By Omkar Godbole (All instances ET until indicated in any other case)
The phrase “solana” in Spanish means sunshine or sunny place, and that is an ideal description for exchange-traded funds (ETFs) primarily based on the programmable blockchain Solana’s native token, sol .
Buyers have been channeling funds into U.S.-listed spot SOL ETFs at the same time as they withdraw capital from their bitcoin and ether counterparts. Since their late October debuts, Bitwise and Grayscale’s spot SOL ETFs have seen cumulative web inflows of $368.5 million whereas bitcoin and both ETFs suffered outflows exceeding $700 million every, SoSoValue information exhibits.
Merchants do not appear to have seen the distinction, and have saved SOL below strain alongside the 2 largest cryptocurrencies and the broader crypto market prior to now 24 hours. The solana-ether (SOL/ETH) ratio on Binance prolonged its multiweek decline at the moment, falling to the bottom degree since August, whereas the SOL/BTC ratio stays at latest lows.
Bitcoin, for its half, has struggled to achieve upward momentum regardless of holding above the key $100,000 help degree amid blended indicators of renewed spot demand.
Up to now 24 hours, BTC has remained between $101,000 and $104,000, at the same time as smaller altcoins like FIL, UNI, NEAR and WLFI posted beneficial properties. Ether moved largely sideways close to $3,500. In the meantime, the CoinDesk DeFi Choose Index and Metaverse Choose Index misplaced 6% and 4.2%, respectively.
In key information, the U.S. Home handed laws to finish a file 41-day authorities shutdown, releasing again pay and restarting federal spending. Timothy Misir, head of analysis at BRN, stated the reopening will unlock practically $40 billion in deferred liquidity over the following month. How a lot will circulate into threat belongings like crypto stays to be seen.
In conventional markets, the yen dropped to a file low towards the euro after Prime Minister Sanae Takaichi urged the central financial institution to “go slow” on interest-rate will increase.
This dovetails with market expectations of one other quarter-point Fed price reduce subsequent month. But bitcoin is failing to rally in response, a stark distinction to previous bullish reactions to price reduce speculations. Is stimulus fatigue setting in? Solely time will inform. Keep alert.
Learn extra: For evaluation of at the moment’s exercise in altcoins and derivatives, see Crypto Markets In the present day
What to Watch
For a extra complete checklist of occasions this week, see CoinDesk’s “Crypto Week Forward“.
- Crypto
- Nov. 13, market open: Canary Capital’s “Canary XRP ETF”, the primary pure spot XRP ETF to register below the U.S. Securities Act of 1933, is anticipated to start out buying and selling on Nasdaq below the ticker XRPC.
- Nov. 13, market open: Leap Therapeutics begins buying and selling as Cypherpunk Applied sciences Inc. on Nasdaq with a brand new ticker CYPH, following a Nov. 12 announcement of a $50 million Zcash treasury technique and firm rebrand.
- Macro
- Nov. 13, 7 a.m.: Brazil Sept. Retail Gross sales YoY Est. 2%, MoM Est. 0.3%.
- Earnings (Estimates primarily based on FactSet information)
- Nov. 13: Hyperion Defi (HYPD), post-market, N/A.
- Nov. 13: Bitfarms Ltd (BITF), pre-market, -$0.02.
Token Occasions
For a extra complete checklist of occasions this week, see CoinDesk’s “Crypto Week Forward“.
- Governance votes & calls
- CoW DAO is voting to interchange the fastened solver reward cap with a dynamic one tied to protocol charges and to introduce a 2 basis-point (0.02%), volume-based charge. Voting ends Nov. 13.
- ShapeShift DAO is voting to approve $35,330 USDC for its 2026 retreat in Hawaii, protecting a $27,330 venue reimbursement and an $8,000 stipend for contributor flights. Voting ends Nov. 13.
- Arbitrum DAO is voting to grant present AGV Council members a one-time 90,000 ARB bonus, funded from AGV’s present funds, to compensate for his or her heavier-than-expected startup workload. Voting ends Nov. 13.
- Unlocks
- Token Launches
- Nov. 13: Planck (PLANCK) to be listed on Binance, HTX, Gate, and others.
