- Solana is gaining momentum as a spot ETF contender, backed by rising DeFi activity, $8.8B in TVL, and strong fee revenue.
- With the SEC requesting amended filings and institutional moves underway, market data increasingly supports Solana’s ETF viability.
Solana [SOL] is fast emerging as a serious contender in the race for a U.S.-listed spot ETF, backed by surging DeFi metrics, increased institutional engagement, and key regulatory developments. With the U.S. Securities and Exchange Commission (SEC) pushing for amended filings and Bloomberg placing 90% odds on eventual approval, Solana’s ETF prospects appear stronger than ever.
The SEC has requested issuers to file amended S-1 registration statements by the third week of June, signaling progress in the ETF review timeline. Several issuers are already updating documents to incorporate staking mechanisms—a nod to Solana’s on-chain capabilities. While analysts like James Seyffart caution that staking approval isn’t guaranteed, the broader sentiment leans optimistic.
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On-chain data supports the narrative. Solana now boasts $8.8 billion in total value locked (TVL), positioning it as one of the most active DeFi ecosystems. In the past 24 hours alone, Solana led all blockchains in bridged net inflows, raking in over $2.5 million. It also ranked third in transaction fee revenue, trailing only Tron [TRX] and Hyperliquid [HYPE], highlighting growing user engagement and utility.
Stablecoin flows indicate healthy liquidity rotation, with marginal outflows rather than alarming capital flight. These stablecoin metrics are seen as key indicators of institutional readiness, especially as ETFs require deep and stable liquidity environments.
Perhaps most intriguing was a sizable wallet move involving 252,847 SOL—worth roughly $39.7 million—transferred from Coinbase Prime to an FTX cold storage wallet. While the motive remains unclear, such transfers often precede large custodial shifts or institutional activity, particularly in the context of anticipated regulatory approval.
According to DeFiLlama and other tracking platforms, Solana’s fee growth, bridged asset flow, and stablecoin activity all point to increasing real-world use—one of the most important criteria for ETF approval.
As ETF issuers align with regulatory requirements and institutional players quietly position themselves, the data increasingly supports the case: Solana is no longer a long shot in the ETF race. With strong fundamentals and a growing narrative around network maturity, SOL may soon find itself in the ETF spotlight alongside Ethereum and Bitcoin.