Solana To Dethrone Bitcoin And Ethereum? Here’s How The First SOL ETFs Are Faring

US Spot Bitcoin and Ethereum ETFs finally broke their six-day losing streak on November 6, posting their first day of net inflows after nearly a week of continuous capital ￰0￱ from SoSoValue shows that Bitcoin ETFs drew $240.03 million in new investments over the past 24 hours, while Ethereum ETFs gained $12.51 ￰1￱ ETFs, meanwhile, continued to show remarkable consistency, bringing in $29.22 million in daily ￰2￱ figure extended Solana’s winning streak to eight consecutive days of positive capital movement, even as other major digital-asset ETFs struggled to maintain momentum. A Strong Debut For Solana ETFs Data shows that Solana ETFs launched with around $70 million on the first day and went on to accumulate roughly $531 million in net assets within the first ￰3￱ Reading: Institutional Investors Are Buying XRP And Solana At An Accelerated Rate While They Dump Bitcoin Although this is smaller compared to the $1.5 billion Bitcoin ETFs recorded in their first week and the $1.17 billion seen by Ethereum ETFs, it is still a remarkable figure for a newcomer that entered the market during a period of volatility and cautious ￰4￱ choppy trading conditions, Solana’s ETFs managed to attract consistent daily inflows between $37 million and $70 million through most of the week before a moderate slowdown to around $9.7 million on the seventh ￰5￱ Flows Shifting With Bitcoin And Ethereum Struggles The steady inflows into Solana ETFs are notable, particularly because they are happening during a difficult stretch for the broader crypto market, one that has placed Bitcoin under pressure of losing the $100,000 psychological ￰6￱ Reading: XRP And Solana Set New $3 Billion All-Time High As Interest Explodes Data from SoSoValue reveals that Spot Bitcoin ETFs recorded a six-day run of outflows between October 29 and November 4, totaling around $2 billion in ￰7￱ single largest daily outflow occurred on November 4, when $577.74 million exited the ￰8￱ Ethereum ETFs also faced a similar pattern, losing approximately $837.66 million over the same ￰9￱ split between Solana’s rising inflows and the sustained outflows from Bitcoin and Ethereum shows a subtle but important modification in investor sentiment.

Although, it is important to note that both Bitcoin and Ethereum ETFs witnessed positive flows in the past trading day, and bullish investors can only hope it continues to stay this ￰10￱ so, Solana ETFs are in their early stages and still have a considerable distance to cover before matching the size and liquidity of Bitcoin and Ethereum’s ￰11￱ the time of writing, Bitcoin is trading at $101,482, down 1.6% in the past 24 hours, while Ethereum is trading at $3,336, a 1.2% decline over the same ￰12￱ ETF inflows are yet to reflect in the cryptocurrency’s price, as it is down by 1.4% and 15.3% in the past 24 hours and seven days, respectively, and is trading at $157.

Featured image from Adobe Stock, chart from ￰13￱