Solana spot ETFs have seen truly strong consecutive net inflows this round—$138 million over 10 days, with a daily high of $47 million. The leading BSOL has also pushed AUM past $1 billion. Some interpret this as capital’s attitude toward SOL warming up, but I’d rather first verify the cost basis range for those 9.3 million SOL holdings, because net inflows and the actual cost of the chips are two different things.