14th Oct Wed - $104.25 (-2.39%)
15th Oct Thurs - $105.42 (+1.13%)
16th Oct Fri - $104.40 (-0.97%)
17th Oct Sat - $103.44 (-0.92%)
19th Oct Mon - $105.05 (+0.89%)
20th Oct Tues - $106.51 (+1.40%)
21st Oct Wed - Provisional close $107.8
ETF flows (Farside matched with TokenPost)
Top 5 SOL ETFs by assets (The Block, undated)
Top Solana treasury companies by SOL held
SkyAI
Updates on Solana
Supply of Solana
What it means
SOL closed at $106.51 on 20 Oct, down 0.27% from the close of $106.80 on 13 Oct. The low close was $103.44 on 17 Oct.
US spot SOL ETFs had -$33.1M in outflows over 14-20 Oct, and have seen outflows on 12 straight sessions since 5 Oct.
Alpenglow went live on the mainnet on 21 Oct and aims for 150ms finality.
SkyAI sold all of its SOL and started a $3.00 tender offer that ends on 29 Oct.
Leading treasuries are Forward Industries with 8.5M SOL, and DeFi Development with 2.59M.
On 14 Oct, the day of the CPI release, SOL fell 2.39%, and there was no SOL-specific news to cause the move.
Part of a seriesSOL held in a tight range. It closed at $106.80 on 13th Oct and closed at $106.51 on 20th Oct. The close was 0.27% lower. The lowest close was at $103.44 on 17th Oct. US spot SOL ETFs reported small net outflows daily. The biggest news of the week was the launch of Alpenglow on the Solana mainnet on 21st Oct, which was the network’s biggest consensus upgrade to date. SkyAI reported they had sold their last SOL.
Prices are UTC day closes (Investing.com matched with CoinGecko within about 0.1%).
U.S. September CPI came in at 3.7% YoY, versus the expected 3.6%. The BTC price dropped slightly in the five minutes after the release (BeInCrypto).
ETFs saw - $1.3M (all BSOL).
No SOL related news reported.
ETFs saw - $9.8M (GSOL - $6.0M, BSOL - $3.8M).
No SOL related news reported.
ETFs saw - $12.7M (all BSOL), the 10th straight session of outflows.
The lowest close for the week.
ETFs saw outflows of $6.7M (BSOL - $4.9M, FSOL - $1.8M), the 11th straight session of outflows.
DeFi Development Corp reported a weekly increase of 3,983 SOL and SOL equivalents (total 2,590,266).
SkyAI reported they had sold their last SOL.
ETFs saw - $2.6M (all GSOL), the 12th straight session of outflows.
The Solana Foundation’s dashboard showed Alpenglow going live on the mainnet at about 13:54 UTC (KuCoin).
The close is provisional, so treat it as such.
14-16 Oct: Net outflow of -$23.8 million (-$1.3 million, -$9.8 million, -$12.7 million)
19-20 Oct: Net outflow of -$9.3 million (-$6.7 million, -$2.6 million)
14-20 Oct: Net outflow of -$33.1 million. Adding 12-13 Oct (-$0.7 million, -$1.0 million) brings the total for 12-20 Oct to -$34.8 million.
12-16 Oct came to a net outflow of -$25.5 million, which is slightly more than the -$25.0 million outflow of 5-9 Oct.
The net outflow streak is 12 consecutive sessions, 5 Oct to 20 Oct.
Cumulative net inflows since launch are $1.54 billion (20 Oct).
Bitwise BSOL: approximately $1.1 billion.
Fidelity FSOL: approximately $212 million.
Grayscale GSOL: approximately $185 million.
REX-Osprey SSK: approximately $92 million.
Morgan Stanley MSOL: approximately $52 million.
I excluded Hashdex NCIQ (approximately $472 million) because it is a multi-coin crypto index fund and therefore not a SOL-only ETF.
Forward Industries (FWDI): 8,501,298 SOL and SOL equivalents as of 30 September (company announcement).
DeFi Development Corp (DFDV): 2,590,266 SOL and equivalents as of 19 October (company announcement).
Solana Company (HSDT): approximately 2.3 million SOL as of 24 September (company announcement).
Upexi (UPXI): approximately 2.2 million SOL. CoinGecko and The Block show approximately 2.17 million SOL; however, the company’s last announcement I could find was 2.34 million SOL on 30 June, therefore this is an approximation.
SkyAI (previously Sharps Technology) said on 19 October that it has sold all of its SOL. On 14 September it reported holding more than 2 million SOL and on 11 October it disclosed a sale of about 1 million SOL.
It had $223.8 million in cash as of 16 Oct.
It made a $3 per share tender offer for up to about $201.3 million, which expires one minute after 11:59 p.m. New York time on 29 Oct.
The price of SOL no longer conditions the offer, since SkyAI does not hold SOL.
Bastion Trading, a major shareholder holding almost 10%, has said it will not take part in the offer on these terms.
Alpenglow is now on the mainnet. It replaces TowerBFT with Votor, and aims for finality in about 150ms, against about 12.8 seconds previously.
The Foundation’s dashboard showed 6.6 seconds at the time of writing (KuCoin). Rotor is still unscheduled.
Validators needed to run Agave, Jito-Solana, or Harmonic v4.3.2 and hold at least 0.8 SOL above the rent-exempt minimum in the vote account (the fee is 0.8 SOL per epoch). Firedancer and Frankendancer were not supported.
On 19 Oct, a tracker read 45.2% of the stake was not ready (Solana Compass). I found no later data.
200ms slot times have been on the mainnet since 9 Oct.
There are 589,604,625 SOL in circulation, and no maximum supply (CoinMarketCap).
CoinGecko shows 17.5 million SOL, or 3.0% of the circulating supply, are held by 23 public companies. That is a floor, as several of its figures are out of date.
Spot ETFs in the US hold about 16 million SOL, or about 2.7% of the circulating supply (my estimate, based on assets worth approximately $1.7 billion).
The holdings of the Solana Foundation are not publicly disclosed, and retail holdings cannot be measured.
The lowest close was $103.44 on 17 Oct. The 20 Oct close of $106.51 sits just under the 13 Oct close of $106.80.
Outflows were minor but steady against about $1.7B in assets.
Alpenglow is a big step for Solana’s speed, and SkyAI’s selling overhang is behind it now.
Up next: the FOMC (27-28 Oct) and the closing of the SkyAI offer (29 Oct).
Data and sources: Prices from Investing.com and CoinGecko, ETF flows from Farside and TokenPost, ETF assets from The Block, treasuries from company releases and CoinGecko, SkyAI from its SEC filing, Alpenglow from the Solana Foundation and KuCoin, supply from CoinMarketCap.
India Crypto Research operates independently. The information presented herein is intended solely for educational and informational purposes and should not be construed as financial advice. Before making any financial decisions, it's essential to undertake your own thorough research and analysis. If you're uncertain about any financial matters, we strongly recommend seeking guidance from an impartial financial advisor.
