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- Solana treasuries have dropped from $3.5B to $2.1B amid market outflows.
- DFDV sees volatility as a chance to accumulate more SOL.
- Realized cap must rebound for a meaningful recovery signal.
Solana’s ecosystem is under pressure after weeks of steady capital outflows and a steep correction across digital asset markets. With more than $3 billion exiting the broader crypto landscape, several digital asset treasuries (DATs) tied to Solana have been pushed underwater. The token’s 45% drop — sliding from $253 to $135 — has erased millions in treasury value and tightened balance sheets across the sector.
Two of the most impacted treasuries, Forward Industries (FORD) and DeFi Development Corporations (DFDV), saw their Solana holdings shrink sharply. DFDV’s portfolio alone fell from $507 million to $310 million, a drop that underscores the severity of this downturn.
Opportunity Amid Volatility, Says DFDV
Despite the drawdown, DFDV CIO Parker White sees the correction as a chance to accumulate, not retreat. White remains confident in Solana’s long-term trajectory, arguing that continued digital transformation will expand demand for fast, low-cost settlement networks.
He expects elevated volatility through 2028 and frames it as an advantage for long-term believers. According to White, market swings help the firm increase its SOL per share (SPS) and strengthen its position while prices remain depressed.
Still, the ecosystem’s numbers tell a tough story. The combined net asset value of all SOL-focused treasuries has slipped from $3.5 billion to $2.1 billion, a 40% ecosystem-wide decline. Many mNAV ratios now sit at or below parity, forcing some treasuries to consider selling SOL to manage equity buybacks and stabilize valuations.
Inflow Momentum Stalls as Investors Step Back
Confidence remains mixed. Solana DAT inflows dropped to zero in mid-November, marking a sharp reversal from earlier in the year. At the same time, U.S. spot SOL ETFs attracted $46.3 million in weekly inflows, suggesting institutions are accumulating even as spot markets weaken.
Also Read: Bitwise BSOL ETF Options Go Live: Institutional Solana Trading Expands
But on-chain data paints a different picture. Solana’s realized cap has fallen by about $3 billion since October 10, signaling sustained capital flight. Analysts note that a rebound in realized cap would be one of the clearest signs that new money is returning — and that a price recovery could follow.
Solana treasuries are navigating one of their toughest periods of the year, squeezed by falling prices, fading inflows, and pressured balance sheets. Yet for some long-term players, volatility isn’t a threat — it’s an opening. Whether that conviction pays off may depend on when capital finally starts flowing back in.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
