Solana and XRP ETFs resist as Bitcoin faces record withdrawals

While Bitcoin and Ethereum endure massive withdrawals, two newcomers shake up the scene. Solana and XRP ETFs accumulate nearly 900 million dollars in net inflows despite a market in full collapse. Are we witnessing the emergence of a new hierarchy in the crypto ecosystem?

Solana and XRP attract massive flows despite the crypto market collapse

On November 21, 2025, while the crypto market undergoes one of its worst periods , two alternative ETFs show unabashed strength. Solana and XRP accumulate steady daily inflows, defying the logic of a sector in full hemorrhage. 

The numbers speak for themselves: nearly 900 million dollars captured by these two products, with no net outflow since their launch.

This performance stands out in a context where Bitcoin ETFs are experiencing record withdrawals. November was particularly brutal for flagship products: 3.79 billion dollars vanished from US Bitcoin ETFs, with BlackRock (IBIT) and Fidelity (FBTC) accounting for 91% of outflows. November 20 will be remembered with 903 million dollars evaporated in a single day.

Solana ETFs stay the course with inflows ranging from 8 to 56 million dollars daily this week. November 19 marks a peak with 55.61 million dollars collected in 24 hours. 

On the XRP side, euphoria is palpable. The new Bitwise ETF, launched Thursday under the ticker “XRP”, has a brilliant start with 105 million dollars on the first day. Canary Capital adds another 12.8 million the same day, bringing the total to 118 million.

Steven McClurg, CEO of Canary, publicly congratulated Bitwise for the launch of its XRP ETF, noting that mid-sized players can compete with giants like BlackRock in the ranking of the year’s top ETFs.

His XRPC fund also holds the absolute record with 243 million dollars in inflows on November 14. These figures reflect a rare conviction among investors, who clearly seek to diversify beyond Bitcoin and Ethereum.

Evolution of capital inflows into Solana ETFs in November. Source: Farside Investors

The paradox of flows: brilliant ETFs, struggling assets

The irony of the situation is obvious. While Solana and XRP ETFs attract massively, the underlying cryptos plummet severely. Solana collapses 32.5% in one month and 10.9% in one week.

Currently at 122.94 dollars, the token shows a dizzying 52.3% drop over one year. XRP follows a similar trajectory with a decline of 21.2% over 30 days and 16.6% weekly. The only consolation: the asset remains up 49.9% for the year, trading at 1.86 dollars.

This divergence between ETF performance and asset prices intrigues. It probably reveals an accumulation strategy counter to the trend by institutional investors. Some see it as a long-term bet, others as a simple novelty effect. 

Meanwhile, Bitcoin flirts with 83,000 dollars after massive leveraged position liquidations. On November 21, one billion dollars in long positions vanished in one hour.

Analysts question a possible leadership transfer in the crypto ecosystem. QwQiao, co-founder of Alliance DAO, warns that “there may need to be a new 50% correction for the market to lay solid foundations.” 

Michael Saylor , for his part, downplays these turbulences which he considers “background noise” on the road to mass adoption.

This resilience of Solana and XRP ETFs raises a fundamental question. Are we witnessing a simple parenthesis or a real shift in the crypto hierarchy? The combined 700 million dollars captured by these two alternative products, versus the 3.79 billion lost by Bitcoin , suggest the beginning of a mutation in institutional preferences.