Key Notes
- November 24 marked the 20th consecutive day of net inflows for Solana ETFs.
- Bitwise rolled out the first Solana ETF on October 28.
- Grayscale has launched its XRP ETF, under the ticker GXRP, amid high corporate demand for crypto.
United States spot Solana Exchange Traded Funds (ETFs) have bagged their 20th consecutive day of net inflows. This feat marks a consistent positive streak since the fund was launched in late October and reflects the underlying support that Solana
SOL
$136.0
24h volatility:
5.4%
Market cap:
$76.11 B
Vol. 24h:
$5.53 B
has enjoyed among other cryptocurrencies.
SOL ETFs Surpasses Expectation
SoSoValue data showed that spot Solana ETFs raked in $58 million in net inflows on Nov. 24 alone. This achievement was led by Bitwise’s BSOL, which secured up to $39.5 million in inflows. It is worth noting that this is the third-largest amount in inflows that the Solana funds reported, and the largest since Nov. 3.
The first US spot SOL ETF went live on Oct. 28, and since that time till now, all SOL ETFs have attracted a total of $568.24 million. The other Solana ETFs in the market are VanEck’s VSOL, Fidelity’s FSOL, 21Shares’ TSOL, and Grayscale’s GSOL, which was a conversion of its existing Solana Trust. Collectively, these funds hold total net assets of $843.81 million.
This holding is equivalent to approximately 1.09% of SOL’s market capitalization. Nick Ruck, a Director at LVRG Research, noted that the success recorded by the fund so far is a reflection of strong resilience.
Furthermore, he acknowledged that this fund had exceeded pre-launch projections. For context, analysts and market observers anticipated more moderate institutional uptake amid the market downturn.
However, SOL ETFs have caught them by surprise. “This sustained capital influx highlights Solana’s maturation as a blue-chip asset, drawing in sophisticated investors seeking diversified exposure beyond Bitcoin and Ethereum in a competitive DeFi landscape,” Ruck added.
More Altcoin ETFs in the United States
Meanwhile, many of the spot SOL ETF issuers are already pushing for other altcoin funds.
Bitwise hinted at the launch of its upcoming Dogecoin ETF, under the ticker BWOW. The asset manager confirmed that the ETF’s registration statement has been filed, but is not yet effective, and until the US SEC finalizes the product, it cannot be sold or marketed.
Also, Grayscale Investments just launched its XRP Trust ETF, GXRP, on NYSE Arca. For this initial phase, it is offering the product at a 0% management fee. Precisely, it waived its standard 0.35% fee for three months or until assets reach $1 billion, whichever comes first.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/solana-etfs-hit-20-day-inflow-streak-sol-price-reacts/
