coindesk.com
By Omkar Godbole (All times ET unless indicated otherwise)
The word "solana" in Spanish means sunshine or sunny place, and that's a perfect description for exchange-traded funds (ETFs) based on the programmable blockchain Solana's native token, sol $SOL$156,34.
Investors have been channeling funds into U.S.-listed spot $SOL ETFs even as they withdraw capital from their bitcoin $BTC$103.539,43 and ether $ETH$3541,12 counterparts. Since their late October debuts, Bitwise and Grayscale’s spot $SOL ETFs have seen cumulative net inflows of $368.5 million while bitcoin and either ETFs suffered outflows exceeding $700 million each, SoSoValue data shows.
Traders don't seem to have noticed the difference, and have kept $SOL under pressure alongside the two largest cryptocurrencies and the broader crypto market in the past 24 hours. The solana-ether ($SOL/$ETH) ratio on Binance extended its multiweek decline today, falling to the lowest level since August, while the $SOL/$BTC ratio remains at recent lows.
Bitcoin, for its part, has struggled to gain upward momentum despite holding above the key $100,000 support level amid mixed signs of renewed spot demand.
In 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 Metaverse Select Index lost 6% and 4.2%, respectively.
In key news, the U.S. House 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. How much will flow into risk assets like crypto remains to be seen.
In traditional markets, the yen dropped to a record low against the euro after Prime Minister Sanae Takaichi urged the central bank to "go slow" on interest-rate increases.
This dovetails with market expectations of another quarter-point Fed rate cut next month. Yet bitcoin is failing to rally in response, a stark contrast to past bullish reactions to rate cut speculations. Is stimulus fatigue setting in? Only time will tell. Stay alert.
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".
- Crypto
- Nov. 13, market open: Canary Capital's "Canary $XRP ETF", the first pure spot $XRP ETF to register under the U.S. Securities Act of 1933, 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 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
- 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%), volume-based fee. Voting ends Nov. 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 Nov. 13.
- Arbitrum DAO is voting to grant current AGV Council members a one-time 90,000 ARB bonus, funded from AGV's existing budget, to compensate for their heavier-than-expected startup workload. Voting ends Nov. 13.
- 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 has established a series of lower highs and lower lows since mid-September in a sign of strengthening bearish trend.
- 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
- Japan Exchange Looks at Ways to Curb Crypto Hoarding Firms (Bloomberg): The market operator is weighing tougher reverse-takeover rules and new audits after losses in bitcoin-treasury shares. Three listed companies have paused planned crypto purchases since September amid heightened scrutiny.
- How Bitcoin and $XRP Traders Are Positioning Themselves in a Choppy Market Environment (CoinDesk): Deribit data shows large $BTC traders are employing non-directional options strategies like strangles and straddles to benefit from volatility, while $XRP block flow points to bias for volatility compression.
- Yen Sinks to Record Low vs Euro as Japan PM Touts Slow Rate Hikes (Reuters): After the newly elected leader urged a cautious approach to tightening and closer central bank coordination, markets put 22% odds on a December quarter-point move, rising to 43% by January.
- UK Economy Unexpectedly Contracted by 0.1% in September (Financial Times): A cyber attack on Jaguar Land Rover cut auto output 28.6%, dragging activity lower, while swaps imply 83% odds of a December Bank of England cut after weak jobs data.
- Firm Behind First U.S. Spot $XRP ETF Files for MOG Fund (CoinDesk): On Wednesday, Canary Capital proposed an exchange-traded product tracking a TikTok-born cat meme token on Ethereum, a $170 million asset ranked 339 that has fallen 78% over the past year.