Solana ETF inflows fall 97%; CME funds grow less net short

Solana's US ETF inflows fell 97% in the week ending Sept. 4. Farside Investors tracked USD 4.9 million in net inflows across six Solana products. The previous five trading sessions recorded USD 142.7 million in net inflows. Bitcoin funds attracted more net capital during the latest week. Ethereum funds also recorded a slowdown. All three asset groups ended the latest week with positive net flows. Solana's non-zero net-flow entries were limited to BSOL, FSOL and GSOL. VSOL, TSOL and SOEZ recorded zero net flow on every session. Solana ETFs recorded USD 5.2 million in net outflows on Sept. 4. Ethereum ETFs recorded USD 25.9 million in net inflows that day. Bitcoin ETFs recorded USD 174.6 million in net inflows that day. A zero net flow does not show whether gross creations and redemptions were absent. Franklin's quarterly filing describes authorized participants creating or redeeming units in exchange for SOL and/or cash. Cash redemptions require the sponsor to arrange sales of the represented SOL. CME leveraged funds became less net short SOL but remained net short. The CFTC's combined positioning report showed 1,069 long futures-equivalent contracts in standard CME SOL as of Sept. 1. The report showed 3,615 short futures-equivalent contracts. At 500 SOL per contract, the positions represented a net short of 1,273,000 SOL. The comparable net short was 2,166,500 SOL on Aug. 25. The residual long position increased by 577 contracts. The residual short position fell by 1,210 contracts. The long and short columns exclude positions classified as spreading. Options positions are converted into futures equivalents using exchange-supplied delta factors. The leveraged-funds category can include outright positions, arbitrage and hedging. CME's financially settled SOL contracts provide price exposure without delivery of the underlying tokens. The Sept. 1 derivatives snapshot predates the end of the ETF week and cannot identify matching trades or explain SOL's price movement. Repeated positive weeks with participation across more products would provide clearer evidence of sustained ETF demand. Gross creations and redemptions would provide information that net totals do not show.