Bitwise and Grayscale Lead Record $71.5M Weekly Solana (SOL) ETF Outflows

Bitwise and Grayscale Lead the Withdrawals

United States spot Solana (SOL) exchange-traded funds recorded net outflows of $71.47 million for the week of October 26 to 30, the largest weekly net exit since tracking of the products began, while the Solana price changed hands at $95.55, down 0.1% over the past 24 hours. Daily creation and redemption disclosures from the issuers show redemptions outpaced creations across the five sessions, and no single day reversed the drift. A net outflow, the category at the center of the tally, means money pulled from the funds exceeded money added during the period. Bitwise's BSOL, the largest product in the complex, carried the bulk of the exit with $45.82 million leaving the fund. Grayscale's GSOL trust added $25.71 million of net redemptions. Morgan Stanley's MSOL was the only product to take money in, and its $49,300 of weekly inflows offset less than 0.1% of what the other two funds lost. The three products make up the entire US spot Solana ETF lineup, so the weekly tally covers the full listed market for the asset. The record week reverses the tone that had built around the launches, when a widely shared social-media tally put Solana (SOL) ETF flows at about $153 million of net inflows and framed the wrappers as a steady institutional bid. The issuer disclosures tell a narrower story: two of the three funds bled, one took in a token amount, and the complex as a whole shrank for the week. Flows of this size still leave the ETFs small against the coin itself, and the token's tape stayed quiet into the Monday print, an early sign the exit did not come from panic selling of the underlying token. The tally runs through October 30 and landed early on Monday, November 2, ahead of the new trading week.

The flows and the tape stayed close over the window. COINOTAG's support and resistance levels, tracked in our Solana technical analysis, put SOL under a $96.78 resistance scored 94 out of 100, with the nearest support at $93.14 (84/100); a prior desk note had flagged the $96 zone as the line to reclaim before the outflows hit. Derivatives data shows open interest near $2.0 billion and a long/short account ratio of 3.78, so roughly four in five tracked accounts sat long. With Bitcoin dominance at 68.1% of the tracked market and sentiment at 37/100 (Fear) across the altcoin market, the reading flips only if price closes through $96.78 or loses $93.14. Until then the week reads as rotation out of fund wrappers rather than a directional break.

$1.47 Billion Still In Since Launch

The exit did not erase the record that came before it. Cumulative net inflows since launch remain positive and run opposite to the week's direction: BSOL has taken in $1.12 billion since it started trading, GSOL $128 million, and MSOL $43.11 million, for a combined $1.47 billion across the complex. Net assets, a different measure, stood at $1.4 billion at the time of the tally, and the funds' holdings equal 2.49% of Solana's market capitalization. The distinction matters when reading the week. Net assets are the value of what the funds hold now, which moves with the token's price as well as with flows, while cumulative net inflows add up every dollar that has entered or left since launch. Most Solana (SOL) therefore sits outside the fund wrappers, where holders can earn yield through staking or, keeping the token transferable, through liquid staking, and the coin at $95.55 still trades below the all-time high set in an earlier cycle. It also means the week's $71.47 million of redemptions cannot be read as $71.47 million of Solana sold on the open market. ETF creations and redemptions settle in the primary market between authorized participants and the issuer, and they do not route through a liquidity pool the way an on-chain exit would. The issuer disclosures do not attribute the redemptions to any investor type, so the identity behind the week's exit stays undisclosed. The two series left the window pointing the same way but with very different force. Flows swung hard negative, $71.47 million out against a cumulative record that remains positive at $1.47 billion, while the price slipped only marginally, down 0.1% over 24 hours and within half a percent of where it stood when the weekly figure was compiled.