In short
- The daily number of Solana transactions fell to 64 million, down almost 50% from the peak in July.
- Capital rotation to rivals and network friction are the main reasons for the decline, an expert said.
- Despite a likely ETF approval Friday, Solana’s price is expected to follow Bitcoin’s lead.
Solana’s daily trades are steadily declining even as the long-awaited deadline for the exchange-traded fund arrives, with one analyst suggesting the token’s price action will likely seek signals from Bitcoin’s directional bias.
The number of daily transactions on the network has fallen from a peak of 125 million on July 24, 2025 to around 64 million, according to data from CryptoQuant.
The SEC’s latest deadline to rule on spot Solana ETF applications from issuers including VanEck, 21Shares, Bitwise and Franklin is Friday, according to Bloomberg Intelligence data compiled by Eric Balchunas.
“It suggests a rebalancing away from the hype volume.” Shivam Thakral, CEO of Indian crypto exchange BuyUcoin, said Declutter.
Thakral explained that declining retail activity and capital rotation to competitors such as BNB Chain are the main drivers behind the decline.
“Underneath both, any friction in validator performance or UX acts as a catalyst for decline, he added. “So the decline is part normalization, part competitive pressure, and part a shift in sentiment.”
With the U.S. Securities and Exchange Commission greenlighting “generic listing standards” in September, specific 19b-4 filings and their deadlines have become largely irrelevant. Declutter earlier reported.
ETF analyst Eric Balchunas previously noted that the approval of the Solana ETF as of September 30 is all but confirmed tweet.
The confidence is reflected in Bitwise’s changed Wednesday submit which charges a low fee of 0.20%.
“Bitwise is not playing along,” Balchunas wrote on Thursday tweetin response to the change in Bitwise’s fee structure.
“Low fees have a near-perfect track record of attracting investors, so it’s a good sign for inflow potential,” he added.
“Solana is unlikely to break out solo,” Thakral noted, commenting on the token’s price action. “It is much more likely that we will move with the price of Bitcoin.”
A sustained bullish move would likely require a combination of broad ETF-driven inflows and a Solana-specific catalyst.
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