Solana funds logged $39M in outflows last week
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Someone in Switzerland is selling Solana ETPs

Yesterday, CoinShares’ weekly digital asset fund flows report revealed something interesting: Solana saw $39 million in outflows, marking the largest week of outflows on record for Solana funds.

That’s a pretty big rout for Solana funds. The next-highest week of outflows came in March, when Solana ETPs totaled $11 million in outflows. Diving more deeply into the report, you can see that $37 million of the $39 million came from the 21Shares Solana ETP. There were also $2 million in outflows from the WisdomTree Solana ETP.

The funds both trade broadly in Europe.

In both cases, the selling happened from the Swiss versions of these exchange traded products, CoinShares head of research James Butterfill told me in an email. 

Since ETPs trade anonymously, it’s not possible to tell who exactly is selling, though the fact that multiple products saw outflows hints that more than one customer was involved, Butterfill added. 

“Last week some investors may have rotated some of their holdings to other 21Shares ETPs, as we also saw inflows of more than USD 35M into TONN ETP,” which is an ETP tracking TON tokens, a 21Shares spokesperson told me, adding that it’s normal for investors to take profits on ETP holdings.

Butterfill was surprised by the outflows.

“Solana has been the darling of the crypto world,” he noted. Last year, Solana funds saw $167 million in inflows, compared to just $80 million for its higher-cap rival Ethereum.

Butterfill says the tide seems to have turned, as SOL fund inflows are sitting at just $31 million year to date, compared to $867 million for Ethereum.

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