Solana Spot ETFs Hit Snags After Strong Launch

Solana spot exchange-traded funds launched in the US on October 28, pulling in over $600 million in net inflows in their first month, according to CoinDesk. That beat out bitcoin and ether ETFs, which lost billions in November. Bitwise’s BSOL led with $540 million, while Grayscale’s GSOL added nearly $80 million.

Investors stayed bullish for 21 straight days until outflows kicked in the day before Thanksgiving: $8.1 million net on Friday, then $13.55 million more on Monday.

Outflows Hit Record as New Funds Launch

Things worsened this week. On Wednesday, Solana ETFs saw their biggest single-day redemption ever at $32.19 million, per CoinMarketCap data. All of it came from 21Shares’ TSOL, which shed $41.79 million—partly offset by inflows elsewhere. This marks the third outflow since launch.

The same day, Franklin Templeton started trading its Solana ETF under ticker SOEZ. Vitaliy Shtyrkin at B2BINPAY called it a “position reset” after weeks of buys and a November dip. Solana traded around $142.75 then, up 1.1% that day despite the ETF action.

Institutional Players Step In

Big names are getting involved. Cantor Fitzgerald reported holding 58,000 shares of Volatility Shares’ futures-based Solana ETF (SOLZ), worth $1.28 million at quarter-end, in its Q3 SEC filing, as Decrypt noted. SOLZ started trading in March; spot versions from Fidelity, Canary, VanEck and others followed after SEC clearance in September.

VanEck’s VSOL added staking rewards through SOL Strategies on top of spot price tracking. It waived sponsor fees on the first $1 billion in assets until February 17, 2026 (then 0.30%), per a CoinPaper report. Gemini handles custody, keeping assets 1:1 backed and separate.

Franklin Templeton filed for its ETF on November 21, pointing to demand for Solana exposure without direct ownership. On-chain flows hit $321 million last month, mostly from Ethereum. SOL hovered near $144 as of December 5, testing resistance after a weekly drop.

These moves show why spot approval happened: real demand from institutions tired of just bitcoin and ether, now chasing Solana’s speed and yields through regulated wrappers.