Key Takeaways
- • Grayscale's GSOL Solana ETF bought up to $20.2 million of SOL over 20 days, with one outflow day in that window, according to Arkham Intelligence data, while VanEck's VSOL sold about $700,000 on October 12.
- • Solana traded at $102.99 on October 15, down 10.4% over seven days, with aggregate Solana ETF flows negative for eight consecutive trading days, most recently $1.29 million on Wednesday, per SosoValue.
- • Circle's USDC issuance on Solana reached about $3.5 billion in seven days, the largest weekly figure this year per SolanaFloor, with USDC holdings on the network near $8.64 billion.
- • Securitize brought twelve tokenised US equities to Solana on October 8, and the chain settled $786.3 million in tokenised equity spot volume in the week of October 5 to 11, returning it to first place for the first time in 13 weeks.
- • The Alpenglow consensus protocol launches on mainnet beta on October 21, and Firedancer and Frankendancer clients will not support the initial changeover.
Summary
Solana traded at $102.99 on Thursday morning, October 15, with a daily range of $101.04 to $107.74 and a market capitalisation of $60.7 billion, according to CoinGecko. The token has fallen 10.4% over seven days and more than 13% in October, and sits 64.9% below its January 19, 2025 peak of $293.31. Over 30 days it is up 2.6%, and over 60 days up 36.6%.
According to Arkham Intelligence data, Grayscale's GSOL fund has taken in $20.2 million of SOL across 20 days, with one outflow day in between. On October 12, VanEck sold around $700,000 through its VSOL fund. The primary source notes that an ETF's flows mirror its shareholders' subscriptions and redemptions rather than conviction by the issuer, and that the divergence likely reflects different client bases, with Grayscale traditionally serving long-term holders. Summed across all Solana ETFs, outflows ran for eight consecutive trading days, with $24.81 million lost net in the week of October 5 to 9 according to SosoValue, ending 14 weeks of inflows.
On-chain activity diverged from price. SolanaFloor reported that about $3.5 billion of USDC was newly issued on Solana within seven days, in tranches of $250 million, bringing USDC holdings on the network to about $8.64 billion. Total stablecoin holdings on Solana peaked at $17.3 billion in September per Solana Compass and DeFiLlama. In tokenised equities, the chain settled $786.3 million of spot volume in the week of October 5 to 11, ahead of Robinhood at $663.0 million and BNB Chain at $623.3 million, following Securitize's launch on October 8 of twelve tokenised US equities including Apple, Nvidia and Tesla, with Jump Trading as market maker. DEX volume on Solana, however, fell 27.0% week on week to $12.88 billion over seven days.
Technically, the 50-day line at $107.13 has capped recovery attempts since early October, while $97.95 is cited as the next support level. The relative strength index stood at 38.28 on October 13. The Alpenglow consensus protocol is scheduled to begin on mainnet beta on October 21, as confirmed by core developers at Anza. Firedancer and Frankendancer do not support the initial changeover, requiring operators to switch clients temporarily. Per Staking Rewards, 438.97 million SOL, or 74.6% of circulating supply, is currently staked at a yield of around 4.92% annually.
The article's editorial view is that price action is decoupling from network activity: fund flows are currently setting the short-term direction, while usage metrics do not yet support a price recovery, and minted USDC represents liquidity rather than demand for SOL.
According to Arkham Intelligence data, Grayscale's GSOL fund has taken in $20.2 million of SOL across 20 days, with one outflow day in between. On October 12, VanEck sold around $700,000 through its VSOL fund. The primary source notes that an ETF's flows mirror its shareholders' subscriptions and redemptions rather than conviction by the issuer, and that the divergence likely reflects different client bases, with Grayscale traditionally serving long-term holders. Summed across all Solana ETFs, outflows ran for eight consecutive trading days, with $24.81 million lost net in the week of October 5 to 9 according to SosoValue, ending 14 weeks of inflows.
On-chain activity diverged from price. SolanaFloor reported that about $3.5 billion of USDC was newly issued on Solana within seven days, in tranches of $250 million, bringing USDC holdings on the network to about $8.64 billion. Total stablecoin holdings on Solana peaked at $17.3 billion in September per Solana Compass and DeFiLlama. In tokenised equities, the chain settled $786.3 million of spot volume in the week of October 5 to 11, ahead of Robinhood at $663.0 million and BNB Chain at $623.3 million, following Securitize's launch on October 8 of twelve tokenised US equities including Apple, Nvidia and Tesla, with Jump Trading as market maker. DEX volume on Solana, however, fell 27.0% week on week to $12.88 billion over seven days.
Technically, the 50-day line at $107.13 has capped recovery attempts since early October, while $97.95 is cited as the next support level. The relative strength index stood at 38.28 on October 13. The Alpenglow consensus protocol is scheduled to begin on mainnet beta on October 21, as confirmed by core developers at Anza. Firedancer and Frankendancer do not support the initial changeover, requiring operators to switch clients temporarily. Per Staking Rewards, 438.97 million SOL, or 74.6% of circulating supply, is currently staked at a yield of around 4.92% annually.
The article's editorial view is that price action is decoupling from network activity: fund flows are currently setting the short-term direction, while usage metrics do not yet support a price recovery, and minted USDC represents liquidity rather than demand for SOL.
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