Suehyeon Lee

Solana (SOL) has continued to decline in price despite recording large inflows following the recent launch of spot exchange-traded funds (ETFs). This is interpreted as the combined effect of 'expectations being priced in' from the ETF launches and macroeconomic uncertainty caused by the prolonged U.S. government shutdown. Last week Solana drew market attention with the launches of spot ETFs including staking from Bitwise and Grayscale. Both products recorded significant inflows immediately after launch. In particular, Bitwise's Solana Staking ETF (BSOL), launched on the 28th (local time), saw net inflows of about $69.5 million (about KRW 100 billion) on its first trading day alone. This was the largest first-day inflow among ETFs launched this year. According to CoinShares, Solana-based exchange-traded products (ETPs) recorded net inflows of $421 million (about KRW 606 billion) last week thanks to the ETF launches. This was the second-strongest weekly inflow. Despite continuous inflows from institutional money, the price instead plunged. On the 4th, according to CoinMarketCap, Solana was trading at $157.86, down 10.6% from the previous day. Solana, which had once reached $205 on the 27th of last month just before the ETF launches, fell more than 20% in a week, the largest decline among major altcoins such as Ethereum (ETH) and Ripple (XRP). Market participants pointed to two main reasons behind this decline. First is that the 'expectations for the ETF launches had already been priced in.' The economic magazine The Economic Times analyzed, "Expectations for the ETF launches spread across the market in advance and drove price increases, but after the actual launches profit-taking orders poured in." The second is uncertainty in macroeconomic variables. With the U.S. federal government shutdown dragging on, risk appetite for risky assets is generally weakening. Blockchain data firm CryptoQuant said, "Recent stablecoin withdrawal volumes from exchanges have reached record highs," adding, "Investors are exiting risky assets and moving into dollar-pegged assets." This suggests that market liquidity is gradually closing, and funds are moving to more stable stores of value. Short-term additional corrections are also possible. Crypto-focused outlet BeInCrypto assessed, "If Solana falls below $178, there is a high possibility of further declines to $155," and diagnosed, "For recovery, it must break through $198 and close above $209." CryptoRank, a crypto data platform, also analyzed, "If Solana fails to hold the $172 support line, it could be pushed down to $157 or $142." It added, "However, if it defends the 200-day moving average ($179.78) and recovers the $189–$200 range, it can regain short-term bullish momentum." Su-hyun Lee, BloomingBit reporter shlee@bloomingbit.io

Solana-based meme coin creation platform Pump.fun has launched a new initiative, 'Spotlight', aimed at developing the Internet Capital Markets (ICM) ecosystem. On the 1st (local time), Pump.fun said on X that Spotlight is focused on 'supporting utility token projects.' Spotlight aims to help promising teams achieve tokenization and market entry more effectively by enhancing project market visibility, improving liquidity mechanisms, providing marketing and communication support, and optimizing tokenomics and onboarding. Pump.fun said, "Spotlight will provide practical support for teams with high growth potential to tokenize their projects and build a true Internet Capital Market."

Bitcoin (BTC) is expected to continue showing strong volatility in future market cycles, and it was forecast that in the next bear market a correction of up to 70% could occur. On the 1st (local time), according to Cointelegraph, Vineet Budki, CEO of Sigma Capital, said at the Global Blockchain Congress held in Dubai in 2025, "Bitcoin will undergo a price correction of 65~70% within the next two years," adding, "This is because investors do not properly understand the intrinsic value of the assets they hold." He explained, "Even if the Bitcoin price falls to 70,000 dollars, its utility (practical usefulness) does not disappear. The problem is that people do not know Bitcoin's usefulness, and assets they do not understand are sold first, which increases selling pressure." However, Budki remained optimistic in the long term. He forecasted, "There is a high possibility that Bitcoin's price will reach over 1,000,000 dollars per coin within the next 10 years," and added, "This will be driven not only by simple price speculation but also by an increase in practical use cases of Bitcoin that will expand the user base."

