Solana ETFs End 14-Week Inflow Run as Hong Kong Lines Up a Second Fund

US spot Solana ETFs lost about $24.8 million in net outflows in the week ended Oct. 9, ending a 14-week run of positive weekly flows, based on SoSoValue flow data. Four days later, on Tuesday, Oct. 13, Pando Finance was scheduled to list Hong Kong's second spot Solana ETF on the Hong Kong Stock Exchange.

The two events point in opposite directions. Only one of them comes with a flow number attached.

A $24.8 Million Outflow Against $1.7 Billion in Assets

Measured against the funds' size, the outflow is small. US Solana ETFs closed the week with net assets of about $1.7 billion, against cumulative net inflows of $1.58 billion since launch. The week's redemptions come to roughly 1.4% of those assets.

Net assets still sit above cumulative inflows, by roughly $140 million to $150 million depending on which assets figure is used. In aggregate, the SOL these funds hold is worth more than the net money that went into them.

The change of direction is the measurement that matters, not the size. Fourteen straight positive weeks gave way to a negative one. Two claims made about the week could not be checked: that the streak was the longest since these funds launched, and that this was their largest weekly outflow.

Pando Prices Its Solana Fund at a 0.6% Fee

Pando's spot Solana ETF carries a 0.6% annual management fee, and it becomes the second Hong Kong fund offering direct SOL exposure, joining ChinaAMC's Solana ETF. Our earlier piece covers the fee comparison between the two Hong Kong Solana funds.

No first-day trading volume or opening assets figure for the Pando fund was available at the time of writing.

Which Market Has Solana Right

On current data, the question cannot be settled. US demand has a weekly flow record. Hong Kong demand does not, at least not in any figure available here. A new listing adds a product to the shelf. It does not show that buyers are taking it.

Two readings will become testable over the next few weeks:

• The case that US demand is cooling fails if US Solana ETFs return to weekly net inflows.
• The case that Hong Kong is picking up the slack needs Pando's turnover and assets to build, and it fails if the fund draws little after its debut.

Until Hong Kong flow figures exist, the US outflow is the only measured signal, and a 1.4% move in assets after 14 positive weeks is a modest one.