Santiment’s data is striking: Solana network growth has surged 124% since early September, adding around 1.71 million wallets a day, while daily active addresses are up 58% to about 4.27 million. But institutions are moving in the opposite direction—U.S. spot Solana ETFs saw net outflows of $17.7 million over three consecutive trading days, with outflows on October 5, 6, and 7. $SOL The current price is around $116, down 1.6% over the past week. On the stablecoin front, the numbers are solid: more than 14 million addresses hold stablecoins, with total supply exceeding $15 billion. My take is that this is a classic case of retail getting in first and institutions catching on later: network growth is the foundation for valuation, while ETF flows are a sentiment gauge. When the two diverge, I trust the foundation—but only if it holds up through the inflation data on October 14 and the rate decision on the 28th. Which side are you on: on-chain data or fund flows?