CoinShares has withdrawn its application for an invested Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC).
The withdrawal comes at a time of increasing competition in the crypto ETF segment and changing regulatory requirements.
“The Registration Statement was intended to register shares to be issued in connection with a transaction that was ultimately not consummated,” according to a Nov. 28 notice. submit said. “No shares have been sold, or will be sold, pursuant to the above Registration Statement.”
Solana ETFs are off to a strong start as investors chase high returns
The first Solana ETF, issued by REX-Osprey, debuted in the US in June. That was followed by the launch of a similar product from Bitwise in October.
Bitwise’s fund launched on its first day of trading with nearly $223 million in assets, collecting about 50% of the value the REX-Osprey ETF had collected in a few months, according to Bloomberg ETF analyst Eric Balchunas.
$BSOL starts life with $220 million in assets. Impressive, already half the size $SSK. Surprised, they didn’t keep it up and brought it in on day one to increase volume and flow. The good news is that now we will only have organic demand, which is easier to measure pic.twitter.com/bHXQuCRw1Z
— Eric Balchunas (@EricBalchunas) October 28, 2025
Several other Solana ETFs have since entered the US market.
Collectively, the SOL investment products saw more than $369 million in capital flows in November. Solana ETFs also managed to buck the trend seen in spot Bitcoin and Ethereum ETFs that saw record outflows in October and November amid the recent market downturn.
The strong performance is partly supported by the 5-7% staking rewards on offer.
US SOL ETF Flows (Source: Farside Investors)
Data from Farside Investors shows that since November 10, the funds have not seen a net daily outflow until November 26, when $8.2 million disappeared from the investment products.
The funds resumed inflows in the last trading session, with investors injecting $5.3 million into the ETFs. On the day, Grayscale’s GSOL led the charge with inflows of $4.3 million. Fidelity’s FSOL was the only other SOL ETF to see inflows that day, with $2.4 million entering reserves.
21Shares’ TSOL was the only fund to record an outflow yesterday, leaving $1.4 million out of reserves. This fund was also responsible for breaking the previous day’s net daily inflows after investors withdrew $34.4 million from the fund that day.
SOL price is trading in a downtrend
Despite continued inflows into SOL ETFs, the altcoin the fund tracks has seen its price fall in recent weeks. The past month has The price of SOL has plummeted by more than 28%, coinciding with the broader crypto market pullback.
SOL daily chart (Source: GeckoTerminal)
GeckoTerminal data shows that SOL is trading in a medium-term downtrend. Technical indicators such as short-term Exponential Moving Averages (EMAs), the Moving Average Convergence Divergence (MACD), and the Relative Strength Index (RSI) show that bears still have a firm grip on the altcoin’s price.
However, SOL is trying to move above the upper limit of the declining price channel. A breach of this barrier could lead to a bullish shift in momentum and strength for SOL.
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