Solana To Dethrone Bitcoin And Ethereum? Here’s How The First SOL ETFs Are Faring

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. US Spot Bitcoin and Ethereum ETFs finally broke their six-day losing streak on November 6, posting their first day of net inflows after nearly a week of continuous capital outflows. Data from SoSoValue shows that Bitcoin ETFs drew $240.03 million in new investments over the past 24 hours, while Ethereum ETFs gained $12.51 million.

Solana ETFs, meanwhile, continued to show remarkable consistency, bringing in $29.22 million in daily inflows. That figure extended Solana’s winning streak to eight consecutive days of positive capital movement, even as other major digital-asset ETFs struggled to maintain momentum. A Strong Debut For Solana ETFs

Data shows thatSolana ETFs launched with around $70 million on the first day and went on to accumulate roughly $531 million in net assets within the first week.  Related Reading Solana To Dethrone Bitcoin And Ethereum? Here’s How The First SOL ETFs Are Faring 6 hours ago

Although this is smaller compared to the $1.5 billion Bitcoin ETFs recorded in their first week and the $1.17 billion seen by Ethereum ETFs, it is still a remarkable figure for a newcomer that entered the market during a period of volatility and cautious sentiment. Source: Chart from SoSoValue

Despite choppy trading conditions,Solana’s ETFs managed to attract consistent daily inflows between $37 million and $70 million through most of the week before a moderate slowdown to around $9.7 million on the seventh day.  Capital Flows Shifting With Bitcoin And Ethereum Struggles

The steady inflows into Solana ETFs are notable, particularly because they are happening during a difficult stretch for the broader crypto market, one that has placed Bitcoin under pressure of losingthe $100,000 psychological level. Related Reading XRP And Solana Set New $3 Billion All-Time High As Interest Explodes 1 week ago

Data from SoSoValue reveals that Spot Bitcoin ETFs recorded a six-day run of outflows between October 29 and November 4, totaling around $2 billion in withdrawals. The single largest daily outflow occurred on November 4, when $577.74 million exited the funds. Spot Ethereum ETFs also faced a similar pattern, losing approximately $837.66 million over the same period.

The split between Solana’s rising inflowsand the sustained outflows from Bitcoin and Ethereum shows a subtle but important modification in investor sentiment. Although, it is important to note that both Bitcoin and Ethereum ETFs witnessed positive flows in the past trading day, and bullish investors can only hope it continues to stay this way.

Even so, Solana ETFs are in their early stages and still have a considerable distanceto cover before matching the size and liquidity of Bitcoin and Ethereum’s products. At the time of writing, Bitcoin is trading at $101,482, down 1.6% in the past 24 hours, while Ethereum is trading at $3,336, a 1.2% decline over the same period.

Solana ETF inflows are yet to reflectin the cryptocurrency’s price, as it is down by 1.4% and 15.3% in the past 24 hours and seven days, respectively, and is trading at $157. SOL trading at $154 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com