Altcoin Spot ETFs Bleed $18.4 Million as SOL, XRP Outflows Deepen

Spot exchange-traded funds tracking Solana, XRP and Hedera's HBAR recorded a combined $18.36 million in net outflows on November 10, according to daily flow data, with no altcoin ETF market registering net inflows on the day. The figure remains small against cumulative totals, but the breadth of the weakness — ten tracked markets flat, three negative — suggests demand has paused rather than reversed.

Where did the money leave?

Solana ETFs led the retreat. The nine SOL funds lost $10.56 million in aggregate, a second consecutive day of net outflows. Bitwise's BSOL bore the largest share at $8.17 million, with Grayscale's GSOL shedding another $2.39 million. The daily figure for 21Shares' TSOL was still pending at the time of the data release. Solana ETFs retain $1.52 billion in cumulative net inflows and $1.19 billion in net assets, equal to 2.41 percent of the token's market capitalization.

XRP funds followed, losing $7.62 million across five products — also a second straight day of redemptions. Grayscale's GXRP accounted for $7.17 million of that, while Canary's XRPC lost $449,756. Cumulative inflows stand at $1.80 billion, with $1.19 billion in net assets, or 1.77 percent of market capitalization. Daily trading volume reached $37.54 million.

Canary's HBAR ETF posted $178,970 in outflows after two days of flat flows. The product holds $55.30 million in net assets, or 1.89 percent of market capitalization. In plain terms, the HBAR withdrawal is roughly the price of a mid-sized apartment — noise next to the Solana figure.

How dormant are the flat markets?

The remaining ten tracked markets posted zero net flows, and several have been dormant for extended stretches:

• Dogecoin ETFs: no net flows for a twentieth consecutive day; net assets of $11.10 million, just 0.10 percent of market capitalization.
• Canary's TRON staked ETF (TRXS): flat for forty consecutive trading days; $47.72 million in net assets.
• 21Shares' Polkadot ETF (TDOT): eighteen straight flat days; $8.42 million in net assets on $36,832 of daily volume.
• VanEck's BNB ETF (VBNB): five flat days, with cumulative net outflows of $271,006.
• Chainlink (second flat day), Avalanche (third), Hyperliquid (flat after four outflow days), Grayscale's Zcash ETF (flat after one outflow day) and Bitwise's NEAR ETF (third flat day) round out the list.

The volume picture is the more telling one. Dogecoin ETFs traded $355,873 on the day; TRXS managed $16,680. These are products with market presence but almost no secondary activity, and dormancy this prolonged raises questions about whether issuers can justify the operating costs. Grayscale's Zcash ETF is the outlier, with $70.18 million in daily volume and $606.74 million in net assets — 3.46 percent of market capitalization, the highest ratio among the tracked products.

What happens next?

One day of broad outflows does not establish a trend, and cumulative inflows across SOL and XRP products remain near their peaks. But the combination of concentrated redemptions in the two largest altcoin ETF complexes and multi-week flatness elsewhere indicates allocator appetite has cooled. Whether the next trading sessions confirm a sustained rotation, or Monday proves to be single-day noise, is the question issuers will watch. Note that pending figures, such as 21Shares' Solana flow, could still nudge the daily total.