Over the last sessions, capital has rotated out of the large, slower names and into assets that still offer high throughput, growing ecosystems and cleaner upside asymmetry. $BTC and $ETH remain core holdings, but they are also where the most crowded leverage and ETF exposure sits, so they feel the brunt of de-risking. XRP, tied closely to macro sentiment around payments and regulation, tends to move like a high beta macro asset when liquidity tightens.

Solana, in contrast, benefits from a different positioning profile. Institutional products tracking $SOL have attracted steady inflows this year, and derivatives data shows larger players adding on dips rather than exiting with the broader market. On-chain, active users, transaction counts and DeFi and NFT volumes have stayed resilient, which makes it easier for funds to justify keeping or increasing exposure even as they cut risk elsewhere.

There is also a structural angle. If you believe that tokenization, high-frequency trading and consumer apps need low fees and high throughput, then SOL screens as a more direct way to express that thesis than BTC, ETH or XRP in the short term. In a market that is already nervous, that kind of focused narrative tends to attract capital from managers who still want crypto exposure but cannot afford to sit in the most crowded trades.

Nevertheless, the move into SOL is VERY recent. Last couple of hours type of recent. Even over just 24 hours, SOL is down more than BTC and equally as much as ETH. So it remains to be seens if this rotation has legs!