$2.92 million net inflow in a single day: Why has Solana spot ETF become the new favorite among institutions?

Eastern Time January 21 — Solana spot ETF once again demonstrates its ability to attract funds, with a total net inflow of $2.92 million in a single day. Although this inflow may seem modest, it reflects ongoing institutional optimism toward Solana. As of press time, the total net asset value of the Solana spot ETF has reached $1.1 billion, with a cumulative net inflow of over $870 million. In the highly competitive crypto asset ETF market, what enables Solana to consistently attract capital?

ETF Data Breakdown

Who is buying Solana spot ETF

Among the $2.92 million net inflow in one day, VanEck SOL ETF (VSOL) contributed the most, with a single-day net inflow of $1.28 million, and a total net inflow of $22.1 million. Fidelity SOL ETF (FSOL) followed closely, with a single-day net inflow of $1.15 million and a total net inflow of $146 million.

From the data of these two leading ETFs, Fidelity’s product has a stronger historical capital attraction capability, but VanEck is more active in daily performance. This indicates that different institutions have varying allocation strategies for Solana, but all recognize its long-term value.

Compared to other assets

According to the latest data, on January 19, Bitcoin spot ETF experienced a net outflow of 1,106 BTC (approximately $103 million), while Ethereum spot ETF saw a net inflow of 9,171 ETH (about $29.42 million). In comparison, the $2.92 million daily net inflow of Solana spot ETF, though relatively small in absolute terms, suggests growing investor interest in Solana considering SOL’s market cap.

Ecosystem Support Factors

Institutional global allocation rotation

According to relevant reports, on January 20, U.S. stock markets were closed for Martin Luther King Jr. Day, causing a temporary shift in crypto trading focus toward Asian and Canadian markets. Notably, Canadian-listed fintech company DeFi Technologies (DEFI) announced yesterday an increase of 65,000 SOL holdings, with a total trading value of about $10 million. This indicates that institutions are increasing their Solana allocations globally.

Active ecosystem projects

The Solana ecosystem continues to launch new features and products. Prime broker Project 0 released new functionalities such as Strategy v2 and directional trading, offering smarter trading interfaces and cross-platform arbitrage capabilities. The native asset SKR of Solana Mobile was also listed for trading on January 19, attracting market attention. These ecosystem developments provide fundamental support for Solana’s long-term growth.

Signals to Watch

Concerns over stablecoin outflows

However, related reports also raise a noteworthy warning: over the past 30 days, the supply of stablecoins within the Solana ecosystem decreased by approximately $2.7 billion, a decline of 17%. This suggests that some funds may be flowing out of the ecosystem. The reduction in on-chain liquidity could negatively impact decentralized application economics and the value of native tokens.

This presents an interesting contrast to the continuous net inflows into ETFs — institutions are increasing their SOL exposure via ETFs, but stablecoins within the ecosystem are decreasing. This could imply: first, funds are shifting from DeFi activities to pure asset allocation; second, some investors may be waiting to see how the ecosystem develops.

Price Context

The current SOL price is $130.18. In the short term, SOL has fallen 9.75% over the past 7 days, but over 30 days, it has still increased by 3.70%, showing a generally oscillating upward trend. The sustained ETF net inflows may provide some price support.

Summary

The $2.92 million net inflow into Solana spot ETF in a single day reflects ongoing institutional optimism, with increased allocations from Canada, Hong Kong, and other regions. The active development of ecosystem projects also provides fundamental support for this positive outlook. However, caution is warranted regarding the outflow of stablecoins within the ecosystem, which may indicate changes in on-chain activity. Future focus should be on whether increased institutional allocations can translate into ecosystem growth, and whether the stablecoin outflows will reverse.