SOL fundamentals hit a new high, but the US spot ETF experienced a net outflow of $2.22 million in a single day

US Solana spot ETF experienced a net outflow of $2.22 million on January 16. While this number may not seem large, it appears somewhat “eye-catching” against the backdrop of Solana’s continued strong fundamentals. According to the latest news, Solana network revenue has reclaimed the industry’s top spot, while ETFs are experiencing outflows. This divergence warrants attention.

Specifics of ETF Capital Flows

Based on data, the $2.22 million net outflow in a single day comes from two main channels:

From the cumulative data, GSOL has performed relatively steadily, while TSOL’s net outflow reflects weaker attractiveness of that product. As of press time, the total net asset value of Solana spot ETFs is $1.21 billion, with a cumulative net inflow of $864 million. This indicates that although there was a daily outflow, the overall trend remains positive.

Why Are Fundamentals Still Strong?

This net outflow occurs during a period when Solana’s fundamentals continue to improve. According to recent reports, Solana has reclaimed the top spot for weekly network revenue among blockchains, reaching $7.66 million, surpassing Tron ($6.4 million), BNB Chain ($4.8 million), and Ethereum ($3.2 million).

In terms of price performance, SOL is also steadily rising:

• Up 6.32% in the past 7 days
• Up 16.69% in the past 30 days
• Current price at $144.46, approaching the critical resistance level of $145

Activity at the ecosystem level is also noteworthy. The Solana prediction market has seen trading volume surpass $28.6 million in just a few weeks. Tether-backed wallet Oobit has integrated Phantom wallet, and multiple DeFi projects are continuously deploying. All these signals point to an accelerating ecosystem development.

How to Understand This Divergence

The $2.22 million net outflow in a single day contrasts interestingly with the improving fundamentals, but it doesn’t necessarily imply anything significant. Several possible explanations include:

• Short-term Adjustment: ETF fund flows, as institutional investment tools, can be influenced by various factors such as technical corrections or profit-taking, and shouldn’t be over-interpreted.
• Product Differentiation: The cumulative net outflow of TSOL indicates market preferences are diverging among different ETF products.
• Market Sentiment Fluctuations: In the crypto market, fundamental improvements and short-term sentiment swings often coexist.

From a personal perspective, a $2.22 million outflow relative to the total assets of $1.21 billion accounts for only about 0.18%. This magnitude doesn’t indicate any trend-related issues. In comparison, on January 13, the Solana spot ETF saw a net inflow of $5.91 million. Such fluctuations are normal.

Future Points of Attention

Going forward, it is important to observe whether ETF capital flows will continue to trend outwards. If the single-day outflow is an isolated case, the strong fundamentals may continue to support SOL’s price. However, if outflows persist and grow, it could reflect changing institutional views on current price levels.

Summary

While the $2.22 million net outflow from Solana spot ETF on a single day is noteworthy, overall it appears more as a short-term fluctuation rather than a trend reversal. The strong fundamentals—including record-high network revenue, active ecosystem development, and steady price increases—remain the core factors supporting SOL’s medium-term performance. ETF capital flows are indeed worth monitoring, but should not be judged based on a single data point. The key is to observe whether this net outflow evolves into a sustained trend, which would be a more meaningful warning signal.