$SOL ETF Catalysis and Institutional Layout

Canada has approved the world's first staking-based SOL spot ETF, supporting an annualized staking yield of 6%-8%, with the first week's scale possibly exceeding $200 million. Institutions such as Fidelity and Franklin Templeton have submitted applications for SOL ETFs, and the DTCC has launched related futures codes, with market expectations that approval may come in the third quarter of 2025.

Whale Behavior and Liquidity

Early investors recently sold $120 million worth of SOL through OTC, putting pressure on the price; however, on-chain data shows that whale addresses have recently accumulated 1.2 million SOL (approximately $360 million) at low prices, indicating intent to control the market.