Solana ETF ends 14 weeks of capital inflows: outflow of $24.8 million, while Bitcoin ETF inflow of $

The U.S. Solana Spot ETF experienced net redemption for the first time, and its 14-week inflow record ended

In the week from October 5 to 9, 2026, the U.S. Solana Spot ETF experienced its first net outflow since its launch, with a net redemption amount reaching US$24.8 million. This data ended the previous 14 consecutive weeks of net inflow trend. As of the evening of October 10, Solana prices were US$110.28 (approximately 98.44 euros), up 1.26% on the day, but down 7.90% during the week.

For German investors, the headline number is less important than the drivers behind the flow of funds. Fund capital flows are the most intuitive reflection of institutional needs, and this week the indicator pointed in the opposite direction. The impact depends on how you hold Solana: whether you buy it directly through an exchange, hold a crypto note (ETN) in a securities account, or otherwise.

Fund outflows for the week from October 5 to 9

According to The Block citing SoSoValue's data and TokenPost's report, the total net outflow of the U.S. Solana Spot ETF during the five working days was approximately US$24.8 million to US$25 million. The difference of approximately $200,000 between the two is due to differences in rounding and data cut-off times and is not contradictory.

The direction of outflow is more critical than the total amount. Prior to this, funds had attracted capital inflows for 14 consecutive weeks. No other cryptocurrency ETF category has maintained such a long continuous inflow cycle this year, and this record has now been broken.

Proportional significance of US$24.8 million outflow

截至10月10日，Solana的市值约为649亿美元。因此，当周流出量仅占其市值的约0.04%。从现货市场的抛压来看，这微不足道；但从反映买家情绪的信号来看，它意义重大，因为它标志着方向的逆转，而非趋势内的波动。

现货ETF流出对Solana价格的影响机制

现货ETF实际上持有的是代币本身，而非期货合约。当大型市场参与者退回份额时，基金会进行赎回并卖出底层持有的Solana数量。这些出售通常通过交易商在日内分散执行，从而进入市场。

“净流出”意味着赎回减去新发行。例如，一天内1000万美元的赎回和800万美元的新增资金，产生的是200万美元的净流出，而非1000万美元。因此，该数字并不说明有多少投资者卖出，只反映了最终哪一方占据主导。

第二个传导渠道通过预期发挥作用。资金流数据每日公布并被交易系统读取。连续流入纪录的中断改变了“此处存在可靠需求”的假设，这种心理影响往往比实际抛售更快地作用于价格。

Bitwise BSOL贡献了大部分流出份额

本周的大部分流出来自单一基金：Bitwise旗下的BSOL，根据Farside数据及The Block报道，其流出额约为2100万美元。这意味着该类别约85%的流出可追溯至这一单一产品。

In young markets with fewer providers, this is the norm: a reconfiguration of one large holder drives statistical changes across the category. It would be far-fetched to interpret this data as a general reflection of the sentiment of all Solana investors.

The previous 14 consecutive weeks of inflows were the longest rising period among any cryptocurrency ETF category during the year; the 15th week ended in a loss.

Bitcoin and Ethereum ETF also suffered large outflows during the same period.

Solana is not the only asset facing outflows, and the proportions are vastly different: in the same week, the U.S. spot Bitcoin ETF flowed out US$681.1 million, ending the previous three-week inflow momentum; the Ethereum ETF flowed out US$542.1 million. All three categories recorded negative outflows at the same time, totalling some $1.25 billion.

Ethereum has a longer outflow cycle: nine consecutive trading days since September 29, totaling $697.2 million. BlackRock's ETHA accounted for about 88 percent of the week's outflows, including $201.9 million in redemptions on the day its reverse split took effect, according to SoValue.

Solana's outflows are smaller in comparison: $24.8 million versus Bitcoin's $681.1 million, about a twentieth of the latter. The price response also reflects this unevenness: Bitcoin closed at $82,973, a weekly decline of 2.18%; Ethereum closed at $2,506.94, a weekly decline of 6.60%; and Solana fell the most, at 7.90%. It can be seen that a single outflow data cannot fully explain the loss in a single week.

Alternative for German investors: Crypto ETN versus direct purchase

The funds mentioned above are all U.S. products and German retail investors are usually unable to trade directly. They lack the "critical information documents" required by European PRIIP regulations that brokers must hold before selling to retail customers. As a result, ordinary investors are often unable to find ETFs such as BSOL in securities accounts.

Currently, there are two main paths:

1. Exchange-traded crypto products issued in Europe: Legally, they are mostly crypto notes (ETNs), which are debt securities backed by deposited coins (deposited coins). Trade on Xetra or other platforms through a securities account like stocks.
2. Direct purchase through a MiCA-licensed cryptocurrency exchange: Investors hold the tokens themselves or keep them in custody by a custodian.

