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) based mostly on the programmable blockchain Solana’s native token, sol .
Traders have been channeling funds into U.S.-listed spot SOL ETFs whilst 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 knowledge reveals.
Merchants do not appear to have observed the distinction, and have saved SOL beneath stress alongside the 2 largest cryptocurrencies and the broader crypto market previously 24 hours. The solana-ether (SOL/ETH) ratio on Binance prolonged its multiweek decline in the present day, falling to the bottom stage since August, whereas the SOL/BTC ratio stays at latest lows.
Bitcoin, for its half, has struggled to realize upward momentum regardless of holding above the important thing $100,000 help stage amid combined indicators of renewed spot demand.
Up to now 24 hours, BTC has remained between $101,000 and $104,000, whilst smaller altcoins like FIL, UNI, NEAR and WLFI posted features. Ether moved principally 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 document 41-day authorities shutdown, releasing again pay and restarting federal spending. Timothy Misir, head of analysis at BRN, mentioned the reopening will unlock practically $40 billion in deferred liquidity over the following month. How a lot will movement into danger property like crypto stays to be seen.
In conventional markets, the yen dropped to a document low in opposition to the euro after Prime Minister Sanae Takaichi urged the central financial institution to “go sluggish” on interest-rate will increase.
This dovetails with market expectations of one other quarter-point Fed charge lower subsequent month. But bitcoin is failing to rally in response, a stark distinction to previous bullish reactions to charge lower speculations. Is stimulus fatigue setting in? Solely time will inform. Keep alert.
Learn extra: For evaluation of in the present day’s exercise in altcoins and derivatives, see Crypto Markets Right this moment
What to Watch
For a extra complete listing 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 beneath the U.S. Securities Act of 1933, is anticipated to start out buying and selling on Nasdaq beneath 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 based mostly on FactSet knowledge)
- Nov. 13: Hyperion Defi (HYPD), post-market, N/A.
- Nov. 13: Bitfarms Ltd (BITF), pre-market, -$0.02.
Token Occasions
For a extra complete listing of occasions this week, see CoinDesk’s “Crypto Week Forward”.
- Governance votes & calls
- CoW DAO is voting to exchange the mounted solver reward cap with a dynamic one tied to protocol charges and to introduce a 2 basis-point (0.02%), volume-based price. Voting ends Nov. 13.
- ShapeShift DAO is voting to approve $35,330 USDC for its 2026 retreat in Hawaii, masking 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 finances, to compensate for his or her heavier-than-expected startup workload. Voting ends Nov. 13.
- Unlocks
- Nov. 13: to unlock 0.33% of its circulating provide value $27.14 million.
- Nov. 13: to unlock 2.95% of its circulating provide value $13.06 million.
- Token Launches
- Nov. 13: Planck (PLANCK) to be listed on Binance, HTX, Gate, and others.
Conferences
For a extra complete listing 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 Fee is down 7 bps at 2.86%
- BTC funding charge 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
- Dangle 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-Yr Treasury charge 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 transferring common): 1,081 EH/s
- Hashprice (spot): $42.75
- Complete 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 sequence of decrease highs and decrease lows since mid-September in an indication of strengthening bearish development.
- Costs are actually holding on to the 61.8% Fibonacci retracement line, the so-called golden ratio extensively tracked by merchants.
- An acceptance beneath this stage may embolden bears, doubtlessly 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 Firms
- 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
- Complete BTC holdings ~1.34 million
Spot ETH ETFs
- Day by day web flows: -$183.7 million
- Cumulative web flows: $13.59 billion
- Complete ETH holdings ~6.53 million
Supply: Farside Traders
Whereas You Have been Sleeping
