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By Omkar Godbole (All times ET unless indicated otherwise)
Like a burst of sunshine breaking through the clouds, Solana ETFs offer a bright spot in the investment landscape, mirroring the optimism baked into the very meaning of “Solana” – sunshine in Spanish – and the potential of its SOL token (currently at $156.34).
While Bitcoin and Ether ETFs hemorrhage capital, Solana ETFs are basking in a $368.5 million inflow sunbeam since their late October arrival. Data from SoSoValue paints a stark contrast: investors are seemingly ditching the established giants for the rising star, leaving Bitcoin and Ether ETFs reeling from outflows exceeding $700 millioneach. Is this a temporary flirtation or a sign that Solana is poised to steal the crypto ETF crown?
Solana is struggling to break free from the shadows of Bitcoin and Ethereum. Despite its unique strengths, SOL continues to trade like a follower, not a leader. Recent trading action reveals a concerning trend: the SOL/ETH ratio on Binance has plummeted to levels not seen since August, and SOL’s value relative to Bitcoin remains stubbornly low. Are traders missing something, or is Solana destined to remain tethered to the movements of its larger counterparts? The pressure is on for SOL to prove its independence.
Bitcoin is clinging to the $100,000 lifeline, but can’t seem to break free. A flicker of renewed buying interest offers a glimmer of hope in an otherwise lackluster market.
Bitcoin Hums Along: While FIL, UNI, NEAR, and WLFI steal the spotlight with notable gains, BTC remains range-bound between $101,000 and $104,000. Ether mirrors Bitcoin’s sideways shuffle, hovering around $3,500. DeFi and Metaverse sectors take a hit, with the CoinDesk DeFi Select Index and Metaverse Select Index tumbling 6% and 4.2%, respectively. Is this a brief altcoin surge, or the start of a bigger trend?
The lights are back on in Washington! After a grueling 41-day standstill, the U.S. House has voted to end the government shutdown, unleashing a wave of pent-up cash. BRN’s Head of Research, Timothy Misir, predicts a $40 billion liquidity surge over the next month. The burning question now: how much of that tidal wave will wash into the volatile, yet tantalizing, world of crypto?
The Yen plunged to a historic low against the Euro as Prime Minister Sanae Takaichi’s cautious stance on interest rate hikes for the central bank sent shockwaves through traditional markets.
Another Fed rate cut’s practically baked in, right? Yet, Bitcoin’s yawning. Remember the good old days when rate cut whispers sent it soaring? Now? Crickets. Is the stimulus buzz officially dead? The jury’s out, but eyes peeled. Something’s gotta give.
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- CryptoXRP ETF Revolution? Canary Capital’s XRPC Set to Ignite Nasdaq
Hold onto your hats, crypto enthusiasts! November 13th could mark a seismic shift in the XRP landscape. Canary Capital’s “Canary XRP ETF” (XRPC) is poised to become the first pure spot XRP ETF to trade on Nasdaq. Registered under the stringent U.S. Securities Act of 1933, XRPC promises direct exposure to XRP, potentially unlocking a flood of institutional investment and mainstream adoption. Is this the spark that finally ignites the XRP revolution? Keep your eyes peeled for ticker XRPC!
Forget Leap Therapeutics. A new era dawns. Cypherpunk Technologies Inc. (CYPH) stormed onto the Nasdaq today, November 13th, fueled by a gamechanging $50 million Zcash commitment announced yesterday. This isn’t just a name change; it’s a declaration. Watch closely.
ZEC
$506,35
treasury strategy and company rebrand. * Macro + Nov. 13, 7 a.m.: Brazil Sept. Retail Sales YoY Est. 2%, MoM Est. 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.
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls CowDAO is poised for a radical shift. Forget fixed payouts! A dynamic reward system, fueled by protocol fees, is on the table. Think of it as rewarding solvers in direct proportion to the value they bring. And there’s more: a tiny 0.02% fee could be a game-changer for the DAO. Your vote decides the future. Cast your ballot before November 13th!
ShapeShift DAO eyes a Hawaiian hideaway! A proposal on the table seeks $35,330 USDC for the 2026 team retreat. Imagine: strategic planning sessions amidst island breezes. The breakdown? A $27,330 venue and $8,000 to help contributors catch their flights. Will paradise pave the way for ShapeShift’s future? Vote closes November 13th.
