Core Insights - U.S. spot Solana exchange-traded funds (ETFs) experienced their largest single-day outflow of $32.19 million, diverging from a broader crypto market rally led by Bitcoin [1] - The outflow was primarily driven by 21Shares' TSOL product, which saw $41.79 million exit, marking the third outflow event since the funds launched [1][2] - Despite the ETF outflows, Solana's on-chain fundamentals remain strong, with over $321 million flowing onto the network in the past month, primarily from Ethereum [3] ETF Performance - TSOL has been the main contributor to all three Solana ETF redemption events, with previous outflows of $13.55 million on December 1 and $8.10 million on November 26 [2] - The recent outflow coincided with the launch of Franklin Templeton's competing Solana ETF (SOEZ) [3] Market Sentiment - Users of the prediction market Myriad are cautious about Solana's short-term prospects, assigning a 95% chance that it will not break its all-time high before year-end [5] - Despite Bitcoin's recovery, the outlook remains tense due to upcoming Federal Reserve interest rate decisions and economic data releases [5][6] On-Chain Activity - On-chain activity for Solana has decreased since the memecoin peak, with active addresses at multi-month lows, although positioning on derivatives remains net-long [4] - The overall sentiment in the market is in the fear territory, influenced by liquidation spikes since October 10 [6] Altcoin Performance - Several altcoins, including Fartcoin, ZCash, Sui, and PumpFun, have shown strong recovery, posting double-digit rallies over the past week [6]

Core Insights - Solana ETFs have experienced 19 consecutive days of inflows, totaling $476 million, despite a broader market downturn that affected Bitcoin and Ethereum ETFs significantly [3][4][5]. Group 1: ETF Performance - Solana ETFs launched on October 28, 2025, and have not recorded any outflows since their debut, accumulating approximately $476 million in net new assets by November 21 [5][6]. - Bitwise's BSOL fund has captured 89% of the total inflows, amounting to $424 million, by staking all holdings and charging a low fee of 0.20% [4][6][7]. - On November 21, Solana ETFs attracted $23 million, while Bitcoin and Ethereum products lost over $1.6 billion in the same session, indicating a shift in institutional investment towards Solana [4][7]. Group 2: Market Dynamics - Despite a sharp price drop from $186 to around $141, institutional confidence in Solana appears to be growing, suggesting a strong demand for SOL amidst market volatility [2][9]. - The inflows into Solana ETFs are notable given the overall market conditions, where Solana's price fell nearly 30% from late October to early November [9].