Outflows from Solana ETFs in the US extended for a fifth session. On Wednesday, another $5.9 million was withdrawn from Fidelity and Morgan Stanley funds. On the XRP side, the majority of Tuesday’s outflows were concentrated in the Grayscale fund, while in Dogecoin, Grayscale and 21Shares funds have yet to record net inflows in November. In Cardano, the US futures funds and the European physical ADA products present a different picture.
More Than Half of Solana’s $52 Million Outflow Came From Bitwise
Farside Investors reports that outflows from seven Solana ETFs totaled $7.7 million on Monday, $13.4 million on Tuesday, and $5.9 million on Wednesday. A total of $27 million was withdrawn in the first three sessions of the week. Adding the outflows from the last two sessions of the previous week, the total reaches $52 million.
Of this amount, $28.5 million came from Bitwise’s BSOL fund. On Wednesday, there was no net movement in BSOL, while $3.8 million exited Fidelity’s FSOL fund and $2.1 million exited Morgan Stanley’s MSOL fund.
The outflows began in October. According to Binance Research, spot Solana ETFs ended October with a net outflow of approximately $144 million. This was the first negative month since June.
$7.2 Million Withdrawn from Grayscale Fund in XRP in a Single Day
On Tuesday, approximately $7.2 million was withdrawn from Grayscale’s GXRP fund. Bitwise and 21Shares funds, whose initial data was released on Wednesday, showed no significant movement. The session total may change as Grayscale, Franklin Templeton, and Canary Capital’s Wednesday figures are not yet included in the initial table.
According to XRP Insights’ fund balance-based account, the amount of XRP held in products with traceable flows decreased by 9.21 million during the first three sessions of the week. This corresponds to approximately $9.6 million at the prices of those days. This account does not include Grayscale’s daily movement and also includes the XRP share of Bitwise’s multi-asset index fund. At Wednesday’s close, there were approximately 1.17 billion XRP held in XRP-focused products.
Two Funds in Dogecoin Have Been Stagnant for Eight Sessions
Grayscale’s GDOG and 21Shares’ TDOG funds saw no net inflows or outflows during the first eight US trading sessions of November. REX-Osprey’s DOJE fund also had zero net flow on Monday and Tuesday. While Wednesday’s flow for DOJE is not yet reflected in the daily report, the issuer reported the fund’s net assets as $9.31 million on the same day.
The most significant change in Dogecoin in recent weeks was Bitwise’s delisting. The company’s BWOW fund traded for the last time on October 14th and was liquidated on October 22nd. At the end of the final trading day, the shares of investors who still held them were converted to cash based on the fund’s net asset value.
What’s the Situation with Cardano?
Volatility Shares’ CRDD and CRDX funds, traded on the Cboe, track the ADA price through futures contracts. CRDD had 110,000 shares and $1.46 million in net assets at Wednesday’s close. CRDX aims to outperform ADA daily. Grayscale withdrew its application for a fund that would directly hold ADA in the US in August. Therefore, there is no daily spot ETF flow for Cardano in the US that can be compared to XRP and Solana.
In Europe, 21Shares’ AADA product, backed by physical ADA, manages approximately $22.6 million in assets. According to the company’s European report, the Cardano products tracked attracted $900,000 in net inflows in September and a total of $8.6 million in the first nine months of the year.
*This is not investment advice.
