Selloffs and turbulence have pressured the crypto market, but Solana-based investment products haven’t been affected despite the mixed sentiment.
Solana SOL $85.42 24h volatility: 0.7% Market cap: $48.79 B Vol. 24h: $3.92 B is seeing growing interest from institutional investors while the leading assets — Bitcoin BTC $69 485 24h volatility: 0.6% Market cap: $1.39 T Vol. 24h: $44.85 B and Ethereum ETH $2 029 24h volatility: 0.3% Market cap: $245.06 B Vol. 24h: $20.38 B — see strong outflows.
The US-based spot SOL exchange-traded funds recorded consecutive inflows since their launch on Oct. 31, according to data from Farside. Most of the inflows came from Bitwise’s BSOL, which had a seed investment of $222.9 million and is now at $388.1 million.
Data shows that the total net inflow into SOL-based ETFs has reached $421 million over the course of 13 trading days.
The most recent Solana-related investment products were launched by VanEck and Fidelity, two well-known asset management firms.
VanEck launched VSOL on Nov. 17, and Fidelity’s FSOL entered the market a day later, Coinspeaker reported.
Solana gained momentum over the past 24 hours, rising 2.4% to $139.5.
Beating Bitcoin and Ethereum
Bitcoin- and Ethereum-based ETFs were soon affected by outflows at launch in January and July 2024, respectively.
BTC ETFs recorded their first outflow on their third trading day, while ETH ETFs started to see major outflows on the second day of their trading, according to Farside.
Bitcoin and Ethereum-based investment products have also recorded a combined net outflow of $3.25 billion over the past five consecutive trading days.
The major outflows come as the broader crypto market has been seeing strong selloffs from both large and small investors and traders.
According to CoinMarketCap data, the global crypto market cap has declined by roughly $700 billion over the past 30 days, currently sitting at $3.1 trillion.
If the selloffs continue, especially as huge amounts of Bitcoin enter centralized crypto exchanges, seeing outflows even from Solana ETFs won’t be surprising.
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