Reading SOL through stablecoin supply

The thesis

ETF inflows are the marginal buyer now, and on-chain supply is tightening into it.

On-chain activity is turning up before price has acknowledged it.

What I'm watching

• SOL ETF net flows
• exchange balances
• A clean move through the level I flag below

Positioning

Neutral / hedged on SOL, 2-10 weeks horizon. Conviction: High. Crypto volatility is brutal — small size, defined risk, always.

Opinion, not investment advice. The author may or may not hold positions discussed.