Arbitrum DAO is weighing a hefty “thank you” to its AGV Council: a one-time bonus of 90,000 ARB. This isn’t just pocket change; it’s recognition for the unexpectedly intense workload shouldered during the DAO’s early days. Will the DAO approve the bonus, funded from AGV’s current war chest? Cast your vote before November 13th and help decide if these council members deserve the reward.
- Unlocks
- Nov. 13:
AVAX
$17,29
to unlock 0.33% of its circulating supply worth $27.14 million. + Nov. 13:
CHEEL
$0.6529
to unlock 2.95% of its circulating supply worth $13.06 million. * Token Launches + Nov. 13: Planck (PLANCK) to be listed on Binance, HTX, Gate, and others.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Day 3 of 3: Mining Disrupt Conference (Dallas)
- Day 2 of 2: Cardano Summit 2025 (Berlin)
- Day 2 of 3: Blockchain Summit Latam 2025 (Medellin, Colombia)
- Nov. 13: Canadian Bitcoin Consortium’s 5th Annual Summit (Toronto)
- Nov. 13: Digital Asset Investment Event (Amsterdam)
- Day 1 of 2: Bitcoin Amsterdam
Market Movements
- 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 Rate is down 7 bps at 2.86%
- BTC funding rate 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
- Hang 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-Year Treasury rate 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 Average 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 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 vs gold market cap: 11.46%
Technical Analysis
SOL’s daily chart. (TradingView)
SOL’s price chart has been sketching a downward staircase since mid-September, each step lower confirming a growing bear grip.
- Prices are now holding on to the 61.8% Fibonacci retracement line, the so-called golden ratio widely tracked by traders.
- An acceptance below this level could embolden bears, potentially yielding a deeper slide to $129.
Crypto Equities
- Coinbase Global (COIN): closed unchanged on 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
Spot BTC ETFs
- Daily net flows: -$278.1 million
- Cumulative net flows: $60.19 billion
- Total BTC holdings ~1.34 million
Spot ETH ETFs
- Daily net flows: -$183.7 million
- Cumulative net flows: $13.59 billion
- Total ETH holdings ~6.53 million
Source: Farside Investors
While You Were Sleeping
Tokyo’s stock exchange is cracking down on listed firms treating Bitcoin like a piggy bank. Losses stemming from volatile crypto treasuries have triggered a regulatory rethink, with stricter reversetakeover rules and beefedup audits now on the table. The clampdown appears to be working: since September, three companies have already shelved plans to dive deeper into digital assets, suggesting the era of easy crypto gains on the Tokyo Exchange may be drawing to a close.
Bitcoin’s big players are betting big on… nothing. Deribit data reveals sophisticated traders are deploying options strategies – strangles and straddles – designed to profit from price swings, no matter which way the coin flips. Meanwhile, XRP whispers suggest a different game: a calculated gamble on stability, as block flow hints at expectations for volatility to cool. Are we headed for a wild ride, or a period of unexpected calm? The smart money seems divided.
The Yen’s slide against the Euro has hit a historic low as Japan’s Prime Minister signals a snail’s pace approach to interest rate hikes. Despite market whispers of tightening, the new leader’s emphasis on gradualism and coordinated central bank action has fueled doubt. Traders are now betting on just a 22% chance of a modest rate increase by December, with January’s odds only slightly improved at 43%. Is this cautious strategy a calculated move, or is it setting the Yen up for further freefall?
September saw a surprise dip in the UK economy, contracting by 0.1%, according to the Financial Times. A significant cyberattack crippled Jaguar Land Rover, slashing auto production by a staggering 28.6% and acting as a major drag on overall economic activity. Adding fuel to the fire, dismal jobs data have traders betting heavily – an 83% probability – on a December rate cut by the Bank of England. Is this a blip or the beginning of a more worrying trend?
Canary Capital, fresh off its XRP ETF filing, is chasing internet fame with a proposed “MOG” fund. This isn’t your typical blue-chip investment. MOG, a meme token born on TikTok and built on Ethereum, is the target. Clocking in as the 339th largest crypto with a $170 million market cap, MOG investors have seen better days, with the token plummeting 78% in the last year. Is this a savvy move or a meme-fueled gamble?
Thanks for reading Solana in the Shade: Crypto Daybook Americas
