Network tokens such as Solana, and the blockchain companies building payment and trading systems on them.
Onchain infrastructure is one of 22 market stories StoryVector measures. 47 US ETFs carry it, with $4 billion between them; the largest holder, BSOL, holds 20.6% of its capital. This week it ranks 1st of 22 for attention, in the HOT band. Over the past year its ETFs returned −37.2%, against +16.8% for broad US ETFs, to October 2, 2026; past performance, not a recommendation.
Its level among all 22 on the fixed 25 to 60 scale. The band is where the level sits this week, not a direction.
Its ETFs ranked among the narratives, lowest to highest. The white notch is this one; the thin tick is where broad US ETFs would sit. Measured and past, not a forecast.
What the story is about, where its attention comes from, what sets it off, and what it shares ETFs with. This week it was measured on 5 of the six channels, and the channel chart is drawn only when all six report.
Blockchains are pitched as new plumbing for payments, trading and settlement. Is that real adoption, or tokens being traded?
Banks, brokers and payment companies are testing these networks for digital-dollar payments, stocks issued as tokens and trading on blockchains. They are becoming working financial infrastructure.
The capital sits in coins whose prices move with the rest of crypto. Adoption news is a story told around a speculative asset.
What would separate them. Who is using it. Banks, brokers and payment companies settling real business fit the first reading. Token prices moving with bitcoin fit the second.
Most of the capital here holds tokens, Solana above all. The companies building on the networks are a small part. We measure the attention and the capital, not the value of any network.
47 ETFs carry this narrative; 34 have it as their main one. Here is how its capital divides among them.
The asset-weighted return of the unlevered ETFs that carry this narrative, against broad US ETFs. Measured and past, not a forecast.
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| Onchain infrastructureits ETFs, unlevered | +15.1% | +49.2% | +0.3% | −37.2% | +33.2% | +1.3% |
| rank among the narratives | 1st of 22 | 1st of 22 | 17th of 22 | 21st of 21 | 5th of 21 | 19th of 21 |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualized. Rank is among the narratives with a full record for the period. A dash means the narrative’s ETFs do not cover the whole period.
Total return on the market price, each distribution reinvested on its ex-date. The narrative is the asset-weighted return of the unlevered ETFs that carry it; the market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
5 categories, each claimed by a written rule. The bar is each one’s share of the capital. The table names what decides each.
| Category | ETFs | Capital | Share of the ETFs | Share of the capital |
|---|---|---|---|---|
| SolanaThe Solana price, and the reward for staking it | 9 | $2.0 bn | 26% | 57.5% |
| Other network tokensThe prices of the Hyperliquid and Chainlink tokens | 6 | $0.7 bn | 18% | 20.6% |
| Levered and inverse wrappersThe day-to-day path of Solana and of two companies' shares, which a daily reset compounds | 11 | $0.4 bn | 32% | 10.2% |
| Everything else | 6 | $0.2 bn | 18% | 6.1% |
| Blockchain companiesThe companies' own businesses, with blockchain one part, and crypto prices for the smaller holdings | 2 | $0.2 bn | 6% | 5.6% |
The widest gap: levered and inverse wrappers, 32% of the ETFs and 10.2% of the capital.
What issuers have listed with this as the main narrative, by wrapper.
What issuers have listed, not what anyone expects. A wrapper can be listed before anyone wants it, so a count of ETFs and a share of capital answer different questions.
47 US ETFs carry it. The largest holders of its capital are BSOL (20.6%), ETH (16.6%) and ETHE (12.9%).
BSOL, with 20.6% of the capital in ETFs carrying the story; the top five hold 63.2%.
Its attention level is 59.2 on a scale of 25 to 60, 1st of 22 this week, in the HOT band. The level averages six channels: search, video, news, forums, investor boards and reference pages.
Asset weighted, its ETFs returned −37.2% over the past year, against +16.8% for broad US ETFs, to October 2, 2026. Past performance only.
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