Conferences
For a extra complete checklist of occasions this week, see CoinDesk’s “Crypto Week Forward“.
Market Actions
- BTC is up 0.85% from 4 p.m. ET Wednesday at $102,785.04 (24hrs: -1.83%)
- ETH is up 1.75% at $3,482.55 (24hrs: -1.08%)
- CoinDesk 20 is up 2.04% at 3,368.95 (24hrs: -0.81%)
- Ether CESR Composite Staking Price is down 7 bps at 2.86%
- BTC funding price is at 0.0059% (6.459% annualized) on OKX
- DXY is down 0.19% at 99.31
- Gold futures are up 0.49% at $4,234.10
- Silver futures are up 0.67% at $53.81
- Nikkei 225 closed up 0.43% at 51,281.83
- Hold Seng closed up 0.56% at 27,073.03
- FTSE is down 0.42% at 9,870.02
- Euro Stoxx 50 is up 0.19% at 5,798.45
- DJIA closed on Wednesday up 0.68% at 48,254.82
- S&P 500 closed unchanged at 6,850.92
- Nasdaq Composite closed down 0.26% at 23,406.46
- S&P/TSX Composite closed up 1.38% at 30,827.58
- S&P 40 Latin America closed down 0.97% at 3,145.09
- U.S. 10-12 months Treasury price is up 0.9 bps at 4.088%
- E-mini S&P 500 futures are unchanged at 6,871.00
- E-mini Nasdaq-100 futures are unchanged at 25,600.00
- E-mini Dow Jones Industrial Common Index are up 0.04% at 48,389.00
Bitcoin Stats
- BTC Dominance: 59.77% (-0.22%)
- Ether-bitcoin ratio: 0.03391 (0.94%)
- Hashrate (seven-day shifting common): 1,081 EH/s
- Hashprice (spot): $42.75
- Whole charges: 2.61 BTC / $268,962
- CME Futures Open Curiosity: 138,410 BTC
- BTC priced in gold: 24.4 oz.
- BTC vs gold market cap: 11.46%
Technical Evaluation
- SOL has established a collection of decrease highs and decrease lows since mid-September in an indication of strengthening bearish pattern.
- Costs at the moment are holding on to the 61.8% Fibonacci retracement line, the so-called golden ratio extensively tracked by merchants.
- An acceptance beneath this degree might embolden bears, probably yielding a deeper slide to $129.
Crypto Equities
- Coinbase International (COIN): closed unchanged on Wednesday at $304, +0.58% at $305.76 in pre-market
- Circle Web (CRCL): closed at $86.3 (-12.21%), +2.67% at $88.60
- Galaxy Digital (GLXY): closed at $31.27 (+1.72%), +0.64% at $31.47
- Bullish (BLSH): closed at $45.5 (+0.24%), -0.88% at $45.10
- MARA Holdings (MARA): closed at $14.41 (-1.5%), -0.35% at $14.36
- Riot Platforms (RIOT): closed at $15.46 (-4.21%)
- Core Scientific (CORZ): closed at $16.44 (-5.08%)
- CleanSpark (CLSK): closed at $13.33 (-5.09%), +0.23% at $13.36
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.73 (-4.64%)
- Exodus Motion (EXOD): closed at $19.91 (-6.48%)
Crypto Treasury Corporations
- Technique (MSTR): closed at $224.61 (-2.91%), +0.45% at $225.62
- Semler Scientific (SMLR): closed at $25.73 (-5.92%), -3.23% at $24.90
- SharpLink Gaming (SBET): closed at $11.57 (+0.09%), +3.89% at $12.02
- Upexi (UPXI): closed at $3.38 (+5.3%), +1.48% at $3.43
- Lite Technique (LITS): closed at $2.01 (-3.37%)
ETF Flows
Spot BTC ETFs
- Day by day web flows: -$278.1 million
- Cumulative web flows: $60.19 billion
- Whole BTC holdings ~1.34 million
Spot ETH ETFs
- Day by day web flows: -$183.7 million
- Cumulative web flows: $13.59 billion
- Whole ETH holdings ~6.53 million
Supply: Farside Buyers
Whereas You Had been Sleeping
