Record sales of Solana ETF: the cryptocurrency ETF TSOL from 21Shares loses 42 million dollars in record time
19:06 ▪ 5 min of reading
While Bitcoin skyrockets to the top of a new rally, Solana sends a much more confusing signal: capital is leaving the ETFs, but continues to flow into the blockchain. On one hand, 21Shares sees 42 million dollars lost from its cryptocurrency ETF TSOL. On the other hand, more than 321 million dollars are being redistributed directly on the blockchain to Solana. This apparent contradiction reveals the true state of the market.
In brief
Solana ETFs, particularly the cryptocurrency ETF TSOL from 21Shares, are experiencing record outflows despite an overall bullish market.
These withdrawals mainly reflect a technical rebalancing and a rotation toward other products, rather than a capitulation from investors.
Paradoxically, capital continues to flow on-chain to Solana, a sign of a fundamental conviction that has not diminished despite the weakness of the ETFs.
TSOL bleeds, Solana ETFs plummet while the cryptocurrency market rises
Solana ETFs have managed to attract more capital, while Bitcoin and Ethereum have suffered significant losses. However, on Wednesday, Solana spot ETFs in the U.S. recorded their largest daily outflow since their launch. In a single session, nearly 32.2 million dollars were withdrawn from these products, most of it from a single fund: the cryptocurrency ETF TSOL from 21Shares, which lost 41.79 million dollars.
This is not an isolated incident. TSOL has already been at the center of the other two waves of redemptions since October 28, with outflows of $13.55 million on December 1 and $8.10 million on November 26. In other words, each episode of distrust surrounding Solana ETFs has the same product at its epicenter.
$RAYSOL
