Despite a broad resurgence in the crypto market, with leading cryptocurrency prices showing notable increases, Solana Exchange-Traded Funds (ETFs) have recently experienced their first-ever daily outflow. This unexpected shift, occurring amid a strengthening crypto market, has sparked curiosity within the Solana ETF ecosystem.

Since the launch of the first Solana ETF approximately a month ago, the ecosystem had consistently recorded steady daily inflows. However, on November 26, 2025, it registered its initial outflow, amounting to $8.2 million. This significant event saw all five U.S. Solana ETFs – Bitwise (BSOL), VanEck (VSOL), Fidelity (FSOL), 21Shares (TSOL), and Grayscale (GSOL) – record a combined $8.2 million in outflows, despite cumulative inflows reaching a robust $613 million. This suggests a reduction in institutional demand, contrasting with the prevailing positive market trend.

Bitwise, the pioneer Solana ETF issuer, has maintained its dominance in the sector, contributing $527.9 million in flows to date, which accounts for over 86% of all inflows across existing funds. Grayscale follows with $73.6 million in total inflows. VanEck’s Solana ETF, while smaller, has also shown consistent inflows since its inception, and both Fidelity’s FSOL and 21Shares’ TSOL have begun to register more frequent daily inflows recently.

The primary driver behind the first-ever outflow on November 26 was a substantial $34.4 million withdrawal recorded by 21Shares’ TSOL. While TSOL was the sole fund to post such a significant withdrawal on that day, its considerable outflow outweighed the modest inflows achieved by the other ETFs, leading to the overall net negative flow for the entire Solana ETF market.