On September 25th, Eastern Time, according to SoSoValue data, the total net inflow of SOL spot ETF in the U.S. market was approximately $86.67 million in a single day, with Bitwise Solana Staking ETF (BSOL) contributing about $55.73 million. The total historical net inflow of BSOL has accumulated to about $1.218 billion, indicating that this product continues to attract medium to long-term capital allocation. At the infrastructure level, Austin Federa, co-founder of DoubleZero, which operates the original Shred service, publicly responded on X on September 26th to FUD from “big names” and “industry known figures,” reiterating long-term support for Solana. He disclosed that Shred returns about 45% of its service revenue to validators and provides free high-speed connections for over 60% of Solana staking, demonstrating the resilience and value distribution logic of the underlying network with data. On the sentiment front, the meme coin Super Inu (SI) in the Solana ecosystem briefly exceeded around $14 million in market capitalization after merging with the narrative proposed by Donald Trump at the UN General Assembly regarding “renaming or redefining artificial intelligence as super intelligence,” before falling back to around $8.7 million range. The 24-hour increase still surpassed 40%, with a trading volume of approximately $10.6 million, according to GMGN and BlockBeats public materials, making it a focal point of short-term capital interest on-chain. Within this time window, institutions continued to accumulate through SOL spot ETFs, infrastructure projects actively responded to doubts by disclosing Shred earnings and coverage rates, and retail investors engaged in rapid speculation in the meme sector. This triple signal overlap suggests that capital allocation, technical fundamentals, and speculative sentiment are synchronously strengthening on Solana, but whether the overall bullish structure is solid still relies on further verification from subsequent on-chain data and product performance.
SOL Spot ETF Attracts $86.67 Million: Who is Increasing BSOL?
According to SoSoValue data, on September 25th, Eastern Time, the total net inflow of SOL spot ETF in the U.S. market was approximately $86.67 million in a single day, which is relatively rare in the recent performance of similar products, constituting a significant capital positive for Solana. Among them, Bitwise Solana Staking ETF (BSOL) recorded about $55.73 million in net inflow that day, accounting for the majority of the overall net inflow, and its historical total net inflow has reached approximately $1.218 billion, leading among all listed SOL-related ETFs, demonstrating the absolute advantage of staking-type products in institutional allocation structures. In other words, at the current visible product level, incremental funds are more willing to bind Solana’s medium and long-term performance through a combination of “staking + ETF” rather than merely chasing short-term price fluctuations.
It should be emphasized that the existing public data only discloses the scale of fund inflows for each product and does not further reveal the specific identities, sources of funds, and trading strategies of increasing institutions. Whether BSOL is backed by traditional asset management companies, crypto native funds, or concentrated multi-strategy accounts remains an information gap. Therefore, the recent total net inflow of $86.67 million and BSOL’s leading position in it can currently only be interpreted on the “product dimension” and “capital preference” level: on one hand, it provides continuous off-market capital support and staking narrative support for Solana, strengthening the market’s attention to medium and long-term fundamentals; on the other hand, in the absence of more granular address and institutional data, this signal more indicates the warming interest in allocation rather than a confirmed structural bullish trend.
60% Staking Using Shred: A Defense Against FUD
If the net inflow of ETF funds is more of a signal for off-market capital support, then the controversy surrounding DoubleZero and its Shred service during the same time window directly points to the operational logic of the underlying validator network of Solana. Austin Federa, co-founder of DoubleZero, stated in a post on X on September 26th that he recently encountered FUD from “big names” or “industry known figures” in private chats, but he did not disclose the specific identities or charges. He chose to respond directly, emphasizing his continued support for Solana and using public data to clarify Shred’s income distribution and network coverage situation. According to him, DoubleZero operates the original Shred service, which can provide related services to validators at a lower cost, returning about 45% of service revenue to the validators and providing free high-speed connections for over 60% of Solana staking, highlighting its infrastructure position in the current validator network.
