At three in the morning, I came across an on-chain transfer record, and in an instant, all drowsiness vanished—50 million USD in USDC was directly poured into the Solana ecosystem.

This is already the 37th instance of tens of millions of stablecoin inflows that I've monitored this week. Roughly calculated, in just seven days, over 1.3 billion USD of new funds have quietly entered the Solana blockchain. Strangely, however, market sentiment remains as cold as an ice cellar.

**Is capital strategizing in the shadows?**

A few days ago, my old classmate Xiaolin called me in the middle of the night. That guy missed the chance to buy SOL when it rose from $8 to $260 in 2021 due to hesitation, and he still regrets it to this day. This time he sounded particularly anxious: "Did you see? The trading share of Memecoins on Solana has dropped to 5%!"

We worked overnight to analyze the data and discovered a few subtle signals:

- The supply of stablecoins surged by 10% in a single week, but the price of SOL is still hovering around $140.
- Large wallets are clearly increasing their holdings at a speed that outpaces retail investors, with a gap of nearly 3 times.
- RWA assets quietly increased by 15% this month, with funds shifting from pure speculation to actual value targets.

Xiao Lin stared at the data stream on the screen and said: "This time feels different, it's like someone is occupying the position in advance."

**Clues Hidden in the Digital**

While most people are still discussing how severe the 35% drop in SOL this quarter is, I've noticed some more subtle changes:

The on-chain liquidity indicators have strengthened for five consecutive days, with net outflows from exchanges continuing to increase—this usually indicates that chips are being transferred from trading platforms to...