Solana spot ETF AUM crossed $1 billion by month-end, following $115.3 million in net inflows in May, the best monthly figure of 2026.
The market cap of tokenized real-world assets hit $2.8 billion, stablecoin supply crossed $16.4 billion, perps volume reached $64.6 billion, and Solana accounted for 97% of cumulative on-chain tokenized-equity spot trading volume.
That makes the market question simple: why is Solana falling while ETF flows and network usage are moving the other way?
SOL is trading near $63, and the disconnect between network momentum and token price can be explained by the fact that activity does not equal value capture, according to Jake Kennis, senior research analyst at Nansen.
Fees, stablecoin flows, tokenized equity volume, and ETF flows each benefit validators, issuers, platforms, and market makers before reaching SOL holders. In Solana’s current fee structure, the connection between network usage, token burn, and SOL value capture is weaker than the headline activ
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