Solana (SOL)-based exchange-traded funds (ETFs) have captured the market’s attention by recording 18 consecutive days in the green. This performance contrasts markedly with the behavior of its peers focused on bitcoin (BTC) and ether (ETH), which are experiencing a decline in investments.
Since its introduction into the US market, solana financial instruments have accumulated a total of $500 million in capital inflows. The graph below shows how capital flows have been to the SOL ETFs.
This positive reception occurs even as the SOL cryptocurrency price is trading at $123, 57% below its all-time high of $293.
Despite the green streak, the impact of these inflows on SOL price has been limited. The main reason is that, being a recent and smaller-scale product compared to the market size of the underlying asset, its ability to exert sustained upward pressure is relatively low, as reported by CriptoNoticias.
At the opposite extreme, bitcoin spot ETFs have faced a more challenging landscape. Recently, these funds suffered their second largest daily capital outflow since their launch. So far in November, bitcoin products accumulate withdrawals reaching $3.7 billion.
The situation is similar for ether funds, Ethereum’s native cryptocurrency. These have registered eight consecutive days of capital outflows, adding withdrawals for a total of 1,790 million dollars during the month of November.
Currently, the solana ETF market has the participation of managers such as Bitwise, Grayscale, VanEck, Fidelity and Canary Capital.
Institutional interest in this digital asset appears to continue, as there are still solana ETF proposals pending approval by the US Securities and Exchange Commission (SEC), including those introduced by the firms Franklin Templeton, Invesco and Coinshares.