Solana ETFs Attract $369M While Bitcoin and Ethereum Face Redemptions, as Grayscale Launches Dogecoin ETF

Yield-Bearing Assets Drive Solana ETF Inflows

Solana ETFs attracted $369 million in fresh capital during November, even as Bitcoin and Ethereum products faced significant redemptions, signaling a potential shift in investor preferences toward yield-generating crypto assets^[1].

Between November 3 and November 24, Bitcoin ETFs experienced $3.7 billion in net redemptions, while Ether ETFs lost $1.64 billion, according to SoSoValue data^[1]. Over the same period, Solana staking ETFs drew substantial inflows, suggesting more than simple capital rotation between products.

"Both institutions and retail holders are treating Solana as a yield-generating asset rather than a speculative trade," said Bohdan Opryshko, co-founder and chief operating officer of Everstake^[1]. He noted that Solana's native staking rewards of 5%–7% have created an appeal that Bitcoin ETFs cannot match, and only a limited set of Ethereum products currently offer^[1].

Staking Activity Remains Strong Despite Volatility

Despite SOL trading between $100 and $260 this year, the network's total staked supply climbed from 350 million to 407 million SOL^[1]. Retail delegators increased from 191,179 to 194,157 between October 30 and November 24, adding over 238,000 SOL during the market downturn^[1].

According to data from Coinbase, 67% of all circulating SOL is currently staked^[1]. Sebastien Gilquin, head of business development and partnerships at Trezor, stated that Solana "has established one of the strongest staking profiles among major proof-of-stake blockchains"^[1].

Trezor users alone staked over 1 million SOL through Everstake during the month, Opryshko reported^[1]. He added that "staking yield has become a primary driver of allocation — not the only one, but increasingly central"^[1].

Grayscale Launches First US Dogecoin ETF

In a separate development, Grayscale's GDOG Dogecoin ETF debuted on NYSE Arca, marking the first spot exposure to the meme coin in the United States^[2]. The Dogecoin price jumped 3% in the 24 hours following the launch, trading at $0.1482 on a 10% increase in trading volume to $2 billion^[2].

Early trading for GDOG saw volumes near $11 million, demonstrating strong appetite from both retail and institutional buyers^[2]. The fund provides investors a regulated way to gain Dogecoin exposure without holding the cryptocurrency directly^[2].

On-chain metrics for Dogecoin show rising active addresses and transfer volumes around 29,600, indicating steady network usage despite price volatility^[2]. The Dogecoin price rebounded from support levels around $0.088, with analysts watching resistance levels at $0.164 and $0.207^[2].

Growing ETF Landscape

The crypto ETF landscape continues to expand, with Franklin Templeton's XRP ETF (XRPZ) also debuting on NYSE Arca^[2]. These launches reflect growing institutional interest in providing regulated access to various cryptocurrency assets beyond Bitcoin and Ethereum.

Opryshko suggested that crypto investing is bifurcating post-ETF approval, with "speculative assets (traded for appreciation) vs. productive assets (staked for income)"^[1]. This trend indicates that investors are increasingly distinguishing between cryptocurrencies based on their ability to generate ongoing yields rather than solely on price appreciation potential.

Gilquin noted that "data shows that retail delegators are becoming more long-term oriented, with delegation lifetimes steadily increasing throughout 2025 and participation remaining strong even amid volatility"^[1]. This behavior suggests a maturing market where staking yields play an increasingly important role in investment decisions.