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Solana December 2025 Update
Institutional Flows: ETFs and DATCOs
The divergence between ETF and DATCO flows persisted in December. ETF inflows held up at $145M, while Solana DATCO holdings were unchanged for a second straight month, constrained by limited secondary market liquidity and persistent mNAV discounts.
SOL ETF inflows continued to surprise to the upside, especially given that BTC and ETH saw sizable redemptions over the same period (-$1.09B and -$616M, respectively). As the chart below shows, SOL’s monthly flow-to-market-cap ratio far outpaced its peers, with SOL ETFs absorbing roughly 0.20% of circulating supply in December.
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Carlos leads coverage on Solana and spends his time on DeFi applications. Previously held a research role at 21Shares.
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