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Solana January 2026 Update
Institutional Flows: ETFs and DATCOs
SOL ETF inflows totaled $102M in January, slowing from $145M in December but remaining resilient. By contrast, Solana DATCO holdings were unchanged for a third consecutive month, constrained by limited secondary liquidity and persistent mNAV discounts.
SOL’s $102M in January ETF inflows stands out given sizable redemptions in BTC and ETH (-$1.6B and -$343M, respectively) during the same period. As shown below, SOL’s monthly flow-to-market-cap ratio meaningfully outpaced peers, with SOL ETFs absorbing roughly 0.13% of circulating supply in January.
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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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