Three things to note tonight:
SOL is now at $112.41, up 2.60% over 24 hours. It traded between $109 and $113 today, but is still down 6% over the past 7 days. So don’t assume it’s turned around just because it’s up a couple of points today.
First, the ETF tide has turned. During the week of October 5–9, U.S. spot SOL ETFs saw net outflows of $24.8 million, ending a 14-week streak of net inflows. That was the longest run of institutional buying since the products launched, so its end this week is significant.
Second, infrastructure is moving forward. On October 10, Jito switched its BAM mainnet nodes into maintenance mode to prepare for the Alpenglow consensus upgrade. Anza CEO Brennan Watt publicly proposed raising the per-block compute limit from 50 million to 100 million. The network’s processing capacity ceiling is set to rise.
Third, the application layer keeps expanding. Samsung Wallet plans to launch USDC transfers on Solana in the last week of October, reaching 82 million Galaxy devices in the U.S. In Q3, on-chain transactions across the network totaled 14 billion, up 45% quarter over quarter and a record high. Stablecoin holder addresses topped 14 million, while total supply exceeded $15 billion.
The price moved just 2 points, but things are buzzing on-chain. Interesting.
SOL is now at $112.41, up 2.60% over 24 hours. It traded between $109 and $113 today, but is still down 6% over the past 7 days. So don’t assume it’s turned around just because it’s up a couple of points today.
First, the ETF tide has turned. During the week of October 5–9, U.S. spot SOL ETFs saw net outflows of $24.8 million, ending a 14-week streak of net inflows. That was the longest run of institutional buying since the products launched, so its end this week is significant.
Second, infrastructure is moving forward. On October 10, Jito switched its BAM mainnet nodes into maintenance mode to prepare for the Alpenglow consensus upgrade. Anza CEO Brennan Watt publicly proposed raising the per-block compute limit from 50 million to 100 million. The network’s processing capacity ceiling is set to rise.
Third, the application layer keeps expanding. Samsung Wallet plans to launch USDC transfers on Solana in the last week of October, reaching 82 million Galaxy devices in the U.S. In Q3, on-chain transactions across the network totaled 14 billion, up 45% quarter over quarter and a record high. Stablecoin holder addresses topped 14 million, while total supply exceeded $15 billion.
The price moved just 2 points, but things are buzzing on-chain. Interesting.