The outflow coincided with Franklin Templeton's Solana ETF, which began trading under the ticker SOEZ on the same day.
Solana News
U.S. spot Solana exchange-traded funds recorded their largest single-day redemption on Wednesday despite a broader crypto market rally. The $32.19 million outflow marks the third and biggest withdrawal since the funds launched on Oct. 28.
21Shares' TSOL product accounted for the entire outflow, bleeding $41.79 million that was partially offset by modest inflows into other Solana ETFs, according to SoSoValue data. TSOL has contributed to all three redemption events to date, including $13.55 million on Dec. 1 and $8.10 million on Nov. 26.
"This is likely a position reset after three weeks of uninterrupted inflows and a sharp November drawdown," said Vitaliy Shtyrkin, CPO at B2BINPAY. The outflow coincided with Franklin Templeton's Solana ETF, which began trading under the ticker SOEZ on the same day.
Despite ETF weakness, Solana’s on-chain fundamentals tell a different story. Over $321 million has flowed onto the layer-1 network in the past month, with Ethereum supplying more than $240 million of that total, according to Artemis data.
"Since the meme coin peak, on-chain activity has decreased, active addresses fell to multi-month lows, and positioning on derivatives is net-long yet less aggressive than in October," Shtyrkin added. This development occurs amid reduced exchange supply and stable staking yields, though the analyst noted this signals longer-term conviction rather than exit behavior.
Solana is currently trading at $142.75, up 1.1% on the day. Bitcoin's Dec. 1 sell-off and subsequent recovery have relieved near-term pressure, but the outlook remains tense due to the Federal Reserve's interest rate decision on Dec. 10 and economic data releases this month. Several altcoins, including Fartcoin, Zcash, Sui and PumpFun, have posted double-digit rallies over the past week.
REX Shares and Tuttle Capital Management launched leveraged ETFs on Tuesday as $XRP and Solana prices spiked. The T-REX 2X Long SOL Daily Target ETF and T-REX 2X Long XRP Daily Target ETF began trading on the CBOE, providing 200% leveraged exposure to the assets.
Sentiment remains in Fear territory due to liquidation spikes noted since Oct. 10, with resolution depending on how macro overhang plays out, particularly in the Fed's forward guidance for 2026.
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