Moving in the opposite direction to other crypto funds and otherwise pessimistic market sentiment, BSOL and GSOL have attracted net inflows every trading day since their launch.
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After months of anticipation, the Securities and Exchange Commission (SEC) finally opened the door to U.S.-listed altcoin ETFs at the end of October, greenlighting funds that hold HBAR, Litecoin (LTC), and SOL.
Despite the prevailing bearishness, in their first week of trading, the latest generation of U.S. crypto funds didn’t witness any net outflows.
However, although Canary’s HBAR and Litecoin funds eventually showed some life after a disappointing debut, BSOL and GSOL significantly outperformed their altcoin peers.
Between them, Solana ETFs attracted four times as much investment as Canary’s HBAR offering and around 170 times more than its Litecoin product, according to SoSoValue data.
Broader Crypto ETF Market Shrinks
Although Grayscale is expecting big things from its new Solana product, for now, the market for altcoin ETFs remains tiny compared to the established funds focused on Bitcoin and Ethereum.
For instance, the largest crypto ETF, BlackRock’s iShares Bitcoin Trust (IBIT), had more than $60 billion in net assets at Monday’s close.
That being said, IBIT saw net outflows each day from Oct. 29 to Nov. 3 as investors pulled around $715 million from the ETF.
Across all digital asset investment products tracked by CoinShares, BTC vehicles were at the forefront of a significant drawdown, with net outflows of $946 million in the week to Nov. 3.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
