Just-In: Spot Solana ETF Records Largest Outflow While XRP ETFs Nets $90M

XRP-USD -1.80% SOL-USD -0.43% SOSO-USD -5.12% BTC-USD -0.07% ETH-USD -1.06%

• Spot Solana ETFs records largest-ever outflow of $13.55 million.

• XRP ETFs saw $90 million in inflows amid demand from institutional investors.

• SOL and XRP prices jump amid a rebound in the crypto market.

Spot Solana ETFs in the United States saw the largest-ever amid the crypto market crash. On the other hand, spot XRP ETFs recorded another net inflow, indicating institutions’ rotation from spot Bitcoin and Ethereum ETFs toward high-growth altcoins such as Solana (SOL) and XRP.

SOL Rebound Despite Outflows in Spot Solana ETFs

Solana ETFs recorded their second net outflow of $13.55 million, according to SoSoValue data on December 2. Also, it was the largest-ever outflow to date following weeks of robust inflows.

The outflow is primarily driven by a $32.54 million redemption from the 21Shares Solana ETF (TSOL), the third consecutive outflow amid the latest crypto market crash. As a result, TSOL has recorded a net outflow of $60.14 million since launch.

Bitwise Solana Staking ETF (BSOL) and Grayscale Solana ETF saw $17.18 million and $1.82 million in inflows. Bitwise’s BSOL and other Solana ETFs continue their inflows streak with no outflows yet.

Despite Monday’s outflow, Solana ETFs’ assets under management (AUM) have reached over $790 million, indicating sustained institutional demand.

SOL price has rebounded more than 3%, with the price currently trading at $127.53. The 24-hour low and high are $123.31 and $128, respectively. Furthermore, trading volume has slightly dropped by 3% in the last 24 hours, indicating a decline in interest amid Solana ETF outflows.

XRP ETFs Records $90 Million in Inflows

XRP ETFs have net inflows of $90 million, the fourth-largest inflow since launch. As a result, the total assets have surpassed $723 million, while spot Bitcoin and Ethereum ETFs record outflows amid low trading volumes.

Grayscale XRP ETF (GXRP) led with $52.30 in inflows. Followed by $28.41 million in Franklin Templeton’s XRPZ. Canary Capital’s XRPC saw $5.79 million in inflows, while Bitwise XRP ETF saw the lowest of $3.15 million in inflows.

The massive inflows coincided with a shift in whale holdings from weakhands to stronghands. On-chain platform Santiment reports a drop in whale and shark wallets, but XRP whales with over 100 million coins are still at a 7-year high, holding a total of 48 billion XRP.

Also, the TD Sequential indicator signaled a buy signal on the XRP weekly chart. As CoinGape reported earlier, veteran trader Peter Brandt expected XRP price rally in the coming months, with the drawdown potentially getting over.

XRP price continues to trade mostly sideways since dropping during the market meltdown. The price is currently trading at $2.01, with an intraday low and high of $1.99 and $2.06, respectively.

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Just-In: Spot Solana ETF Records Largest Outflow While XRP ETFs Nets $90M originally appeared on CoinGape