP saw similar inflows of about $4 million.
Meanwhile, the much-anticipated Dogecoin (DOGE) ETFs, which hold the top memecoin cryptocurrency, underperformed after their launch.
On Monday, the New York Stock Exchange (NYSE) approved the listing of the Grayscale Dogecoin Trust ETF (GDOG). Bloomberg ETF analyst Eric Balchunas predicted a debut performance of about $11 million for GDOG. However, the asset fell short.
On its first day, the GDOG ETF only generated $1.4 million in volume, which was significantly below the analyst’s expectations. The ETF analyst said this was “solid” for an average launch, but was low for a first-ever spot product.
According to SoSoValue data, the GDOG ETF recorded a net inflow of $1.8 million on Tuesday. While the inflow was already low, it fell to just $365,000 on its second day of trading, an 80% decline.
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