#密码资产动态追踪 Solana's process of financialization has really started to accelerate recently—immediately after the launch of spot and staking ETFs, a surge of trading volume emerged, with some mainstream products even recording several weeks of hundreds of millions of dollars in transactions and net inflows. This level of enthusiasm is indeed extraordinary.

The key question is: Is this volume driven by a short-term "novelty effect" or has a new capital channel truly formed?

Looking at it from several angles. First, ETFs are essentially the "main force" for traditional capital entering on-chain assets. Solana's ETFs are not just tracking SOL prices; they also come with "staking yield" packaging, which is particularly attractive to institutional funds seeking returns. This is a completely different approach compared to the previous purely hype-driven logic.

Secondly, the surge in trading volume also has a "new product effect" component—newly launched ETF products tend to attract concentrated trading and exploration in the early stages, similar to a "first-week hype." While the trading volume is large, volatility also follows, and whether this growth can be sustained long-term depends on the genuine willingness of institutions to allocate.

Interestingly, during the same period, ETF capital inflows into BTC and ETH remained relatively calm, while Solana's capital kept flowing in continuously. This indicates that the market is "overflowing" funds from large assets to seek other risk exposures.

From this perspective, the explosive volume of Solana ETFs may be due to the product's "initial attractiveness" and institutions testing the waters, or it could be building a more institutionalized capital inflow channel. Instead of just focusing on the trading volume numbers, it's better to understand the underlying "fundamental reallocation" logic—this is the core to interpreting market trends. $SOL