CoinShares, a prominent asset manager, has withdrawn its application for a staked Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. The withdrawal stems from a failed deal structuring, according to SEC filings, where no shares were sold or will be sold as per the registration statement. This comes after two other staked Solana ETFs launched earlier this year: REX-Osprey in June and Bitwise’s fund in October. Bitwise’s ETF quickly became one of the most successful crypto ETF launches of 2025, attracting almost $223 million in assets on launch day. Analyst Eric Balchunas highlighted that Bitwise’s product caught up rapidly due to growing demand for yield-bearing Solana exposure within regulated structures. However, CoinShares’ withdrawal signifies the current market headwinds faced by staked SOL ETFs. Why are Solana ETFs seeing inflows despite price declines? Despite broad selling in the crypto market during October and November, Solana ETFs drew over $369 million in inflows that month. Investors aimed for these products’ advertised 5–7% yield to overcome broader market downturns. However, this demand hasn’t translated into immediate token price support. SOL has struggled to regain momentum despite initial optimism fuelled by the launch of successful memecoin activity and increased trading volume on the network. Despite inflows into structured products, the spot market failed to find a floor. The gap between ETF inflows and SOL’s price performance underscores that yield-focused inflows can co-exist with weakening spot performance. **What lies ahead for Solana ETFs and SOL?** Bitwise and REX-Osprey remain the primary issuers of staked SOL exposure in the U.S. Their success hinges on Solana regaining momentum through memecoin activity, trading volume, and DeFi activity. However, these factors were crucial to initial hype, which has now faded. This challenges any ETF-driven price surge without broader market support. Key takeaways**: The withdrawal of CoinShares’ application signals the challenging landscape for staked SOL ETFs. The gap between ETF inflows and SOL’s price performance highlights that yield-focused inflows can co-exist with weakening spot performance. Whether this gap will close is contingent on activity within Solana’s trading ecosystem rather than solely on ETF headlines.