Solana (SOL) has fallen 22.9 percent over the past four weeks, underperforming bitcoin.

On Nov. 10 (local time), blockchain media outlet The Defiant reported that Solana fell 22.9 percent over the past 28 days, sliding to its lowest level in four weeks. Its decline was larger than bitcoin’s over the same period, highlighting relative weakness even as the broader market corrected.

In Coinbase spot trading, Solana at one point slipped below $82 on the day. Bitcoin also fell below $73,000 and XRP dropped under $1.05, extending declines across major cryptocurrencies.

Outflows also continued in the exchange-traded fund (ETF) market. Spot Solana ETFs posted net outflows of $24.2 million on Nov. 6 and $7.7 million on Nov. 9, according to Farside Investors. Total net outflows over the 2 trading days reached $31.9 million.

Outflows were concentrated in Bitwise’s BSOL. BSOL saw net outflows of $14.4 million on Nov. 6 and $5.9 million on Nov. 9, bringing the 2-day total to $20.3 million. That accounts for about 64 percent of total net outflows.

Fund withdrawals were also confirmed in other products. On Nov. 6, Grayscale’s GSOL recorded net outflows of $5.4 million and MSOL saw $4.4 million. On Nov. 9, net outflows also occurred in VSOL, FSOL and SOEZ in addition to BSOL.

Still, it is difficult to interpret the recent outflows as a drop in ETF demand. Farside data show cumulative net inflows into spot Solana ETFs at about $1.43 billion, keeping them in net inflow territory. Some in the market say part of the money that had flowed in has been leaving.

The question ahead is whether Solana can shake off its weakness relative to bitcoin and whether funds can flow back into ETFs. With price declines and fund outflows overlapping, a sustained rebound would also need to be supported by a recovery in investment demand.