Solana spot ETF attracts over $23 million this week, but can it truly reverse SOL's downward trend?

Question

【Crypto World】Solana spot ETF has performed remarkably in the past week, with daily inflows reaching as high as $23.57 million, setting a nearly one-month record. This influx of capital has given many hope that SOL is breaking out of its slump.

However, things are not that simple. Some analysts point out that, considering SOL’s total market capitalization and spot trading volume, the demand scale for ETFs is still a small number, far from the level needed to significantly boost the price of the coin. In other words, although this wave of hot money is coming in strongly, it may not create a big wave.

What’s more concerning are the signals from the project level. On one hand, the Solana ecosystem is indeed growing—with nine rapidly developing companies each earning over $100 million annually, indicating solid fundamentals. On the other hand, the overall network’s DEX trading volume and on-chain activity are declining, which is the real pressure point. Whether the small inflow into ETFs can offset the cooling effect of the decreasing on-chain ecosystem activity remains to be seen.

TopEscapeArtist · Accepted Answer

Uh, the ETF inflow looks lively, but in front of the total market cap, it's just a drop in the bucket... We are just self-illusioning again.

The real killer is the decline in DEX trading volume, this is a technical divergence. MACD has already dulled, and you're still talking about the ecosystem fundamentals? Wake up, everyone.

ForkTongue · Answer

The data looks good, but on-chain activity is bleeding out—that's the real problem.

NFTArchaeologist · Answer

It's the same old rhetoric of cutting leeks again, ETF inflow = saving the market? Wake up, on-chain activity is dying, no matter how much hot money flows in, it can't be sustained.

FlatlineTrader · Answer

Another wave of illusions and mirages. Seeing 23 million is impressive, but compared to SOL's scale... it's truly a drop in the bucket.

The real issue is the decline in on-chain activity. Good-looking ecosystem revenue figures can't save the situation.

wrekt_but_learning · Answer

23 million sounds like a lot, but compared to SOL's market cap, it's still just a drop in the bucket... Can it really turn the tide?

ForkLibertarian · Answer

23 million looks lively, but in reality, it's just a drop in the bucket.

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The ecosystem is dead; relying solely on ETF funds can't save it.

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It's another numbers game to boost confidence, but actual activity is evaporating.

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A decline in DEX trading volume is the real crisis; don't be fooled by ETF figures.

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Taking in money while losing it—this business is a big loss.

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On-chain activity has collapsed; no matter how many ETFs there are, it's useless.

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Nine companies surpassing 100 million? That's just bragging; the fundamentals are fundamentally flawed.

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Hot money flows in and prices rise; what happens when hot money leaves?

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The judgment that it can't create big waves is spot on. I've been bearish on this wave for a long time.

LadderToolGuy · Answer

23 million sounds like a lot, but in the context of SOL's total volume, it's really just a drop in the bucket...

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The ecosystem is dying, relying solely on ETFs to bail it out? Don't be ridiculous.

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It feels like ETFs are just a cover; the key is whether on-chain activity can pick up.

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The decline in DEX trading volume is the real problem; ETFs can't save that.

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Another wave of profit-taking opportunities is coming, everyone be careful.

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Nine companies with over 100 million in revenue sound pretty good, but are users really using them?

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Hot money comes in quickly and leaves just as fast. Will there be another round of profit-taking this time?

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In the SOL ecosystem, no matter how many ETFs flow in, it's all in vain.

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Interesting, it's growing on one hand and declining on the other—call that Schrödinger's Solana?

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It's really just relying on institutional money to rescue the market; the underlying fundamentals are just not there.

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23 million in total trading volume, ha... I am not optimistic.

SleepTrader · Answer

It's the same old story. 23 million sounds impressive, but compared to the entire ecosystem's scale, it's not enough. The real issue is the decline in DEX trading volume; ETF inflows are just a false fire.

Solana spot ETF attracts over $23 million this week, but can it truly reverse SOL's downward trend?

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