Solana ETF experienced its first outflow of funds on January 16, initially raising concerns about cooling institutional demand, but subsequently rebounded, with net inflows reaching $9.5 million by the end of the week. Meanwhile, the price of SOL fell by more than 7.7%, trading near $127, returning to its long-term consolidation range. On-chain activity remained strong, with decentralized exchange (DEX) revenue hitting an 11-week high of over $28 billion, partly driven by robust growth in Real-World Assets (RWA), with stablecoin transfers surging 43%.