The Solana (SOL)-based exchange-traded fund (ETF) caught the market’s attention with its 18th consecutive day of positive gains. This performance stands in sharp contrast to peers focused on Bitcoin (BTC) and Ether (ETH), which have seen declining investment.
Since its introduction to the American market, Solana Financial Products Accumulates Total Capital Inflows of $500 Million. The graph below shows the flow of money into the SOL ETF.
This positive review comes despite the price of the SOL cryptocurrency trading at $123, 57% below its all-time high of $293.
Despite the green stripe, these inflows have limited impact on SOL prices. The main reason, as reported by CriptoNoticias, is that it is a recent and small instrument compared to the market size of the underlying asset, so its ability to exert sustained upward pressure is relatively low.
At the other end of the spectrum, Bitcoin Spot ETFs face a more difficult situation. Recently, these funds suffered their second-largest daily outflows since their inception. Total Bitcoin product withdrawals reach $3.7 billion so far in November.
The situation is similar with Etherfund, Ethereum’s native cryptocurrency. These marked the eighth consecutive day of capital outflows, bringing total withdrawals during November to $1.79 billion.
Currently, the Solana ETF market includes investment managers such as Bitwise, Grayscale, VanEck, Fidelity, and Canary Capital.
Institutional interest in this digital asset appears to be continuing. Because there is a Solana ETF proposal still awaiting approval. Securities and Exchange Commission (SEC), including those introduced by Franklin Templeton, Invesco, and CoinShares.