The Solana ETF, a U.S. spot exchange-traded fund, broke its perfect inflow streak on Wednesday with net outflows of $8.1 million, marking its first loss since its inception, according to ETF data provider SosoValue.
A single ETF product was primarily responsible for the decline, with the 21Shares Solana ETF (TSOL) experiencing outflows of more than $34 million. The ETF has recorded cumulative net outflows of $26 million since its inception, giving it a net asset value of $86 million.
The remaining SOL ETFs performed well and absorbed much of the outflows from TSOL. Bitwise Solana Staking ETF (BSOL) continued to dominate with daily inflows of $13.33 million, bringing total inflows to $527.79 million.
Grayscale Solana Trust (GSOL) also recorded a positive day with inflows of $10.42 million, while Fidelity Solana Fund (FSOL) also recorded inflows of $2.51 million. Data provider Solana Strategic Reserve revealed that the SOL ETF holds approximately 6.83 million Solana tokens worth approximately $964 million.
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XRP ETF maintains perfect performance while DOGE ETF disappoints
Solana ETF has set a perfect record, but the newly launched XRP ETF product has not yet seen its outflow day. According to SoSoValue data, the XRP ETF has recorded only daily inflows, with cumulative net inflows reaching $643 million.
On Wednesday, the Bitwise XRP ETF (XRP) led the way with $7.4 million in inflows, followed by Canary’s XRPC ETF with $5.2 million. Franklin Templeton’s XRPZ and Grayscale’s GXRP also saw inflows of approximately $4 million.
On the other hand, the highly anticipated Dogecoin (DOGE) ETF, which holds the top cryptocurrency meme coin, performed poorly after its launch.
On Monday, the New York Stock Exchange (NYSE) approved the listing of the Grayscale Dogecoin Trust ETF (GDOG). Bloomberg ETF analyst Eric Balchunas expected GDOG’s debut performance to be around $11 million. But assets were in short supply.
The GDOG ETF’s first day volume was just $1.4 million, well below analysts’ expectations. ETF analysts said this was “solid” for an average launch, but low for a first-time spot product.
The GDOG ETF recorded net inflows of $1.8 million on Tuesday, according to SoSoValue data. Inflows, already low, fell to just $365,000 on the second day of trading, an 80% decline.
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