ETF Markets Diverge: Bitcoin and Ether Face Heavy Outflows While Solana Shines
This past week was marked by significant contrasts in the ETF market. Bitcoin and ether ETFs experienced substantial outflows, while solana ETFs emerged as the sole winners. From November 17 to 21, established giants like bitcoin and ether saw heavy exits, whereas the rising contender, solana, maintained steady inflows.
Bitcoin ETFs faced a tumultuous week with a staggering 1.22 billion in net outflows. This marked the fourth consecutive week in the red and the third week of billion-dollar outflows. Blackrock s IBIT was particularly hard hit, suffering an exit of 1.09 billion. Grayscale s GBTC also saw significant losses with a net outflow of 172.33 million. Other funds like Fidelity s FBTC and Ark & 21 Shares ARKB reported similar declines.
Ether ETFs continued their downward trend with a net weekly outflow of 500.25 million. Blackrock s ETHA led the decline with 558.98 million in exits. Grayscale s ETHE and Vaneck s ETHV also experienced substantial outflows. However, Grayscale s Ether Mini Trust managed to close positively with 80.88 million in inflows.
In contrast, solana ETFs were the only category to record gains, achieving 128.20 million in net inflows. Bitwise s BSOL accounted for most of this with 86.31 million. Other funds like Grayscale s GSOL and Fidelity s FSOL also contributed to the positive performance.
Overall, the week highlighted a jittery market still in search of direction. While bitcoin and ether struggled, solana s consistent gains demonstrated its growing appeal among investors.