Solana ETFs End 14 Weeks of Inflows: $24.8 Million Out Against $681 Million at Bitcoin

The US spot ETFs on Solana lost more money than they took in for the first time since their launch in the week of October 5 to 9, 2026: $24.8 million net. That ends a run of 14 consecutive weeks of inflows. The price stood at $110.28, or 98.44 euros, on the evening of October 10, up 1.26 percent on the day and down 7.90 percent over the week.

For investors in Germany, the headline number matters less than the question of what is carrying it. Fund flows are the most visible trace of institutional demand, and for a week now that trace has pointed the other way. What this means concretely depends on the route by which you hold Solana: a direct purchase on an exchange, a crypto ETN in a securities account, or not at all.

What flowed out of the Solana ETFs in the week of October 5 to 9

Net outflows from the US spot Solana ETFs added up to $24.8 million across those five trading days. The Block reports the figure on the basis of SoSoValue data; TokenPost puts the same week at around $25 million. The difference of roughly $200,000 comes down to rounding and different data cut-offs, not to a contradiction.

The sign weighs more heavily here than the sum. Before this, the funds had attracted capital for 14 weeks in a row. No other crypto ETF category in the US had a run of that length this year, and it has now snapped.

What a week of $24.8 million amounts to in proportion

Solana's market capitalisation stood at around $64.9 billion on October 10 (CoinGecko, evening of October 10). The weekly outflow therefore equals about 0.04 percent of that sum. As selling pressure in the spot market, that is small. As a signal about the mood of fund buyers it counts for more, because it marks a reversal of direction rather than a fluctuation within a trend.

How an outflow from a spot ETF acts on the Solana price

A spot ETF actually holds the coin, not a futures contract on it. When a large market participant hands back shares, the fund redeems them and parts with the underlying quantity of Solana. That sale reaches the market, usually through trading partners who spread the volume across the day.

Net outflow means redemptions minus new issuance. A day with $10 million of redemptions and $8 million of fresh money produces a $2 million outflow, not ten. The figure therefore says nothing about how many investors sold, only about which side carried more weight in the end.

The second transmission channel runs through expectations. Fund flows are published daily and read by trading systems. A broken run changes the assumption that reliable demand sits here, and that works on the price faster than the actual selling does.

Bitwise BSOL accounts for the largest single share of the outflow

Most of the weekly outflow came from a single fund: Bitwise's BSOL, at around $21 million, counted by Farside and reported as such by The Block. Roughly 85 percent of the category's outflow therefore traces back to this one product.

That is the normal state of affairs in a young market with few providers: a reallocation by one large holder moves the statistics for the whole category. Reading the figure as a mood reading across all Solana investors stretches it too far.

Bitcoin and Ether ETFs lost $1.22 billion in the same week

Solana is not alone with its outflow, and the proportions are stark: the US spot Bitcoin ETFs saw $681.1 million leave in the same week, ending an inflow run there too that had held for three weeks. The Ether ETFs lost $542.1 million. All three categories were in the red at once, for a combined total of around $1.25 billion.

With Ether the run is longer: nine consecutive trading days of outflows since September 29, totalling $697.2 million. BlackRock's ETHA accounted for about 88 percent of the weekly outflow according to SoSoValue data, including $201.9 million of redemptions on the day the fund's reverse share split took effect.

Set against that, the Solana outflow weighs little: $24.8 million versus $681.1 million at Bitcoin, roughly one twenty-seventh. The prices reflect that unevenly. Bitcoin stood at $82,973 and gave up 2.18 percent over the week, Ether at $2,506.94 with a 6.60 percent loss, and Solana fell hardest at 7.90 percent. An outflow, then, does not explain a weekly loss on its own.

Crypto ETNs instead of US spot ETFs: the access route in Germany

The funds named here are US products and are generally not tradable by retail investors in Germany. They lack the key information document required under the European PRIIP Regulation, which a broker must hold before selling a product to retail clients. Anyone wanting BSOL in their securities account will usually not find it there.

