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Solana spot ETFs continue to show strength even as SOL and the market slide.
The average Bitcoin investor is now in in the red after the world’s leading crypto asset briefly fell below $90K for the first time in seven months, but it has since bounced to $91,200.
Even though Strategy’s Michael Saylor denied selling BTC andEl Salvador splashed $100 million to buy the dip, BTC ended the week 13% down.
Is this the end of a bull market, or just a bear trap?
It is too early to tell but altcoins received another heavy blow, with whales trimming their bags.
Solana’s ecosystem tokens predictably suffered once again, as the top 20 are all in the red, only a few weeks out from the Breakpoint Abu Dhabi conference.
Only Meteora (MET) stood its ground with a 13% gain while Surge (SURGE) lived up to its name with a 48% jump.
The few wins did little to offset the losses as the Solana ecosystem’s market cap slipped 15% to $189.3 billion. Trading volume rose 5.5% to $24.7 billion. Will the trench dogs bark and bite one more time?
Ignore the charts for a while and let’s unpack what happened in Solana land this week.
- VanEck’s Solana ETF is now live, becoming the third U.S. fund to offer staking rewards and intensifying the competition for Solana exposure. VSOL is waiving fees early on as inflows across Solana products continue to climb.
Additionally, SOL Strategies has been selected as the staking provider for the VanEck Solana ETF.
- Jack Dorsey’s Cash App is rolling out stablecoin payments and is kicking things off on Solana. The feature will support multiple stablecoins when it launches, most likely next year.
Solana dropped 16% to $138, its lowest price in five months, with the selling pressure intensifying as Alameda Research and the FTX estate unlocked 193,000 SOL tokens worth $30 million
Despite the pullback, Solana’s spot ETFs have recorded two full weeks of net inflows.
The total value locked (TVL) in DeFi was in jeopardy this week as the top five chains recorded losses. Solana’s TVL dropped 11% to $9.3 billion
It was truly a wild week as Solana’s DEX volume plummeted 35%.
Top Performers
Biggest Losers
Fidelity Solana ETF Close to Launch
The NYSE Arca has officially certified the listing of the Fidelity Solana Trust ETF, completing the final step before trading goes live.
New Solana Stablecoin Yield Product Drops
Figment and OpenTrade unveiled a Solana-based stablecoin yield producttargeting 15% APR using a hedged SOL staking strategy. Institutions deposit stablecoins while the vault handles yield generation.
- Refine your trading system to stay aligned with the market trend.
- Monitor smart money flows as SOL spot ETFs capture strong demand.
- Track macro signals and ecosystem activity to anticipate market shifts.
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Source: coinmarketcap.com