A newly created wallet was confirmed to have received a large amount of Ethereum from Galaxy Digital. On the 1st (local time), OnChainLens reported that the new wallet received 9272 ETH (about 35.77 million dollars) from Galaxy Digital. This amounts to about 51.1 billion Korean won. Markets are estimating that the wallet belongs to Bitmain or SharpLink, but it has not been officially confirmed.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) recorded net outflows of more than $100 million the previous day. On the 1st (local time), according to Paside Investor, $179.2 million (about 256.3 billion won) flowed out of U.S. Bitcoin spot ETFs the previous day. This is the third consecutive trading day of net outflows. On that day, BlackRock's IBIT alone saw net outflows of $149.3 million, Fidelity's FBTC had $12 million, and Bitwise's BITB recorded net outflows of $17.9 million. The other products had no net flows.

U.S. Ethereum(ETH) spot exchange-traded funds (ETF) recorded a net outflow of more than $70 million on the previous day. On the 1st (local time), according to Paside Investor, U.S. Ethereum spot ETFs saw a net outflow of $72.4 million (about 103.5 billion won) on the previous day. This is the third consecutive trading day of net outflows. On that day, BlackRock ETHA alone saw $38.6 million withdrawn, and Fidelity FETH also experienced a net outflow of $27.1 million. In addition, Bitwise ETHW had a net outflow of $6.7 million, while the other products had no net flows.

Bitwise's Solana (SOL) spot exchange-traded fund (ETF) 'BSOL' recorded inflows approaching $200 million in cumulative funds three days after launch. On the 1st (local time), according to Solana Floor, BSOL recorded net inflows of $44.5 million (about 63.6 billion won) the previous day. This is the fourth consecutive trading day of net inflows. Thus, Bitwise's BSOL continued to record steady net inflows after launch, maintaining strong investment momentum. To date, cumulative inflows are $197 million (about 281.8 billion won). Meanwhile, over the same period Grayscale's Solana ETF 'GSOL' recorded cumulative inflows of $2.2 million.

Bitcoin(BTC)'s average November return since 2013 has been found to exceed 42%. According to CoinGlass data on the 1st (local time), Bitcoin's average November return since 2013 was +42.49%, with a median of +8.81%. Over the past 12 years, November recorded 8 rises and 4 declines, statistically appearing as a 'month with a high probability of rising'. Ethereum(ETH) also showed a similar trend. Since 2016, Ethereum's average November return was +7.08%, with a median of +3.94%. Over the past 9 years, November saw 5 rises and 4 declines, showing relatively stable volatility.

Scott Bessent (Scott Bessent), U.S. Treasury Secretary, mentioned Bitcoin (BTC)'s persistence and resilience and directed a critical message at Senate Democrats. On the 1st (local time), Secretary Bessent said on his X, "It has been 17 years since the Bitcoin whitepaper was published, but the network is still running and is stronger than ever. Bitcoin never stops." He added, "Senate Democrats may have something to learn from that." This is interpreted as a remark criticizing Congress's inefficiency and political deadlock as the government shutdown drags on.

Bitcoin (BTC), which had spent the past six years experiencing October 'Uptober' gains, fell by more than 10% this year, marking the first 'Red Uptober' in seven years. On the 1st (local time), Cointelegraph reported that Bitcoin fell more than 10% during October and closed the month with a bearish candlestick. This marked the first interruption of October gains since 2017. This decline was driven by a combination of factors including U.S.-China trade tensions and interest rate cuts by the U.S. Federal Reserve (the Fed). In particular, a liquidation event of about $20 billion following President Trump's comments on the trade war with China intensified selling pressure across the market. Some traders predict a November rebound after a disappointing October, but caution is also being voiced. Crypto asset (cryptocurrency) analyst Crypto Rover warned, "In the year when Bitcoin last closed October as a red candle, there was an additional 36.57% drop in the following month, November."

Bitmain appears to have bought additional Ethereum from Galaxy Digital. On the 1st (local time), according to OnChainLens, Bitmain bought 7,660 ETH(about $29.54 million) from Galaxy Digital. This is interpreted as an extension of the recent large-scale cumulative accumulation flow through institutional exchanges and OTC desks. Thus, Bitmain is understood to have additionally accumulated a total of 112,960 ETH(about $443 million) this week through BitGo, FalconX, Kraken, and Galaxy Digital. Earlier, Bitmain also additionally bought 77,055 ETH(about $320 million) last week, increasing its holdings to over 3.3 million.

