Solana exchange-traded funds have been among the success stories of recent weeks, attracting capital despite broader market bearishness.
Meanwhile, the narrative is shifting, as Bitwise’s Solana staking ETF posted an outflow of $4.6 million on December 15 – the first daily withdrawal since its debut.
Though modest, the outflow grabbed attention since Bitwise has become an indicator for institutional appetite in Solana.
BSOL has recorded consistent inflows since its late October launch, even attracting capital on days when other ETFs endured notable redemptions.
That makes yesterday’s withdrawals more about a potential sentiment shift and less about panic.
Thus, attention has shifted to SOL’s price performance, with enthusiasts watching the possible results of a psychological shift.
The altcoin is trading at $127 after dropping nearly 4% in the past 24 hours.
SOL should reclaim $132 to avoid potential declines below $120.
However, let’s explore the Solana ETF landscape before analyzing anticipated price reactions.
Bitwise still dominates SOL ETF markets
Notably, Bitwise maintains a strong position, with BSOL attracting net inflows of $604.3 million, eclipsing its rivals.
Grayscale and Fidelity follow, with the funds boasting cumulative netflows of $98.6 million and $93.5 million, respectively.
Also, total Solana ETF inflows across issuers stood at around $709 million as of December 15, reflecting healthy institutional interest.
Bitwise accounts for most of this demand (with its $604.3 million inflows), reinforcing it as a preferred option for investors interested in compliant exposure to Solana with staking incentives.
For context, 21Shares’ TSOL has suffered net outflows of roughly $101.2 million.
The massive difference highlights how selective funds have been amid the current broader market weakness.
Therefore, Bitwise’s modest 1-day outflow seems like profit-booking and not a faded trust in the Solana blockchain.
Staking yield: the primary attraction
Bitwise’s staking-enabled feature has appealed to institutions.
While all top Solana ETFs offer staking, Bitwise included a 0.20% competitive fee, lower than most rivals.
Grayscale and VanEck Solana ETFs carry fees of 0.35% and 0.30%, respectively.
Bitwise’s combination of staking yield and lucrative fees is vital for long-term allocators, explaining BSOL’s success in the previous weeks.
The company is now planning to launch its Hyperliquid ETF, as the latest developments suggest an imminent debut.
SOL price outlook
Solana is trading at $127 after losing 3.72% over the past 24 hours.
It trades within a corrective structure after notable dips from $180.
On the downside, SOL boasts a solid support barrier at $122 – $120.
Failure to hold this zone can trigger selloffs to $115 – $112, and $105 amidst significant broad-based slides.
However, holding above $120 can support uptrends to the crucial resistance between $132 and $135.
A breakout would see Solana reclaim $150 and clear the path towards $180.
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