Exchange-traded funds (ETFs) based on the solana (SOL) cryptocurrency had their first day in the red since their launch on the market.
Yesterday, November 26, these financial instruments backed by solana recorded money outflows of 8 million dollars.
In this way, SOL ETFs broke a streak of 21 consecutive days with positive net capital flows.
Since their launch on the market on October 28, these financial products They raised more than 613 million dollars:
It is important to note that the performance of ETFs directly influences their underlying assets: If there is demand, management companies must acquire the cryptocurrency to support their actions.
On the other hand, if they register outflows, they get rid of the surplus and generate downward pressure on the price of the asset.
However, in the case of solana ETFs, the impact on their price, so far, has been almost zero, as CriptoNoticias has explained.
This is because, although SOL ETFs have been accumulating capital, the amount is still small compared to the total market size.
The 613 million they raised since their debut They are modest compared to the volumes moved by bitcoin (BTC) funds.
Additionally, these ETFs are still new and relatively small, so they don’t have enough weight yet to generate sustained bullish pressure.