Solana ETFs See 4th Day of Inflows as Bitcoin, Ether Lag
Spot Solana exchange-traded funds (ETFs) proceed to draw investor curiosity, recording their fourth straight day of inflows amid “capital rotation” from Bitcoin and Ether funds.
According to information from SoSoValue, spot Solana (SOL) ETFs added $44.48 million on Friday, bringing cumulative inflows to $199.2 million and complete belongings to over $502 million. The Bitwise Solana ETF (BSOL) led the cost, contributing the majority of new capital with a 4.99% each day achieve.
In distinction, spot Bitcoin (BTC) ETFs noticed $191.6 million in each day internet outflows on the identical day, persevering with a week-long development of profit-taking. The funds noticed $488.43 million in outflows on Thursday and $470.71 million the day gone by.
Spot Ether (ETH) ETFs additionally posted $98.2 million in outflows, decreasing their cumulative inflows to $14.37 billion. The funds shed $184.3 million on Thursday and $81.4 million on Wednesday.
Related: ‘Uptober’ marks 21 crypto ETF filings as Bitcoin climbs
Solana ETFs achieve momentum
The shift towards Solana ETFs comes amid what market individuals describe as a “capital rotation.” Vincent Liu, chief funding officer at Kronos Research, informed Cointelegraph that the development highlights a rising urge for food for brand new narratives and staking-driven yield alternatives.
“Solana ETFs are surging on fresh catalysts and capital rotation, as Bitcoin and Ether see profit-taking after strong runs,” Liu stated. “The shift signals rising appetite for new narratives and staking-driven yield opportunities.”
Analysts counsel Solana’s momentum might proceed into subsequent week as Bitcoin and Ether consolidate. “Solana momentum may extend next week, with rotation staying alive while majors pause, unless macro news sparks extreme volatility,” Liu added.
Related: ETFs will usher establishments into altcoins, identical to Bitcoin: Analyst
New crypto ETFs enter markets
A brand new wave of crypto ETFs is hitting the market this week, led by Bitwise’s Solana Staking ETF (BSOL), which launched Tuesday with $222.8 million in belongings and affords buyers publicity to Solana (SOL) with an estimated 7% staking yield.
Several different funds are additionally getting into the market, together with Canary’s Litecoin (LTC) and Hedera (HBAR) ETFs, together with the anticipated conversion of Grayscale’s Solana Trust into an ETF. Meanwhile, Hong Kong permitted its first spot Solana ETF final week.
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