SOL in the Shade: Crypto Daybook Americas: Crypto Daybook Americas

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 $ 156.94.

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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 $ 3,541.12 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 $ 514.38

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.

(Estimates based on FactSet data)

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 $ 17.61 Nov. 13: CHEEL $ 0.6529

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".

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 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

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