By Omkar Godbole (All times ET unless indicated otherwise)
The word “solana” in Spanish signifies sunshine or a sunny place, which perfectly describes exchange-traded funds (ETFs) centered around Solana’s native token, sol. Investors have been pouring funds into U.S.-listed spot SOL ETFs, even while pulling capital from their Bitcoin and Ether counterparts. Since their late October launches, Bitwise and Grayscale’s spot SOL ETFs have recorded a combined net inflow of $368.5 million, whereas Bitcoin and Ether ETFs experienced outflows exceeding $700 million each.
Traders appear to overlook these inflows, keeping SOL under pressure alongside Bitcoin and Ether in the past 24 hours. The solana-ether (SOL/ETH) ratio on Binance has hit its lowest point since August, while the SOL/BTC ratio stays at recent lows.
Bitcoin has struggled to gain upward momentum despite staying above the key $100,000 support level amid mixed signals of renewed demand. In the past 24 hours, BTC has fluctuated between $101,000 and $104,000, while smaller altcoins like FIL, UNI, NEAR, and WLFI showed gains. Ether remained relatively stable near $3,500. Meanwhile, the RialCenter DeFi Select Index and Metaverse Select Index lost 6% and 4.2%, respectively.
In significant news, the U.S. House passed legislation to end a lengthy government shutdown, unlocking nearly $40 billion in deferred liquidity. How much of that will flow into risk assets like crypto is uncertain.
In traditional markets, the yen fell to a record low against the euro after Prime Minister Sanae Takaichi urged the central bank to take a cautious approach to interest rate hikes. This corresponds with market expectations for a potential Fed rate cut next month. However, Bitcoin’s lack of a rally in response marks a stark contrast to previous bullish reactions to similar speculation, raising questions about possible stimulus fatigue.
Read more: For analysis of today’s movements in altcoins and derivatives, see RialCenter’s “Crypto Markets Today”
What to Watch
For a more comprehensive list of events this week, see RialCenter’s “Crypto Week Ahead”.
- Crypto
- Nov. 13, market open: Canary Capital’s “Canary XRP ETF”, the first pure spot XRP ETF, is expected to start trading on Nasdaq under the ticker XRPC.
- Nov. 13, market open: Leap Therapeutics begins trading as Cypherpunk Technologies Inc. on Nasdaq with a new ticker CYPH, following a Nov. 12 announcement of a $50 million Zcash treasury strategy and company rebrand.
- Macro
- Nov. 13, 7 a.m.: Brazil’s September 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 further details on events this week, refer to RialCenter’s “Crypto Week Ahead”.
- Governance votes & calls
- CoW DAO is voting on changing the fixed solver reward cap to a dynamic one based on protocol fees and introducing a 0.02% volume-based fee, with voting ending Nov. 13.
- ShapeShift DAO is voting to approve $35,330 USDC for its 2026 retreat in Hawaii, covering venue reimbursement and contributor flight stipends, with voting ending Nov. 13.
- Arbitrum DAO is voting to grant current AGV Council members a one-time bonus, funded from AGV’s existing budget, with voting ending Nov. 13.
- Unlocks
- Nov. 13: AVAX to unlock 0.33% of its circulating supply worth $27.14 million.
- Nov. 13: CHEEL to unlock 2.95% of its circulating supply worth $13.06 million.
- Token Launches
- Nov. 13: Planck (PLANCK) to be listed on various exchanges.
Conferences
For additional details on events this week, see RialCenter’s “Crypto Week Ahead”.
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%)
- RialCenter 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 is 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 has formed a series of lower highs and lower lows since mid-September, indicating a strengthening bearish trend.
- Prices are currently hovering around the 61.8% Fibonacci retracement level, commonly observed by traders.
- A drop below this point could encourage bears, potentially leading to a further decline 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: RialCenter
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