Technical differences between ETN and direct purchase

The use of ETN carries additional risks to the issuer. Although using real tokens as collateral can mitigate but not eliminate this risk; in bankruptcy situations, the key lies in the way the collateral is held and the legal allocation. In exchange, key management functions are removed and the product can run in parallel with other assets in existing securities accounts. Direct purchases have no issuer risk, but investors are responsible for accessing the tokens themselves and must choose an exchange that complies with MiCA's license.

Holding period and withholding tax: The tax treatment of the two is different

The two paths have different tax treatment, and the difference often affects returns more than any fees. For direct purchases, Article 23 of the German Income Tax Law applies: If the interval between purchases and sales exceeds one year, the proceeds of cryptocurrencies are exempt from tax. If it is below this period, personal tax rates will apply, but there is an exemption for private disposal transactions.

For ETN, the treatment depends on the structure of the security. Some professional literature believes that products that claim the right to deliver securitized tokens are equivalent to direct investment; under other structures, the income may fall within the scope of a 25% capital gains tax plus solidarity surcharge, which is directly deducted by the custodian. At this time, the one-year holding period no longer applies. This issue cannot be generalized. It is recommended to carefully review the product documentation of a specific ETN and consult a tax consultant before constructing a holding period.

Pledge in Solana ETP: Proceeds are included in net assets

Several Solana funds, including BSOL, pledge the tokens they hold. The proceeds are not distributed to shareholders, but increase the fund's net asset value (NAV): no additional Solana will enter your account, but the value of your share will increase. For tax purposes, this is regarded as a different event from distribution, and its classification also requires the above precautions.

Under the direct purchase model, you can pledge yourself and choose a verifier. Our comparison of pledge providers shows which platforms retain higher returns after deducting fees. In terms of participation, our article on October 9, 2026 pointed out that the pledge ratio of Solana in circulation is 74.6%. A large amount of supply is locked in and cannot be used for transactions in the short term.

Without fresh capital from funds, prices would face a lack of support after 14 weeks of upward momentum.

Analysis of key price points

On October 10, Solana prices fluctuated between US$108.56 and US$110.63, with an intraday amplitude of less than 2%. Support below is the next level on record,$108.56, which was maintained during the day. Upper resistance is around $120, the level last touched by prices (October 6).

In our October 10 morning article, we priced Solana at $109.84, shortening the trigger slot to 200 milliseconds. Prices have since risen by only 44 cents and barely moved. Technical changes did not drive prices higher that day; the only variable since morning was the change in the fund's weekly balance.

Editor's opinion: US$24.8 million is not a collapse in demand

From the editorial department's perspective, this figure is not eye-catching in terms of scale, but noteworthy in terms of direction. There are three pieces of evidence to support this view:

1. Outflows account for only 0.04% of the US$64.9 billion market value;
2. About 85% of the outflows can be traced to a single product;
3. Bitcoin and Ethereum ETFs combined lost more than US$1.2 billion during the week.

This suggests a correction in the overall risk of cryptocurrencies, rather than a Solana-specific problem. However, in contrast to this is the broken record of continuous inflows. Fourteen consecutive weeks of inflows are in itself a positive argument for Solana, which is temporarily missing until the next positive weekly balance occurs. As long as the fund continues to net outflows, the driving force for prices must come from the chain itself, such as fee income, the number of users or stablecoin trading volume. To sum up: the situation has not deteriorated, only a supporting pillar has been lost. Cryptocurrencies may return to zero at any time.

Conclusion: Without new capital inflows, Solana prices lack the push to exceed US$110.

This week ended a cycle of continuous inflows, but did not reverse the long-term trend. Based on this, the following three steps are recommended:

1. Clarify investment channels

Decide whether to hold Solana directly or hold relevant securities through a securities account. Direct purchase requires selecting a platform that complies with MiCA license. For specific terms, please refer to the comparison of cryptocurrency exchanges.

2. Clarify tax classification before purchase

Direct purchase is subject to a one-year tax exemption period under Article 23 of the German Income Tax Act. For exchange-traded crypto products, tax treatment depends on the product structure; the answer lies in the product documentation and advice from the tax consultant, not the marketing page.

3. Weighing the benefits and costs of pledge

In ETP, the benefits are reflected in the increase in net asset value; in direct purchases, the benefits are reflected in your own entrusted pledge. The residual return after deducting expenses can be calculated through comparison with pledge platforms.

(As of October 10, 2026. This article does not constitute investment advice. Price and rate structures are subject to change; please check terms with your provider before purchasing.)