Ethereum and solana have dropped 20% and 25%, respectively, in November, putting both at lows not seen since at least July. But their spot ETFs tell a different story: one marked by substantial outflows and the other with a completely positive streak.

Spot ethereum ETFs recorded their third-highest weekly outflow last week since their inception, at $728.6 million, making November the investment funds’ worst month so far, with over $1.2 billion in outflows, per SoSoValue.

In contrast, solana’s spot ETFs have notched 14 days of consecutive inflows since Bitwise and Grayscale debuted the funds in late October, for a total of $382 million. This is a substantial difference than ethereum ETFs’ debut, which saw $405.9 million in outflows in their first 14 days. 

“SOL ETFs are far less significant than ETH ETFs, simply because, on a market-cap-weighted basis, they represent a much smaller portion of the total supply,” according to Simon Dedic, CEO and partner at crypto-native investment firm Moonrock Capital.

Spot ethereum ETFs hold nearly 6.4 million ethereum tokens worth $20.1 billion, or 5.3% of the supply, while solana ETFs have 0.6% of the token’s supply.

“Since the SOL ETFs just launched, I wouldn’t expect their flows to behave like ETH ETF flows, which have already stabilized after their early AUM growth phase,” Dedic told Sherwood News. 

Tom Lee, the chairman of the largest ethereum treasury firm, BitMine Immersion Technologies, said in a Monday press release:

“Crypto prices have not recovered since the liquidation event on Oct 10th. And the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet.

When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market. This is the equivalent of QT (quantitative tightening) for crypto and has the effect of dampening prices.”

Lee argued that crypto prices have not peaked and predicted a cycle top will likely come in 12 to 36 months.