Bitwise has submitted the fourth amendment to its XRP(XRP) spot exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC). On the 1st (local time), according to Eric Balchunas, a Bloomberg ETF analyst, Bitwise specified the listing exchange as the New York Stock Exchange(NYSE) in this amendment and set the management fee at 0.34%. This is a key item regarded as the 'final stage' in the ETF approval process, suggesting that listing preparations have effectively entered the final phase. Bitwise is pursuing the launch of an XRP-based ETF following its spot Bitcoin (BTC) and Ethereum (ETH) ETFs. With this amendment filing, expectations for approval of an XRP ETF have risen, and the industry expects that the SEC's final decision is likely to be made soon.

<Lee Su-hyun's Coin Radar> is a corner that traces the flow of the crypto asset (cryptocurrency) market over the week and provides in-depth explanations of its background. Beyond a simple listing of prices, it analyzes global economic issues and investor movements in three dimensions and offers insights to gauge the market's direction. Key coins 1. Bitcoin (BTC) This week, Bitcoin generally showed weakness. In particular, on the 30th it briefly fell to the $107,000 level. As of the 31st, Bitcoin is trading around $109,000 on CoinMarketCap. Jerome Powell, Chair of the U.S. Federal Reserve, is cited as a major reason for the decline due to his hawkish remarks. On the 29th (local time), the Fed cut its benchmark rate by 0.25% point as markets expected, but Powell's remarks afterward dampened the market. He said, "We cannot assume a December rate cut as a foregone conclusion," and "More and more members want to slow the pace of rate cuts." That one remark quickly cooled expectations for two rate cuts this year, unsettling Bitcoin prices. A 'news sell-off' that occurred immediately after the summit between U.S. President Donald Trump and Chinese President Xi Jinping also widened the drop. According to WatcherGuru, roughly $150,000,000 worth of long (buy) positions were forcibly liquidated right after the talks. CoinDesk analyzed, "This liquidation was a typical 'news sell-off' phenomenon," adding, "Profit-taking orders poured in immediately after the summit, triggering a chain of liquidations." Bitcoin is currently trading below $110,000. Technically, $107,000 is seen as a key support level, and losing it could lead to further adjustment into the low $105,000s. However, institutional buying is still supporting the downside. Tiger Research analyzed, "This drop is a healthy correction, and the mid- to long-term bullish outlook remains valid." In other words, there is no need to be overly pessimistic about short-term volatility. 2. Ethereum (ETH) Ethereum (ETH) also continued to decline throughout the week and failed to hold the $4,000 level. As of the 31st, it is trading around $3,800 on CoinMarketCap. A decline in network usage combined with weakening market demand acted as the main causes of the drop. According to Nansen data, total fees on the Ethereum network over the past seven days were about $5,000,000, down 16% from the previous week. In contrast, fees on competing chains such as Solana (SOL) and Base increased by 4.8% and 46% respectively over the same period, showing a contrasting trend. In other words, Ethereum's network activity has slowed relative to other chains. Spot and futures demand in the U.S. also weakened. According to CryptoQuant, Ethereum's Coinbase premium approached 0, indicating reduced net buying from U.S. investors, and the 6-month futures basis also fell to around 3%. This is the lowest level since July and is interpreted as a signal of weakened leveraged buying. Still, institutional buying continues steadily. Bitmain last week bought 77,055 units (about $320,000,000), and this week BitGo (27,316 ETH) and FalconX (34,000 ETH) each added over 60,000 units. Shaplink Gaming purchased 19,271 units (about $81,020,000), increasing its holdings to 859,395, and Japanese AI company Quantum Solutions also added 500 ETH. Such institutional demand could act as a factor supporting prices over the mid to long term, which is viewed positively for Ethereum. Ethereum is currently at an important crossroads. Crypto asset analyst Ted Phillos identified $3,800 as a key support level; if lost, it could fall to the $3,500–$3,700 range. Crypto media NewsBTC also set a key support at $3,840. If this zone breaks, there is a possibility of a further drop to $3,750, and if the decline deepens, the short-term support could be $3,700. 