Solana ETF Inflows Sink 97% in Latest Week; CME Leveraged Funds Cut Net Shorts

Solana-related ETFs in the U.S. saw inflows cool sharply in the week ending Sept. 4, with net subscriptions down 97% from the prior week's pace. Data compiled by Farside Investors showed USD 4.9 million of net inflows across six Solana products, compared with USD 142.7 million over the previous five trading sessions. Bitcoin ETFs drew more net capital over the latest week, while Ethereum ETF inflows also decelerated. Even so, all three groups posted positive net flows for the week. Within the Solana lineup, only BSOL, FSOL and GSOL registered any sessions with nonzero net flows. VSOL, TSOL and SOEZ showed zero net flow in every session. On Sept. 4, Solana ETFs posted USD 5.2 million in net outflows, while Ethereum ETFs recorded USD 25.9 million of net inflows and Bitcoin ETFs took in USD 174.6 million. A zero net flow does not indicate whether creations and redemptions were absent on a gross basis. Franklin's quarterly filing notes that authorized participants may create or redeem units in exchange for SOL and/or cash; cash redemptions require the sponsor to arrange sales of the SOL represented. In derivatives positioning, CME leveraged funds reduced their net short exposure to SOL but remained net short. The CFTC's combined positioning report showed 1,069 long futures-equivalent contracts in standard CME SOL as of Sept. 1, versus 3,615 short futures-equivalent contracts. With 500 SOL per contract, that equated to a net short of 1,273,000 SOL, down from 2,166,500 SOL on Aug. 25. The residual long position rose by 577 contracts and the residual short position declined by 1,210 contracts. Long and short columns exclude positions classified as spreading. Options positions are converted into futures equivalents using exchange-supplied delta factors. The leveraged-funds category can reflect outright positions, arbitrage and hedging. CME's financially settled SOL contracts provide price exposure without delivery of the underlying tokens. The Sept. 1 derivatives snapshot predates the end of the ETF week, limiting its ability to identify matched trades or explain SOL's price move. More consecutive positive weeks with broader participation across products would offer clearer evidence of sustained ETF demand, while gross creations and redemptions would add detail that net figures do not capture.