Bitcoin and Ethereum spot exchange-traded funds (ETFs) continued to bleed capital on November 3, while Solana ETFs bucked the trend. Data from sosovalue showed Bitcoin spot ETFs recorded $187 million in net outflows, followed by $136 million from Ethereum products. Solana, however, saw $70.05 million in fresh inflows, extending its streak to five consecutive days.
Strong Institutional Demand for Solana ETFs
Analysts described the debut of U.S. Solana ETFs as exceptionally strong despite weakness in broader crypto markets. According to K33 Research’s head, Vetle Lunde, the first week’s performance was “very solid,” particularly considering the heavy redemptions from Bitcoin and Ethereum funds.
As per Farside Investors data, Bitwise’s Solana ETF (BSOL) led inflows, attracting around $199 million in new capital after launching with $223 million in seed funds. The total $421 million raised positioned BSOL as the top-performing crypto ETF of the week, surpassing even BlackRock’s iShares Bitcoin Trust (IBIT). Grayscale’s Solana Trust (GSOL), meanwhile, drew $2.2 million in inflows but began trading with $102 million in assets after converting from a closed-end product.
Fee Structure and Competitive Edge
Fee differences also played a decisive role in investor preference. Bitwise priced BSOL at a 0.20% management fee, giving it a competitive edge over Grayscale’s 0.35% charge. Lunde noted that BSOL’s early launch and lower cost structure have driven its rapid growth, while GSOL’s later debut limited momentum.
Moreover, analysts observed that institutional investors were drawn to Solana’s strong on-chain metrics and its growing developer ecosystem. The ETF’s success suggested broader interest in alternative layer-one assets, especially as Bitcoin and Ethereum faced heavier profit-taking pressure.
Solana Price Pullback and Key Support Levels
Despite the ETF inflows, Solana’s price dropped 11% over the past 24 hours, trading near $156.90 with a $9.8 billion volume. Over the week, SOL declined 21.8%, giving it a market cap of about $86.7 billion.
Source: X
DataDash reported that Solana had pulled back sharply after an impressive year-long rally. Analysts now monitor the $150–$156 range, which aligns with the 0.618–0.65 Fibonacci retracement zone a historically strong support area.
If bulls defend this region, the next resistance lies near $197, marking November’s monthly pivot. Hence, with Solana ETFs fueling institutional interest, traders are watching if inflows can stabilize the market heading into year-end.
Source: https://coinpaper.com/12086/solana-et-fs-add-70-m-extending-5-day-run-as-bitcoin-ethereum-drop-323-m
