ETF 100% win rate is spoiled by the first day of negative multi-million dollar flows. Is BlackRock holding the wild card?
With 6 exchange-traded fund (ETF) products now live on traditional stock markets, Solana (SOL) tacked on an impressive 13-day inflow streak. Across all 6 SOL ETFs, the altcoin has pulled in beyond $166 million in inflows, but the sentiment changed yesterday.
Unable to reclaim the $150 resistance level, Solana (SOL) saw the first day of negative flows, with $8.2 million leaving the markets. Moreover, Solana’s publicly-traded ETFs started with an initial capital of $446.9 million, but one giant is missing from the broader picture.
BlackRock’s Solana Stance Goes Beyond ETFs
Unlike Grayscale, Bitwise, Vaneck & others, BlackRock has refrained from releasing a stand-alone Solana ETF. While BlackRock is operating the fastest-growing IBIT ETF, Solana (SOL) is accrued via the BUIDL fund, which deploys Solana (SOL) on decentralized finance (DeFi) protocols for extra yield.
However, yesterday’s Solana ETF outflows coincided with BlackRock’s IBIT bleeding a hefty $149 million on Thursday. With BlackRock’s Solana (SOL) DeFi harvesting beast now topping $2.5 billion, it’s likely that BlackRock would jump into the Solana ETF game once the altcoin gains comprehensive regulatory clearance.
For now, it looks like BlackRock is carrying on quietly accumulating Solana (SOL) via BUIDL, while competing digital asset managers test out their altcoin ETFs on the stock markets. Bitwise’s ETF has gained the most traction so far, whipping up $550 million inflows with the BSOL ETF leading among alts on NYSE Arca for most days, per Farside Investors’ data.
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