It is important to emphasize that these ratios and coverage currently come from a single source in Austin Federa, lacking third-party quantitative verification. However, from a structural perspective, if a node service provides basic connections for over 60% of staking, its business model and incentive design would be considered a key factor affecting the long-term stability of the network. Against the background of FUD sentiment spreading, the proactive disclosure of income distribution, staking coverage, and other data by the core operating party helps to ease internal unrest within the ecosystem, giving validators and token holders a clearer understanding of “who is providing key services to the network and how to share profits.” This, in addition to the capital positive, adds a layer of confidence in the infrastructure dimension regarding the long-term sustainability of Solana's on-chain operations.
Super Inu Surges 40%: The Trump Super Intelligence Narrative
During the same time window of double recovery in capital and infrastructure confidence, the sentiment within the Solana ecosystem provided another representation through meme varieties. According to GMGN and BlockBeats public materials, Super Inu (SI) on Solana saw its market capitalization rise from about $8.7 million to around $14 million within 24 hours, creating a new historical high before rapidly falling back to near the starting point of around $8.7 million, displaying a typical “one-day surge – peak adjustment” pattern. During the same period, SI reported a 24-hour increase of over 40%, with a corresponding trading volume of approximately $10.6 million. The trading activity concentrated on short-term speculation and emotional trading, with its price and market capitalization performance resembling more of a short-term speculative hotspot rather than a long-term asset with clear cash flow and governance structure support.
The core of SI's narrative is not its technical parameters, but a secondary interpretation of political and technological topics: Donald Trump proposed at the UN General Assembly that artificial intelligence should be renamed or redefined as “super intelligence.” Super Inu directly married this statement as “Trump Super Intelligence” related meme through its name and copy, translating what should belong to public discussion on geopolitics and technological governance into a tradable emotional symbol. In the currently disclosed information, there have yet to be details regarding SI's contract address, team background, token distribution, listing status, or liquidity pool depth, making it impossible to conduct a more detailed on-chain structural analysis of its holding concentration, potential selling pressure, or protocol security. From the overall ecological perspective of Solana, the function of such narrative memes is to attract retail attention and amplify emotional fluctuations at specific moments, providing short-term noise-style increments for on-chain activity. However, in the absence of more complete on-chain and fundamental data, they are difficult to be seen as variables that can provide substantial support for Solana’s long-term value and bullish structure.
Fundamentals Enhancing Sentiment Excitement: Bullish Signals for Solana Await Verification
In summary, current clues suggest that capital and narrative are forming a dual effect of “medium to long-term support + short-term excitement” for Solana. On September 25th, Eastern Time, the total net inflow of SOL spot ETF in the U.S. market was approximately $86.67 million in a single day, with Bitwise Solana Staking ETF (BSOL) contributing about $55.73 million, and the historical total net inflow has accumulated to about $1.218 billion. This scale provides Solana with a more medium to long-term fundamental and main narrative support. At the infrastructure level, DoubleZero publicly responded to doubts around Shred services, disclosing that about 45% of service revenue returns to validators and that they provide free high-speed connections covering over 60% of Solana staking, showing key participants' efforts to repair trust and consolidate the interests binding the validator network. Meanwhile, the narrative meme of Super Inu, combining Trump's “super intelligence” remarks, saw its market cap quickly fall from about $14 million high back to around $8.7 million, with a 24-hour increase still exceeding 40% and a trading volume of about $10.6 million, reflecting the high-frequency excitement of retail investors, overlapping with institutional actions through the spot ETF accumulation, creating a complex “fundamental and sentiment resonance” picture. In the absence of more detailed on-chain quantitative indicators and participant structures, these signals should still be viewed as bullish guidance on the narrative and attention level, needing ongoing observation on whether the net inflow to SOL spot ETF can continue, whether Shred coverage and income distribution can gain more independent verification, and to what extent the sustained popularity of memes like Super Inu will influence Solana's overall topicality and market pricing.
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