By Omkar Godbole (All times ET unless otherwise noted)
The word “solana” in Spanish means sun or sunny place, and that’s a perfect description for exchange-traded funds (ETFs) based on the Solana programmable blockchain’s native token, sol. .
Investors have been funneling funds into US-listed SOL spot ETFs even as they withdraw capital from their bitcoins. and ether homologs. Since their debut in late October, Bitwise and Grayscale’s SOL spot ETFs have seen cumulative net inflows of $368.5 million, while Bitcoin and either ETF suffered outflows exceeding $700 million each, SoSoValue data shows.
Traders do not seem to have noticed the difference and have kept SOL under pressure along with the two largest cryptocurrencies and the broader cryptocurrency market over the past 24 hours. The solana-ether ratio (SOL/ETH) on Binance today extended its multi-week decline, falling to the lowest level since August, while the SOL/BTC ratio remains at recent lows.
Bitcoin, for its part, has struggled to gain bullish momentum despite holding above the key $100,000 support level amid mixed signs of renewed spot demand.
Over the past 24 hours, BTC has remained between $101,000 and $104,000, even as smaller altcoins like FIL, UNI, NEAR, and WLFI posted gains. Ether moved mostly sideways near $3,500. Meanwhile, the CoinDesk DeFi Select Index and the Metaverse Select Index lost 6% and 4.2%, respectively.
In key news, the US House of Representatives passed legislation to end a record 41-day government shutdown, releasing back pay and restarting federal spending. Timothy Misir, head of research at BRN, said the reopening will unlock nearly $40 billion in deferred liquidity over the next month. It remains to be seen how much will flow into risk assets like cryptocurrencies.
In traditional markets, the yen fell to a record low against the euro after Prime Minister Sanae Takaichi urged the central bank to “go easy” on interest rate increases.
This fits with market expectations of another quarter-point rate cut by the Fed next month. However, bitcoin is failing to rally in response, a stark contrast to past bullish reactions to rate cut speculation. Is stimulus fatigue starting to set in? Only time will tell. Stay alert.
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- November 13, Market Open: Canary Capital’s “Canary XRP ETF”, the first pure spot XRP ETF registered under the US Securities Act of 1933, is expected to begin trading on Nasdaq under the symbol XRPC.
- Nov. 13, market open: Leap Therapeutics begins trading as Cypherpunk Technologies Inc. on Nasdaq under a new symbol CYPH, following the Nov. 12 announcement of a $50 million Zcash. treasury strategy and company rebranding.
- Macro
- November 13, 7 am: Brazil September Year-on-year retail sales est. 2%, monthly estimate 0.3%.
- Earnings (Estimates based on FactSet data)
- Nov 13: Hyperion Defi (HYPD), post-market, N/A.
- Nov 13: Bitfarms Ltd (BITF), pre-market, -$0.02.
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- CoW DAO is voting to replace the fixed solver reward cap with a dynamic one tied to protocol fees and to introduce a 2 basis point (0.02%) fee based on volume. Voting ends on November 13.
- ShapeShift DAO is voting to approve $35,330 USDC for its 2026 retreat in Hawaii, covering a $27,330 venue reimbursement and an $8,000 stipend for contributor flights. Voting ends on November 13.
- Arbitrum DAO is voting to grant current AGV Council members a one-time bonus of 90,000 ARB, funded from AGV’s existing budget, to offset their higher-than-expected initial workload. Voting ends on November 13.
- Unlock
- November 13: to unlock 0.33% of its circulating supply worth $27.14 million.
- November 13: to unlock 2.95% of its circulating supply worth $13.06 million.
- Token releases
- November 13: Planck (PLANCK) will list on Binance, HTX, Gate and others.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.85% as of 4 pm ET Wednesday to $102,785.04 (24 hours: -1.83%)
- ETH is up 1.75% to $3,482.55 (24 hours: -1.08%)
- CoinDesk 20 rose 2.04% to 3,368.95 (24 hours: -0.81%)
- Ether CESR Composite Staking Rate is down 7 basis points to 2.86%
- BTC funding rate is 0.0059% (6.459% annualized) on OKX
- DXY is down 0.19% at 99.31
- Gold futures rise 0.49% to $4,234.10
- Silver futures rise 0.67% to $53.81
- The Nikkei 225 closed up 0.43% at 51,281.83
- Hang Seng closed up 0.56% at 27,073.03
- The FTSE is down 0.42% at 9,870.02
- The Euro Stoxx 50 rises 0.19% to 5,798.45
- The DJIA closed Wednesday up 0.68% at 48,254.82
- The 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
- The S&P 40 Latin America closed with a fall of 0.97% to 3,145.09
- The 10-year US Treasury rate rises 0.9 basis points to 4.088%
- E-mini S&P 500 futures unchanged at 6,871.00
- E-mini Nasdaq-100 futures unchanged at 25,600.00
- The E-mini Dow Jones Industrial Average index rises 0.04% to 48,389.00
Bitcoin Statistics
- BTC dominance: 59.77% (-0.22%)
- Ether-bitcoin ratio: 0.03391 (0.94%)
- Hashrate (seven-day moving average): 1,081 EH/s
- Hashprice (spot): $42.75
- Total fees: 2.61 BTC / $268,962
- CME Futures Open Interest: 138,410 BTC
- BTC priced in gold: 24.4 oz.
- BTC market capitalization against gold: 11.46%
Technical analysis
- SOL has established a series of lower highs and lower lows since mid-September in a sign of the strengthening bearish trend.
- Prices are now clinging to the 61.8% Fibonacci retracement line, the so-called golden ratio widely followed by traders.
- Acceptance below this level could embolden the bears, which could lead to a deeper drop to $129.
Crypto Stocks
- Coinbase Global (COIN): Closed unchanged Wednesday at $304, +0.58% at $305.76 in pre-market
- Circle Internet (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 Movement (EXOD): closed at $19.91 (-6.48%)
Crypto treasury companies
- Strategy (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 Strategy (LITS): closed at $2.01 (-3.37%)
ETF Flows
BTC Spot ETF
- Daily net flows: -$278.1 million
- Accumulated net flows: $60.19 billion
- Total BTC holdings ~1.34 million
ETH Spot ETF
- Daily net flows: -$183.7 million
- Accumulated net flows: 13,590 million dollars
- Total ETH holdings ~6.53 million
Source: Farside Investors
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