The Solana Spot ETF has something going on this time. The SOL ETF launched by Grayscale and Bitwise last week attracted $199 million in just 4 days, with Bitwise alone taking in $222 million (after deducting $102 million seed investment). Why is it so popular? Because this is one of the first stakable SOL ETFs, allowing holders to earn staking rewards while lying back without worrying about coin price fluctuations. It's very appealing for institutional investors.

However, this heat has not yet reflected in the coin price. SOL fell from 205 to 178 last week, and is now stuck at 185, which is already the Nth time testing the upward trend line since April. The problem is that the rebound demand is very weak, with on-chain active addresses dropping to 13.5 million (the lowest in 12 months), and whales are clearly still on the sidelines. On the other hand, the network inflow is quite good (2.37 billion has entered since the 27th), and the trading volume of market makers has slightly improved. The risk lies here - short positions exploded from 8.5 billion to over 10 billion, and if it breaks the support line, it could trigger a chain liquidation. Let's see if we can turn the situation around next week.