The market is withdrawing from risk and pulling capital back, yet off-exchange genuine cash and real money are still accumulating SOL against the trend.
Over the past week, the total net outflows from crypto ETFs exceeded $70 million. This is genuine panic. But under the same macro conditions, SOL-related funds took in $60.7 million in net inflows over the same week, managing to post consecutive 12 straight weeks of net inflows. Big money is fleeing the broader market, but for SOL it’s take-in only—no outflow.
Now look at the on-chain holdings. More than 439 million SOL are staked on-chain, accounting for nearly 70% of total circulating supply.
On one side, institutions ignore the risk-off sentiment and keep sweeping up for twelve consecutive weeks. On the other, nearly 70% of the circulating tokens are locked up, earning interest. Buy orders keep pushing in, while the amount of tokens that can actually be used to sell and knock down prices on the order book is shrinking. At this point, only focusing on a few days of pullback and asserting that SOL has already topped—that logic, I don’t buy.
#SOL
Over the past week, the total net outflows from crypto ETFs exceeded $70 million. This is genuine panic. But under the same macro conditions, SOL-related funds took in $60.7 million in net inflows over the same week, managing to post consecutive 12 straight weeks of net inflows. Big money is fleeing the broader market, but for SOL it’s take-in only—no outflow.
Now look at the on-chain holdings. More than 439 million SOL are staked on-chain, accounting for nearly 70% of total circulating supply.
On one side, institutions ignore the risk-off sentiment and keep sweeping up for twelve consecutive weeks. On the other, nearly 70% of the circulating tokens are locked up, earning interest. Buy orders keep pushing in, while the amount of tokens that can actually be used to sell and knock down prices on the order book is shrinking. At this point, only focusing on a few days of pullback and asserting that SOL has already topped—that logic, I don’t buy.
#SOL