Two routes remain. The first is the exchange-traded crypto product from European issuers, legally most often an ETN, that is, a debt security backed by deposited coins. It trades through a securities account like a share, on Xetra or another venue. The second route is a direct purchase through a crypto exchange licensed under MiCA, where you hold the coins yourself or have them held in custody.

How ETNs and direct purchases differ technically

With an ETN you additionally carry the issuer's risk. Backing with real coins softens that but does not remove it; in an insolvency what counts is how the collateral is held and legally allocated. In exchange, key management falls away and the product runs alongside everything else in an existing securities account. With a direct purchase there is no issuer risk, but you take on responsibility for access to your coins, and you need an exchange licensed under MiCA.

Holding period and withholding tax: direct purchases and ETNs are treated differently

The two routes are not the same for tax purposes, and the difference often matters more to the return than any fee. For a direct purchase, section 23 of the German Income Tax Act applies: gains from selling cryptocurrencies remain tax-free if more than a year lies between purchase and sale. Below that period, the personal tax rate applies, with an exemption threshold for private disposal transactions.

With an ETN, the treatment hangs on how the security is structured. Products that securitise a claim to delivery of the coins are regarded by parts of the specialist literature as equivalent to a direct investment; under other constructions, gains fall under the 25 percent capital gains tax plus the solidarity surcharge, which the account-holding institution deducts directly, and the one-year period plays no role. This question cannot be answered across the board. Check the product documentation for your ETN and clarify the classification with a tax adviser before building a holding period on it.

Staking inside a Solana ETP: the yield lands in the net asset value

Several Solana funds stake the coins they hold, BSOL among them. The proceeds are not distributed to shareholders but raise the fund's net asset value: no Solana arrives in your account, your share becomes worth more. For tax purposes that is a different event from a distribution, and the same caveat as above applies to its classification.

With a direct purchase you can stake yourself and decide on the validator. Our comparison of staking providers shows which platform leaves what return after fees. On the scale of participation: our article of October 9, 2026 on the validator structure put the staking ratio at 74.6 percent of circulating Solana. A high share of the supply is therefore tied up and unavailable for short-term trading.

Levels on the Solana price: $108.56 at the low, the 120 line as a lid

On October 10, Solana moved between $108.56 and $110.63, a daily range of barely two percent. To the downside, the daily low of $108.56 is the next level on the record; it held during the day. Above lies the area around $120, which the price last reached on October 6, when our article at the time put it at $120.

Our piece from the morning of October 10 put Solana at $109.84, with the slots shortened to 200 milliseconds as the trigger. The price has moved 44 cents higher since then, which is to say barely at all. The technical change gave the price no push that day; the only thing added since the morning is the funds' weekly balance.

Our assessment: $24.8 million is not a collapse in demand

From the editorial team's point of view, the figure is unremarkable in size and notable in direction. Three pieces of evidence support that: the outflow equals 0.04 percent of the $64.9 billion market capitalisation, about 85 percent of it traces back to a single product, and it falls in a week in which Bitcoin and Ether ETFs together lost more than $1.2 billion. That points to a general pullback from crypto risk rather than to a Solana problem.

Against it stands the length of the run that snapped. Fourteen weeks of inflows were an argument for Solana in their own right, and that argument is missing until the next positive weekly balance. As long as the funds lose money on net, the price has to draw its drive from the chain itself, from fee income, user numbers or stablecoin volume. Taken together: the situation has not got worse, though one supporting pillar is gone. Cryptocurrencies can lose their entire value at any time.

Solana ETFs: without new inflows the price lacks the push above $110

The week ended a run, it did not turn a trend. Three steps follow from it:

1. Settle the access route. Decide whether you hold Solana directly or through a security in your account. A direct purchase needs a venue licensed under MiCA; the terms are in the comparison of crypto exchanges.
2. Clarify the tax classification before you buy. The one-year period under section 23 of the German Income Tax Act applies to a direct purchase. With an exchange-traded crypto product it hangs on the structure; the product documentation and a tax adviser give the answer, not the marketing page.
3. Weigh the staking yield against the costs. In an ETP the yield sits in the net asset value, with a direct purchase in your own delegation. What is left after fees is shown by the comparison of staking platforms.

(As of October 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)