22-Day Solana ETF Inflow Streak Broken By $TSOL Outflows

After posting an incredible 22-day streak of capital inflows, institutional $SOL investors are hitting the brakes. For the first time since launch, $SOL ETFs have recorded net outflows. 

While this could be seen as a bearish indicator, consistent flows into all but one issuer’s funds suggest that yesterday’s outflows could represent a redistribution of capital, rather than a change in trajectory.

Why is 21Shares’ $TSOL losing AUM while all other funds trend upwards?

$SOL ETF Flows Flip Negative After 22 Day Streak

Solana ETFs have been on a tear since launching in the midst of the longest government shutdown in U.S. history, recording 22 straight days of capital inflows. Bitwise’s $BSOL, the first Solana ETF to hit Wall Street, has led the charge, dominating volumes and inflows across all listed funds.

However, as surely as nothing goes up forever, the 22-day streak had to end at some point. At the end of the day’s trading on November 26, $SOL ETFs recorded $8.2M in net outflows.

Despite the majority of funds recording net buy pressure, $34.4M in outflows from the 21Shares Solana ETF ($TSOL) overwhelmed rival issuers, flipping the daily total negative for the first time in $SOL ETF history.

$TSOL Investors Moving Funds Ahead of $SOEZ Launch?

While it would be reasonable to assume that net outflows indicate investors are exiting positions, there’s an argument that these dynamics could represent a redistribution of capital.

Franklin Templeton, one of the world’s largest asset managers, has just filed an 8-A registration form with the SEC. The firm’s Solana ETF, $SOEZ, is expected to launch on NYSE Arca in the immediate future. In a bid to catch up to rival issuers, Franklin Templeton has waived fees on the funds' first $5B in AUM, up until May 2026.

Beyond the waiver, Franklin Templeton is offering the lowest expense ratio of all issuers, charging 0.19%. While 21Shares has waived fees until October 2026, yesterday’s outflows could suggest that investors are freeing up capital to take positions in the Franklin Templeton fund to squeeze out an extra 0.02% in savings.

Theorizing aside, there is a simpler explanation: There was more sell volume than buy volume, and 21Shares ETF investors have simply exited their positions.

Bitwise Unfazed as Inflows Continue

Despite $TSOL’s strong outflows, Bitwise, the market leader, is showing no signs of slowing down. $BSOL continues to stretch its lead in the ETF race, recording 13.33M in inflows against yesterday's net downturn and amassing over $631.2M in AUM.

On top of dominating Solana’s TradFi scene, Bitwise is also making its presence felt onchain. According to Solana Beach data, the Bitwise validator has accumulated over 1% of network stake, becoming Solana’s 15th largest validator.

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