Recently, many questions have been received: "Is there still a chance for SOL?" "Is now a good time to bottom fish SOL?" Every time I see these kinds of questions, I can feel that many people in the market are still persistently waiting. But based on current market signals, this round of adjustment in SOL is not just a normal correction, but a deeper turning point — the dividend period of spot ETFs has already faded, and institutional funds are expressing their true intentions through actions.

Looking at the price level of $127.7, it may seem like a support on the surface, but in reality, it reflects a phenomenon: there is no sustained influx of additional funds.

When SOL spot ETFs were first approved last year, many voices shouted "SOL will surge to $200" and "Institutions will buy heavily," but reality quickly proved them wrong. According to the latest market data, eight SOL spot ETFs attracted about $199.2 million in capital inflows during their first week of trading, which was a key support that allowed SOL to stay at high levels. However, since then, the situation has taken a sharp turn downward. Last week's ETF inflow was only $13.1 million, a 93% decrease compared to the first week.

What does this number indicate? It shows that institutional interest in SOL has shifted from enthusiasm to indifference. In the crypto market, institutional funds are the true "price setters." They have more capital and market information, and their withdrawal often signals that they have detected problems in the current direction. Retail investors tend to follow the trend and buy in, often only realizing the situation after the fact.