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Solana Spot ETF has seen a net inflow for the 20th consecutive trading day, with a total net asset of over 840 million USD across six funds.
The US Spot Solana exchange-traded fund (ETF) achieved net inflows for the 20th consecutive trading day on Monday, continuing the rising momentum since its launch in late October.
According to data from SoSoValue, the Spot Solana ETF saw a net inflow of $58 million yesterday, with Bitwise's BSOL fund leading the pack with a net inflow of $39.5 million. This marks the third largest net inflow for the Solana fund report and the largest since November 3.
With the net inflow from last Monday, the Solana ETF has attracted a total of $568.24 million since BSOL debuted on October 28. The total net assets of these six funds amount to $843.81 million, accounting for approximately 1.09% of SOL's market capitalization.
Nick Ruck, the director of LVRG Research, stated: “The Spot Solana ETF has shown strong resilience, exceeding previously modest expectations for institutional investor subscriptions during the market's downturn.” “The continued influx of capital highlights Solana's maturity as a blue-chip asset, attracting seasoned investors seeking diversified investments beyond Bitcoin and Ethereum in the highly competitive DeFi space.”
Ruck added that although Solana is currently facing selling pressure due to the overall de-risking in the cryptocurrency market, the inflow of funds into ETFs is expected to provide fundamental support and tighten supply dynamics, laying the groundwork for a potential rebound after the market stabilizes. (The Block)