Ethereum and Solana ETFs Keep Losing Money. Which Coin Is Holding Up Better?
Quick Read
BlackRock’s ETHA absorbed the entire $70M single-day outflow on October 16, as Ether ETFs bled roughly 6% of their $15B in net assets during October.
Solana defended $100 support and outperformed Ethereum over 1-month and 90-day windows, while its ETFs shed a smaller 3% of assets versus Ether’s 6%.
Solana’s Alpenglow upgrade on October 21 is the next catalyst, with a positive ETF session afterward as the clearest sign buyers have returned.
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Investors withdrew about $1 billion from spot Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) ETFs from October 1 to 16, 2026. This downturn raises the question of which asset—Ethereum or Solana—is faring better during this tumultuous period. Exchange-traded funds (ETFs) let investors gain exposure to cryptocurrencies without buying the coins directly, trading like regular shares on the stock exchange.
The overall market declined, with Bitcoin (CRYPTO: BTC) slipping 1.4% in the week leading up to October 18. However, Ethereum and Solana fell more sharply, with ETH trading around $2,417 and SOL at roughly $104. Given the outflows from both ETFs, which side—Ethereum or Solana—seems to have better stability?
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Outflows from Ether and Solana ETFs Continue
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Ethereum ETFs posted losses in nearly every trading session in October, except one. On October 13, these funds attracted $24.8 million, according to data from SoSoValue. Overall, from October 1 to 16, Ethereum funds saw a net outflow of $954.8 million.
The trend of selling continued late into the period, with Ethereum ETFs experiencing net outflows of $69.7 million on October 16, all of it from BlackRock’s iShares Ethereum Trust (NASDAQ: ETHA). A net outflow means that investors withdrew more money from the fund than they added that day.
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In comparison, Solana’s ETFs have faced a longer outflow streak. Their last inflow was a modest $1.3 million on October 2, and every session from October 5 to October 16 was negative, culminating in a $12.7 million outflow on October 16. From October 1 to 16, Solana funds saw a total outflow of $54.9 million.
Ethereum Funds Are Losing a Larger Share of Their Money
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While the dollar amounts show a larger loss for Ethereum, these funds are also much larger. As of October 16, Ethereum ETFs held $14.95 billion in net assets, while Solana ETFs held only $1.62 billion.
Relative to their fund sizes, Ethereum’s outflow represents about 6.4% of its net assets, while Solana’s stands at about 3.4%. This suggests Ethereum ETF holders are exiting faster, despite Solana’s longer outflow streak.
Selling pressure on Ethereum appears driven by larger investors reducing their positions, particularly in BlackRock’s fund. Meanwhile, Solana’s outflow seems more like a gradual decline from a smaller base, with few new investments coming in since early October.
Ethereum Fared Better on Price Over the Week
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In the week ending October 18, Ethereum’s price fell 3.6%, while Solana’s fell 5.2%. Both cryptocurrencies underperformed Bitcoin, suggesting selling pressure beyond the broader market decline.
However, Solana showed resilience by holding its key support level. On October 15, SOL dipped to just above $100, but buyers stepped in to support that price. Ethereum, by contrast, fell to around $2,313 that day before closing at about $2,439.
Looking longer term, Solana appears to be holding up better. As of October 17, SOL was up 2.7% over the past month, while ETH was down 1.1%. Over the past 90 days, Solana returned 36.7%, compared to Ethereum’s 29.3%. Year-to-date, SOL is down 16.2%, while ETH has dropped 18.4%.
Ethereum still has its supporters; notable macro investor Jordi Visser remarked on The Pomp Podcast in October that it has “hung in there” alongside Bitcoin as one of the more robust sectors in the crypto space. On the flip side, Solana is set for its Alpenglow upgrade on October 21—a significant update aimed at improving how validators reach consensus for new transactions—but despite this, investor enthusiasm for Solana ETFs remains muted.
Is Ethereum or Solana More Resilient?
In conclusion, Solana seems to be holding up slightly better, though the margin is close. While it fell more sharply this week, its funds are losing a smaller share of their total assets, and SOL held the $100 support level when tested. Conversely, Ethereum’s funds are facing a larger share of outflows, despite the coin’s relatively minor price decline.
For Solana, a key moment would be positive ETF inflows, marking the first such instance since October 2, especially after the Alpenglow upgrade. Meanwhile, for Ethereum, a second positive session in October, ideally reflected in ETHA inflows, could signal reduced selling pressure. However, if outflows continue on top of the $954.8 million loss, Ethereum may struggle to hold up against Solana in the longer run.
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