Solana (SOL) Leads XRP by 300% in ETF Inflows... "Sweeping Funds Even if Market Cap Falls"

▲ Solana (SOL)/ChatGPT Generated Image

The daily fund inflow into Solana (SOL) spot ETFs is more than 300% ahead of XRP spot ETF trading volume, causing a shift in the altcoin exchange-traded fund market. As Solana solidifies its lead in total net assets and daily trading volume, the gap in cumulative fund inflows is also rapidly narrowing.

According to U.Today, a virtual asset media outlet, on September 29 (local time), the daily net inflow into Solana spot ETFs in the US stock market on September 28 was recorded at $12.7 million. This is more than 3.2 times the $3.96 million recorded by XRP funds on the same day, showing a gap of over 300%. In the recent 30-day trend, Solana ETFs attracted $278.2 million, absorbing more than twice the funds compared to XRP's $127.05 million, demonstrating a consistent lead.

A clear reversal was also observed in the total net assets, which indicate the fundamental strength of the funds. The net asset size of Solana's ETF product group recorded $1.93 billion, surpassing XRP funds' $1.68 billion. The number of ETF products currently launched in the market also shows Solana offering more diverse options with 9 products, compared to XRP's mere 5.

Solana's strong institutional adoption was also evident in the proportion of ETF inclusion relative to the token's total market capitalization and trading liquidity. XRP's total market capitalization is $95.47 billion, which is higher than Solana's $70.69 billion. However, the proportion of ETF products relative to market capitalization was significantly higher for Solana at 2.72%, compared to XRP's 1.76%. Daily trading volume also saw Solana ETFs record $90.43 million, more than double XRP's $39.37 million.

This institutional fund inflow is positively reflected in the technical indicators of the spot price. Solana rebounded from around $75 in early August, easily broke through the 200-day moving average at the $95 mark, and then surged to $119.81. In September, it raised its local high to around $125, and the 50-day moving average is widening its gap with the 200-day moving average, establishing a typical bullish formation.

Currently, cumulative net inflows are tallied at $1.8 billion for XRP and $1.62 billion for Solana, with XRP still leading, but the gap is rapidly narrowing. Market attention is focused on whether Solana, with its abundant ETF lineup and high trading liquidity, can even overturn the cumulative inflows and seize the leading position in the altcoin ETF market.

[Article Key Summary]

-Solana (SOL) spot ETF's daily net inflow recorded $12.7 million, surpassing XRP ($3.96 million) by over 300%.

-In terms of total net assets, Solana ($1.93 billion) also overtook XRP ($1.68 billion).

-While daily trading volume recorded $90.43 million, the gap in cumulative net inflows ($1.8 billion vs. $1.62 billion) also rapidly narrowed.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*