Five straight days of outflows for spot SOL ETFs: consecutive outflows ≠ the narrative is dead; cumulative inflows haven’t been erased
According to TokenPost on 10/30: U.S. spot Solana ETFs saw about $10.8 million in net outflows for the day, marking five consecutive days of outflows from 10/26–10/30, totaling about $71.6 million. Don’t read “five straight days of outflows” as “the narrative is dead” or “cumulative inflows have been completely wiped out.”
Three things to keep in mind about the flows:
1. Measurement: $10.8 million is for one day; $71.6 million is for five days. The consecutive outflows show short-term preference, but don’t tell us whether cumulative net inflows are still positive.
2. Concentration: About $9.3 million of the day’s outflows came from BSOL, around $1.5 million from MSOL/GSOL, and most other funds had no flows. “The whole sector is collapsing” is an exaggeration.
3. Comparison: On the same day, BTC saw about $643 million in outflows and ETH about $156 million. SOL is an order of magnitude smaller, so moving in the same direction doesn’t mean it’s “doing worse than BTC.”
Five consecutive days of outflows answer the question, “Are short-term allocations shrinking?” Cumulative net inflows and on-chain fees/staking are what answer, “Has the sector shifted gears?”
$SOL
According to TokenPost on 10/30: U.S. spot Solana ETFs saw about $10.8 million in net outflows for the day, marking five consecutive days of outflows from 10/26–10/30, totaling about $71.6 million. Don’t read “five straight days of outflows” as “the narrative is dead” or “cumulative inflows have been completely wiped out.”
Three things to keep in mind about the flows:
1. Measurement: $10.8 million is for one day; $71.6 million is for five days. The consecutive outflows show short-term preference, but don’t tell us whether cumulative net inflows are still positive.
2. Concentration: About $9.3 million of the day’s outflows came from BSOL, around $1.5 million from MSOL/GSOL, and most other funds had no flows. “The whole sector is collapsing” is an exaggeration.
3. Comparison: On the same day, BTC saw about $643 million in outflows and ETH about $156 million. SOL is an order of magnitude smaller, so moving in the same direction doesn’t mean it’s “doing worse than BTC.”
Five consecutive days of outflows answer the question, “Are short-term allocations shrinking?” Cumulative net inflows and on-chain fees/staking are what answer, “Has the sector shifted gears?”
$SOL