Solana ETF Flows and On-Chain Activity Highlight Valuation Gap

SOL is trading well below its October 2025 level and remains 72% under its $295 all-time high. Spot SOL ETFs, which launched in late October 2025 and initially drew over $100 million in average net inflows during their first five weeks, have seen weekly inflows ease to about $20–$25 million since December 2025 as the price retraced to $86 in February 2026.

Across the four-month drawdown, cumulative outflows totaled just $11.3 million over two weeks, while spot BTC and ETH ETFs logged four consecutive months of negative flows in the same period. On-chain metrics tell a different story from the price action. Over the past 30 days Solana processed $108 billion in DEX volume, ahead of Ethereum’s $63.7 billion and Base’s $31.48 billion, and January’s volume reached $117 billion, above December and November.

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