#密码资产动态追踪 Solana's financialization process has really started accelerating recently — spot and staking ETFs just launched and immediately generated massive trading volumes, with some mainstream products recording tens of millions of dollars in turnover and net inflows for several consecutive weeks. This level of momentum is definitely exceptional.

The key question is: is this trading volume a short-term "novelty effect" or has it actually created a new capital channel?

Looking at this from several angles. First, ETFs are essentially the "official army" for traditional capital entering on-chain assets. Solana's ETF isn't just about tracking SOL price — it comes bundled with "staking yield" packaging, which is particularly attractive to institutional capital with yield requirements. This is a completely different logic from the pure speculation-driven approach of the past.

Second, the surge in trading volume also has a "new product effect" component — newly listed ETF products always attract concentrated trading and exploration in their early stages, similar to a "first-week boom." While turnover is substantial, volatility comes along with it. Whether this growth can be sustained long-term still depends on institutions' genuine allocation intentions.

Interestingly, during the same period, capital inflows into BTC and ETH ETFs have been relatively calm, while Solana capital keeps flowing in steadily. This indicates the market is "overflowing" capital from major assets to find other risk exposures.

From this perspective, the Solana ETF's surge in volume could be both the product's "initial appeal" plus institutions testing the waters, or it could be establishing a more institutionalized capital inflow channel. Rather than fixating on trading volume figures, it's better to understand the "portfolio reallocation" logic behind it — that's the core to reading market trends. $SOL