Solana has recently started to tell its own story in the path of financialization. The spot and staking ETFs launched have immediately attracted significant trading activity, with Bitwise's products standing out in particular—initially recording tens of millions of dollars in trading volume and net inflows, making them quite prominent among similar products.

But is this surge in trading volume a fleeting "market noise," or is it gradually growing into a new normal? We need to look at it from several perspectives.

First, ETFs themselves are key to institutional and traditional capital entering on-chain assets. Solana's ETF is not just a simple tracker of SOL prices; the key is that it bundles staking yield structures, which are especially attractive to funds with stable income needs—this is very different from the past where speculation alone drove the market.

Second, this sharp increase in trading volume also bears the marks of an "initial effect." New products often experience a wave of trading enthusiasm, similar to early adopters' "trial effect." The numbers look impressive, but volatility is also significant. Whether growth can be sustained in the long term depends on the pace of institutional allocation and the market's genuine acceptance.

It is worth noting that during the same period, the fund flows for BTC and ETH ETFs remained relatively flat, while the Solana ETF attracted substantial capital—indicating that the market is undergoing structural rotation, with investors seeking risk exposure outside of major assets.

In simple terms, the current popularity of the Solana ETF may be a combination of the "debut effect" and institutional testing phases, or it could be opening a more mature capital entry channel. Instead of fixating on the absolute trading volume, it’s more insightful to understand the underlying "fundamental structural changes," which will reveal the true rhythm of the market.