Solana Spot ETFs Bled $144 Million in October, First Outflow Month Since June

US spot Solana ETFs closed October with roughly $144 million in net outflows, Binance Research data shows — the category's first negative month since June and the largest flow reversal among the major altcoin exchange-traded products currently reporting daily figures.

Where did the money leave first?

The selling pressure wasn't evenly spread. Grayscale's GXRP fund, the XRP vehicle with the most active recent flow, saw about $7.2 million withdrawn in a single session on Tuesday. Bitwise and 21Shares XRP funds showed no significant movement in initial data released Wednesday, though the session totals remain provisional: figures from Grayscale, Franklin Templeton and Canary Capital had not yet landed in the first daily table.

An XRP Insights account that tracks fund balances rather than issuer reports — excluding Grayscale's daily movement and including the XRP allocation inside Bitwise's multi-asset index fund — counted a 9.21 million XRP decline across the first three sessions of the week. At prevailing prices, that's roughly $9.6 million. At Wednesday's close, traceable XRP-focused products held approximately 1.17 billion XRP.

Why are Dogecoin flows frozen?

Dogecoin's US ETP market has gone quiet. Grayscale's GDOG and 21Shares' TDOG recorded zero net inflows or outflows across the first eight US trading sessions of November, according to daily flow reports. REX-Osprey's DOJE fund also posted flat flow on Monday and Tuesday; its Wednesday number is pending, but the issuer put the fund's net assets at $9.31 million that day.

The bigger structural shift came from Bitwise. The firm's BWOW Dogecoin fund traded for the last time on October 14 and was liquidated on October 22. Shareholders who held to the end received cash calculated at the fund's net asset value — a clean exit, but one fewer wrapper in a thin category.

What about Cardano, where no US spot fund exists?

Cardano has no daily US spot ETF flow to report, and that's a regulatory artifact rather than investor indifference. Volatility Shares runs two Cboe-listed products — CRDD and CRDX — that track ADA through futures contracts. CRDD closed Wednesday with 110,000 shares outstanding and $1.46 million in net assets. CRDX is built to outperform ADA's daily move, a leveraged structure rather than a plain tracker.

Grayscale withdrew its application for a US fund that would hold ADA directly in August, leaving the spot route closed. Europe fills part of the gap: 21Shares' physically backed AADA product manages approximately $22.6 million. The company's European report shows Cardano products attracted $900,000 in net inflows in September and $8.6 million across the first nine months of the year.

What happens next?

Flow tables for Wednesday remain incomplete until Grayscale, Franklin Templeton and Canary Capital file, so this week's XRP outflow picture could still widen. The next structural marker for the group is whether any issuer revives a US spot ADA filing after Grayscale's August withdrawal — until then, Cardano's ETF story stays a European one.