Solana Captures Share of U.S. Exchange Trades

Fidelity Digital Assets reports Solana handled about 15% of compared U.S. exchange trades in 2026, up from 0.30% in 2022.

Updated on Nov. 8, 2026 in Investing

Solana Captures Share of U.S. Exchange Trades

Fidelity Digital Assets published a report on November 6 finding that Solana accounted for roughly 15% of the exchange trades in its comparison during 2026. At one point, Solana's weekly trade count exceeded that of the New York Stock Exchange, though the comparison measures number of trades rather than dollar value.

Why it matters

The figures suggest blockchain networks are capturing a growing portion of trade activity that once ran only through traditional venues. Nasdaq research indicated that roughly 50% of U.S. equity volume occurred away from exchanges in 2025, providing context for the shift.

Solana averaged about 15% of compared exchange trades in 2026, up from 0.30% in 2022, while U.S. spot Solana ETFs recorded about $24.82 million in combined net outflows on October 27-28. The comparison counts trade numbers rather than dollar value, and the dollar-weighted share of activity remains unmeasured in the report.

The players

Fidelity Digital Assets

The digital asset arm of Fidelity Investments, a major U.S. asset manager that publishes research on crypto markets.

New York Stock Exchange

The largest U.S. stock exchange by market capitalization, against which Solana's weekly trade count was compared.

The details

Fidelity's comparison included decentralized spot exchange trades on Solana alongside activity from traditional venues. Solana's network raised its maximum block capacity from 60 million to 100 million compute units, a 66% increase, after the Alpenglow consensus upgrade went live on October 21.

2022: Solana's share of compared exchange activity was 0.30%.
October 21, 2026: The Alpenglow consensus upgrade went live on Solana.
November 6, 2026: Fidelity Digital Assets published its Solana trading activity report.

Market Dynamics

Nasdaq research indicated that approximately 50% of U.S. equity trading volume occurred away from exchanges in 2025, a trend the Solana figures extend onto blockchain networks. Fidelity's comparison suggests this off-exchange shift is now reaching decentralized venues that compete for trades once concentrated on the New York Stock Exchange.

Investors holding Solana through spot ETFs saw about $24.82 million in combined net outflows on October 27-28, reflecting short-term shifts in demand. Fidelity warns that revenue tied to Solana's network remains exposed to changing trading conditions, which can affect asset values.

The takeaway

Trade-count share and dollar-value share can tell very different stories, so investors should look for both before drawing conclusions about where market activity is moving. Track the underlying revenue drivers and trading conditions before assuming network usage will hold steady.