Solana’s spot ETF has posted its first daily outflow since launch, breaking a historic 21-day streak of uninterrupted inflows that had already surpassed the debut records of both Bitcoin and Ethereum ETFs.
New SoSoValue data shows a –$8.1 million net outflow on 26 November, the first red print since the ETF began trading on 28 October 2025.
Source: SoSoValue
The streak had been one of the most notable ETF stories of the year. Bitcoin and Ethereum ETFs previously managed a maximum of 20 consecutive days of inflow during their launch phases.
Solana’s run to 21 days placed it at the top of the leaderboard, helping its total ETF net assets climb to $918 million before this week’s pullback.
Despite the outflow, the ETF’s overall asset growth remains intact, and a single red day does not reverse the broader trend of sustained institutional demand.
A pause after a record surge
In its first month, the Solana ETF experienced multiple inflow days exceeding $40 million, with two sessions reaching over $55 million.
This indicates that institutional allocators were building exposure aggressively despite broader market volatility.
The first outflow of –$8.1 million is relatively small compared to the earlier inflow sessions, raising the possibility that the move reflects short-term rebalancing rather than a structural shift in sentiment.
The ETF’s total net assets remain near the $1 billion mark, and the fund continues to be one of the fastest-growing cryptocurrency ETFs launched this year.
Solana price stabilizes after weeks of selling pressure
Solana’s price trend appears to be stabilizing following a sharp decline earlier in the month. After falling from the $190–$200 zone to lows near $125, SOL has recovered back above $140, where it is currently trading.
Source: TradingView
The rebound came even as the ETF posted its first outflow, suggesting that spot market buyers are stepping in after the nearly 30% drawdown that occurred earlier in November.
The price recovery may also indicate that the ETF outflow did not exert meaningful selling pressure on the underlying asset.
Does the outflow signal a shift?
Market analysts caution against overinterpreting a single negative day. ETF flows often fluctuate as institutions rebalance portfolios near month-end or rotate between high-volatility sectors.
With 21 straight days of inflow still intact, Solana’s ETF remains structurally net-positive.
If inflows resume in the coming days, the 26 November outflow may be, but a minor blip in an otherwise strong launch phase.
Final Thoughts
- Solana’s ETF has finally printed its first red day, but the –$8.1 million outflow is small compared to the inflows that pushed it to a record 21-day streak.
- With total assets still near $1 billion and SOL showing early signs of recovery, the broader institutional trend remains intact for now.