Solana Spot ETFs Soar with $568 Million in 20 Days Amid Market Resilience Translation: Solana Spot ETFs Soar with $568 Million in 20 Days Amid Market Resilience

On November 24, American spot Solana ETFs recorded a net capital inflow for the 20th consecutive day. This positive trend in the sector has been ongoing since the tools were launched at the end of October.

Daily inflows into the funds amounted to $57.99 million, with Bitwise’s BSOL product leading the way by attracting $39.47 million. This marks the third-largest inflow in the history of such observations, reaching a maximum since November 3.

Since the debut of BSOL, the total inflow into Solana ETFs has hit $568.24 million. The six funds currently manage assets totaling $843.81 million, which represents about 1.09% of SOL’s market capitalization.

Nick Rak, Director of LVRG Research, highlighted the resilience of this sector. Institutional interest has surpassed conservative analysts’ forecasts amidst a market downturn.

*“The steady influx of capital underscores Solana’s maturity as a ‘blue-chip.’ Qualified investors are seeking diversification beyond Bitcoin and Ethereum,”* the expert stated.

Rak further noted that the activity within the ETFs will create foundational support for the asset and reduce supply in the market. This, in turn, will set the stage for a price rebound following the stabilization of the overall industry situation.

Jeff May, COO of BTSE, pointed to the trend of tokenizing traditional assets on the Solana network. However, he emphasized that SOL prices still correlate closely with the broader cryptocurrency market. It will take time for the ETF launch to directly impact the token’s price growth.

Meanwhile, spot funds based on XRP attracted $164.04 million, marking the second-largest result after the record $243 million set on November 14. Funds from Grayscale and Franklin Templeton each received over $60 million.

Grayscale has also launched the first spot Dogecoin ETF on the NYSE under the ticker GDOG. This product is a conversion of a previously established trust. On its first trading day, it recorded no net inflow despite a trading volume of $1.41 million.

Senior Bloomberg analyst Eric Balchunas speculated that the trading volume for the DOGE-based fund could reach $11 million.

The expert also anticipates the impending approval of the Grayscale Chainlink Trust—likely next week.

As a reminder, trading commenced on November 18 with spot exchange-traded funds based on Solana from Fidelity (FSOL) and Canary Capital (SOLC) on the NYSE Arca and Nasdaq exchanges, respectively.