Solana Surpasses Bitcoin and Ethereum with Impressive $6.8M ETF Inflows!

Solana (SOL) is leading the pack in digital assets, boasting an impressive $6.8 million in inflows to its spot ETFs, outperforming both Bitcoin (BTC) and Ethereum (ETH). With strong support reflected in the derivatives market, the growth of Solana's ETFs signals confidence among traders and investors.

Key Takeaways

Solana has gained a significant advantage in the digital asset sector.
The altcoin attracted $6.8 million in inflows for its spot ETFs, surpassing both Bitcoin and Ethereum.
Current Open Interest (OI) for Solana's derivatives remains steady at around $3.4 billion, indicating market stability rather than hype-driven trends.

Confidence over FOMO? Solana outpaces BTC and ETH with $6.8M ETF inflows

SOL ETFs on the Rise

Solana's spot ETFs have demonstrated a remarkable performance, accumulating $6.8 million in net inflows on November 10th, according to data from Farside Investors.

Solana ETF Performance
Source: Farside Investors

The Bitwise Solana ETF (BSOL) led the charge with $5.9 million in inflows, while the Grayscale Solana ETF (GSOL) contributed an additional $0.9 million. This marks the second consecutive week of strong inflows, bringing Solana's total since its launch to an impressive $343 million. In contrast, Bitcoin and Ethereum products reported minimal activity during the same period.

Stability in Derivatives

Solana's derivatives data reflects a steady and balanced market sentiment, supported by the strong ETF inflows.

Solana Derivatives Data
Source: Coinalyze

At the time of writing, the Open Interest (OI) remained around $3.4 billion, indicating that traders are maintaining consistent exposure without considerable liquidations or new leverage. The average Funding Rates were slightly bearish at -0.0009, suggesting a mild bearish sentiment, though there was no significant aggressive shorting observed. This strength in Solana appears to be more about solid demand from the spot market and ETF activity rather than speculative futures trading, indicating a mature market environment.

Challenges Ahead for SOL

Solana was trading at $163 at the time of reporting, experiencing a 2.3% decline within the previous day, as indicated by the daily chart.

Solana Price Action
Source: TradingView

The Relative Strength Index (RSI) suggests limited buying strength, despite the robust ETF inflows. The Chaikin Money Flow (CMF) stands at 0.00, indicating neutral capital movement, meaning the inflows have yet to convert into strong demand in the spot market. Price action shows consolidation with repeated rejections around the $170 mark, indicating resistance in that area. Should SOL fail to remain above $160, a retest of the $150 level may become likely before any renewed recovery effort.

In conclusion, while Solana is currently thriving with strong ETF inflows and stable derivatives, it faces potential resistance that could impact its short-term growth.