Wednesday 28 Oct: $102.44 (+1.08%)
Thursday 29 Oct: $95.64 (-6.64%)
Friday 30 Oct: $96.38 (+0.77%)
Saturday 31 Oct: $95.54 (-0.87%)
Sunday 1 Nov: $94.53 (-1.06%)
Monday 2 Nov: $91.98 (-2.70%)
Tuesday 3 Nov: $92.83 (+0.92%)
ETF Flows
Treasury Companies
What It Means
SOL ended at about $92.83 on 3 November, down about 8.4% from about $101.35 on 27 October.
The Binance hack on 29 October, which included about 970,500 SOL, made that the worst day of the window (-6.64%), and SOL lost the $100 level, closing that day at $95.64.
SOL dropped to about $90.87 on 2 November, which CryptoTicker said was the lowest price since August.
US spot SOL ETFs lost about $44.1M during the window. The week of 26 to 30 October was their largest weekly outflow on record at $71.47M.
Anza recommended Agave v4.4.0, and said feature activation was planned for 9 November.
Part of a seriesSOL closed at approximately $101.35 on 27 October, and finished at approximately $92.83 on 3 November, a decrease of approximately 8.4%. SOL rose into the FOMC announcement on 28 October, and subsequently fell 6.64% on 29 October, after the $6.3B Binance hack. On the same day, SOL fell below $100 and has not recovered. SOL touched $90.87 on 2 November, the lowest price of the period under review. US spot SOL ETFs bled approximately $44.1M during the period, and 26 to 30 October was their largest weekly outflow on record. Anza recommended Agave v4.4.0 for mainnet, and targeted feature activation for 9 November. DeFi Development passed 2.6M SOL.
Prices are UTC day closes (Binance via Twelve Data, matched to Coinbase within approximately 0.3%).
The highest close of the window. The Federal Funds rate was kept at 3.75% to 4%, in a 10 to 2 vote, with two members wanting a hike (Federal Reserve).
ETFs: -$5.66M, all from BSOL (SoSoValue via ChainCatcher).
The worst day of the window. High $103.18, Low $95.00. SOL fell below $100.
Binance hot wallets were hacked and drained in about 20 minutes. Binance estimates the loss at about $6.3B. TRM Labs counted about 970,500 SOL among the stolen assets (CoinDesk). TRM Labs and Elliptic attributed the hack to North Korea’s TraderTraitor group. Binance suspended withdrawals.
ETFs: -$27.69M (BSOL -$23.68M, GSOL -$4.01M).
SOL hit about $92.34 intraday and bounced back. Binance said they’ll cover all customers’ losses. Crypto liquidations topped $1.5B in the last 24 hours (The National).
Anza recommended Agave v4.4.0 for mainnet validators 3 days early. Feature activation is targeted for 9 November and includes the final steps of the SIMD-0437 rent cut (Solana Compass).
A new wallet withdrew 68,773 SOL (worth ~$6.7M) from Kraken, Bybit and OKX into self-custody (Lookonchain).
ETFs: -$10.8M (BSOL -$9.3M, MSOL -$0.8M, GSOL -$0.7M). The week of 26 to 30 October lost $71.47M, the largest weekly outflow on record (SoSoValue via PANews).
Whale Alert showed 2 big transfers to Coinbase Institutional of 609,699 SOL and 550,157 SOL, worth about $111.2M in total. Moving coins to an exchange doesn’t mean they’re selling (CryptoTicker).
ETFs had no flows over the weekend.
Binance restarted withdrawals in phases and said about 95% of the stolen assets had been replaced (CoinDesk).
SOL fell to about $90.87 intraday. This was the lowest price of the window. CryptoTicker called it the lowest SOL price since August. The Solana network hit 1,000 days without an outage.
DeFi Development added 5,336 SOL. The company now holds about 2,600,948 SOL and SOL equivalent tokens (company announcement).
ETFs had no flows.
It was US midterm election day. Binance restored withdrawals for 20 Solana-based assets including USDT, JUP, BONK, and WIF (crypto.news).
Second consecutive session without flows for ETFs.
28 October to 3 November: ~-$44.1M. Cumulative net inflows are ~$1.47B, and net assets are ~$1.38B, ~2.57% of SOL’s market cap (SoSoValue via TokenPost, 3 November).
DeFi Development: about 2.60M SOL. Forward Industries: 8,501,298 SOL (as of 30 September). SkyAI’s $3.00 tender offer expires 12 November.
SOL fell more than BTC and ETH on hack day and continued to fall to its lowest close of the window on 2 November. There were no new inflows on 2 and 3 November, but ETF selling paused on those days. Support is ~$90.87 (low 2 November), then ~$90. Resistance is ~$96 to ~$98.59 (high 30 October), then $100. Upcoming: Agave v4.4 feature activation (9 November), SkyAI tender offer deadline (12 November), the US jobs report (6 November) and CPI (10 November).
Data and sources: Twelve Data (Binance, Coinbase) for prices; SoSoValue via ChainCatcher, KuCoin, TokenPost and PANews for ETF flows; Agave from Solana Compass; Binance hack from CoinDesk, TRM Labs and The National; whale transfers from Whale Alert and Lookonchain via CryptoTicker; company releases and SEC filings for treasuries; the Fed decision from the Federal Reserve.
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.
