Which SOL ETFs saw redemptions?

TLDR

The 21Shares Solana ETF (TSOL) is the one that saw redemptions, while other US spot SOL ETFs had net inflows on the same days, per multiple reports here.

1. Nov 26 saw a net outflow of $8.10 million, driven by a $34.37 million TSOL redemption report.
2. Dec 2 recorded the largest net outflow of $13.55 million, led by a $32.54 million TSOL redemption report.
3. Dec 4 saw a record single day outflow with the move attributed entirely to TSOL report.

Deep Dive

1. TSOL Was The Source

Across multiple dates, redemptions were concentrated in 21Shares TSOL. On Nov 26 the net outflow was attributed to TSOLs $34.37 million redemption report. On Dec 2 a $32.54 million TSOL redemption led the largest net outflow to date report. A later update noted a record single day outflow again coming entirely from TSOL report.

2. Other SOL ETFs Had Inflows

Bitwises BSOL and Grayscales GSOL posted inflows on days TSOL redeemed, partially offsetting TSOLs outflows. On Nov 26 BSOL saw $13.33 million and GSOL $10.42 million in inflows report. Similar offsets were observed in subsequent updates report.

3. Likely A Position Reset

Coverage described the redemptions as a position reset after weeks of uninterrupted inflows and November volatility analysis. This framing aligns with inflows into other SOL ETFs during the same windows report.

Conclusion

Redemptions were concentrated in 21Shares TSOL, while other SOL ETFs like BSOL and GSOL saw inflows that partially offset the outflows. The pattern looks issuer specific and consistent with rebalancing rather than a wholesale exit from SOL exposure. If redemptions spread to other funds or persist, that would signal a change in broader demand.