Solana Takes a Bigger Hit than Ethereum in June Sell-Off

Major altcoins Ethereum and Solana have been under pressure in June, but Solana's decline has been more severe. According to CryptoRank, Ethereum is down 17.1% this month, worse than its historical average of -7.68%. Solana, on the other hand, has fallen by 20.5%, exceeding its median return for the month.

The June sell-off has been particularly harsh for Solana, with the token's price dropping more sharply compared to Ethereum. While Ethereum's weakness in June has been consistent, Solana's decline has been more pronounced than usual. This may be due in part to the smaller size of Solana's ETF flows, which have seen a flat daily net inflow and total net assets around $729.15 million.

Traders' positions are still open, with Ethereum's aggregated Open Interest at around $10.06 billion and its funding rate slightly positive at 0.0040. Similarly, Solana's Open Interest is near $1.80 billion, with funding also positive at 0.0070. This suggests that traders have not fully exited the market yet, despite the recent dip.