Solana ETFs break 21-day streak of inflows

Source: PortaldoBitcoin Original Title: Solana ETFs break 21-day streak of inflows Original Link: The Solana spot ETFs traded in the US recorded their first capital outflow on Wednesday (26), amounting to $8.1 million, ending a 21-day streak of inflows since their debut.

Despite the outflows, Solana (SOL) is trading around $142, with an increase of approximately 3% in the last 24 hours, according to data from CoinGecko.

The net outflow was entirely driven by a resGate of $34.37 million from the 21Shares TSOL fund. This amount was partially offset by inflows into other funds, including $13.33 million in Bitwise's BSOL and $10.42 million in Grayscale's GSOL.

The total assets held by Solana ETFs amount to approximately $915 million, around 1.15% of Solana's market capitalization, which is $79 billion.

“Part of the outflow from Solana may be part of a broader reallocation of higher beta altcoins to others perceived as having better structural adoption or greater regulatory clarity,” said a market analysis expert.

Altcoin ETFs

On the other hand, the net flows of the XRP ETF have remained positive since its debut on November 14. The recently launched spot ETF for Dogecoin holds $6.48 million in total assets, representing only 0.03% of the $23 billion market capitalization of the cryptocurrency.

Launched on October 28, the Litecoin ETF has not recorded capital outflows but remains stable since November 18.

In the current risk-averse scenario, assets with clearer and less speculative narratives tend to perform better. Unlike XRP, Solana can be seen as more exposed to competition from layer-one blockchains, despite its robust ecosystem, making it vulnerable when risk is being reduced.

Moreover, Solana holders may be more influenced by sentiment, tending to exit aggressively when sentiment changes.

Despite the positive performance in the last 24 hours, Solana's performance over the last 30 days is around -30% and is more than 50% below its all-time high of $293.31.