Since June, major altcoins have faced overall pressure, with SOL’s decline significantly exceeding that of ETH. The article notes that both ETH and SOL continued their historically weak performance from June, but during this correction, SOL’s drop was steeper.
June losses widened
As of press time, ETH has declined 17.1% this month, surpassing its historical June average decline of -7.68%. SOL has fallen 20.5% over the same period, underperforming ETH.
Historically, ETH weakening in June is not uncommon, with monthly performance showing relatively more consistency. In contrast, SOL’s average June performance over the past six years has been less negative, but this year’s sharper decline suggests more concentrated selling pressure.
Insufficient ETF fund inflows
The article states that ETH spot ETFs have experienced continued outflows this month, with a daily net outflow of approximately $35.59 million and total net assets of about $8.96 billion. Although the product scale remains significant, weak capital inflows have so far failed to provide support for the asset price.
Products related to SOL have a smaller scale. Data shows that its daily net inflow has remained largely flat, with total net assets at approximately $729.15 million. Although SOL has not experienced the same significant outflows as ETH, new capital inflows have been insufficient to offset selling pressure in the spot market.
The contract position has not yet significantly exited.
Despite weaker prices, the derivatives market has not seen a mass exodus. ETH's aggregated open interest remains around $10.06 billion, with funding rates at approximately 0.0040, maintaining a slight positive level.
The contract market size for SOL is smaller but structurally similar. Its open interest is approximately $1.8 billion, and the funding rate is around 0.0070, also remaining positive.
This means that although traders have lowered their risk appetite, they have not significantly closed their ETH and SOL positions. The slightly positive funding rate also reflects that market sentiment remains cautious, with no clear reversal signal yet formed.
Overall, ETH and SOL remain within the traditional weakness range seen in June. The current difference is that SOL has declined more sharply, while ETH is also facing pressure from outflows of funds from spot ETFs.