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Ethereum ETFs in US on track for highest monthly outflow, while nascent solana ETFs only have inflows

Despite the outflows for ethereum and inflows for solana, both cryptocurrencies are down in November.

11/17/25 12:01PM

Ethereum and solana have dropped 20% and 25%, respectively, in November, putting both at lows not seen since at least July. But their spot ETFs tell a different story: one marked by substantial outflows and the other with a completely positive streak.

Spot ethereum ETFs recorded their third-highest weekly outflow last week since their inception, at $728.6 million, making November the investment funds’ worst month so far, with over $1.2 billion in outflows, per SoSoValue.

In contrast, solana’s spot ETFs have notched 14 days of consecutive inflows since Bitwise and Grayscale debuted the funds in late October, for a total of $382 million. This is a substantial difference than ethereum ETFs’ debut, which saw $405.9 million in outflows in their first 14 days.

“SOL ETFs are far less significant than ETH ETFs, simply because, on a market-cap-weighted basis, they represent a much smaller portion of the total supply,” according to Simon Dedic, CEO and partner at crypto-native investment firm Moonrock Capital.

Spot ethereum ETFs hold nearly 6.4 million ethereum tokens worth $20.1 billion, or 5.3% of the supply, while solana ETFs have 0.6% of the token’s supply.

“Since the SOL ETFs just launched, I wouldn’t expect their flows to behave like ETH ETF flows, which have already stabilized after their early AUM growth phase,” Dedic told Sherwood News.

Tom Lee, the chairman of the largest ethereum treasury firm, BitMine Immersion Technologies, said in a Monday press release:

“Crypto prices have not recovered since the liquidation event on Oct 10th. And the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet.

When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market. This is the equivalent of QT (quantitative tightening) for crypto and has the effect of dampening prices.”

Lee argued that crypto prices have not peaked and predicted a cycle top will likely come in 12 to 36 months.

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Buterin’s sales, ETF outflow streak weigh on ethereum

The price of ethereum remains under pressure as ethereum cofounder Vitalik Buterin selling a tranche of his holdings and sustained spot ETF outflows act as headwinds for the second-largest cryptocurrency.

Buterin sold $5.9 million worth of ethereum over the past several days after withdrawing 3,500 tokens from lending protocol Aave, on-chain data from blockchain analytics firm Arkham Intelligence shows. Since the beginning of the month, Buterin has reportedly sold 8,000 tokens.

“Historically, his sales have funded ecosystem development or philanthropy rather than signaling reduced conviction,” per Kelly Ye, deputy chief investment officer of Avenir Group. “It may create short-term sentiment pressure, but it’s not necessarily a structural negative — especially given his continued active role in building ethereum,” Ye told Sherwood News.

Meanwhile, spot ethereum ETFs recorded $123.4 million in outflows last week, marking the fifth consecutive week of outflows. In total, nearly $1.4 billion has exited from the funds during the stretch, data from SoSoValue shows. “ETF outflows reflect positioning and liquidity conditions more than protocol fundamentals. ETH is still being treated tactically by many allocators rather than as a core allocation,” Ye added.

The longest outflow streak for the investment vehicles is eight weeks, occurring between February and April 2025, when the cryptocurrency dropped from $2,200 to under $1,600.

Still, pockets of demand persist. BitMine Immersion Technologies, the leading ethereum treasury firm, acquired roughly $100 million worth of tokens last week, according to a press release.

“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” BitMine Chairman Tom Lee said in a statement.

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