3. XRP (XRP) This week, XRP showed relatively stable performance among major coins. Over the week it actually rose more than 3%, maintaining strength while the market fell. As of the 31st, it is trading at $2.47 on CoinMarketCap. The biggest reason for the rise is expectation of a spot ETF approval. Nine XRP ETF applications are currently pending at the U.S. Securities and Exchange Commission (SEC), and seven of them are approaching review deadlines within the year. Canary Capital analyzed, "If an ETF is approved, up to $10 billion (about ₩14 trillion) could flow in during the first month alone." Institutional inflows could directly impact XRP prices. News that web3 finance platform Uphold launched an XRP rewards debit card also drew attention. The card offers up to 6% XRP rewards on use, and receiving part of one’s salary into an Uphold account yields an additional 4% reward. An increase in such real-use cases is interpreted as a positive signal for the market. On-chain indicators also showed positive movements. According to CoinGape, the 30-day moving average of XRP whale flow turned positive for the first time in four months, and CME open interest reached $1.4 billion, a record high. Open interest across all exchanges also surpassed $4.4 billion in a single day. This indicates continued high market interest in XRP. In the short term, the $2.58 support level is important. CoinDesk said that if XRP fails to hold this zone, it could fall to $2.18 or $1.9. Conversely, reclaiming the $2.68 level could strengthen a short-term rebound. Issue coins 1. Solana (SOL) Solana (SOL) did not rise as much as expected this week despite the long-awaited ETFs finally launching. The 'ETF launch → price surge' scenario that the market hoped for did not immediately materialize. As of the 31st, Solana is trading below $190 on CoinMarketCap. First, regarding the ETF issue: on the 28th Bitwise launched a spot Solana ETF with staking features called 'BSOL', and on the 29th Grayscale launched a spot Solana ETF with staking called 'GSOL'. According to Bloomberg, BSOL recorded $65,000,000 in trading volume on its first day and $72,000,000 on the second day. It appears that a channel for institutional money to enter Solana has clearly opened. Despite this, the lack of price rise is attributed to the "timing of listing." On-chain data firm HighBlock analyzed, "The timing of the ETF trading start coincided with the week of the Federal Open Market Committee (FOMC) regular meeting, prompting institutional investors to choose to exclude risks." Reducing positions ahead of a major event is a typical institutional trading pattern, so this should not be seen as an ETF failure. Bitcoin also experienced about a 5% dip when the first spot ETFs were launched, but then it rebounded. Many see Solana going through a similar process. In the short term, Solana's important level is regaining the $200 mark. Crypto media BeInCrypto analyzed, "If Solana surpasses the $213 resistance, there is a high chance of additional gains to $232." Conversely, failure to break the resistance could risk a drop to $175. Another crypto outlet, CoinGape, emphasized that maintaining above $190 is important, stating, "If Solana holds above $190, it can challenge the $200–$220 range again." Ultimately, Solana needs to rise from current levels, and whether institutional inflows via ETFs continue will be key. 2. Avalanche (AVAX) Avalanche, which had been trading sideways this week, turned bearish on the 30th when the $20 level broke. As of CoinMarketCap, Avalanche is trading around $18. There was, however, a notable development. Japan's major payment infrastructure company TIS unveiled a blockchain platform based on Avalanche called the 'Multi-Token Platform.' The service is built on Avalanche's enterprise blockchain builder 'AvaCloud.' It aims to support issuance, payment, and management functions for stablecoins and tokenized assets, and to put on-chain the roughly $2 trillion in transactions that TIS handles annually. Avalanche's stablecoin market cap also rose significantly. According to DeFiLlama data, Avalanche's stablecoin market cap reached $2,296,000,000, up about 28% from the previous week. Considering that stablecoin market caps on Ethereum, Tron, and Solana decreased over the same period, this is seen as a meaningful result. The outlook is not bad. Blockchain Reporter said, "Avalanche will show a gradual recovery through Q4 2025," adding, "In the short term, regaining $20 is key, and in the mid to long term, there is potential to rise to $45–$60 if the DeFi market recovers." However, global interest rates, regulation, and network activity remain external variables to watch. Lee Su-hyun, BloomingBit reporter shlee@bloomingbit.io

Bitcoin (BTC)'s downtrend continues, falling to the 109,000 dollars level. As of 1:32 PM on the 30th, according to CoinMarketCap, Bitcoin is trading at 108,125.73 dollars, down 4.12% compared to the previous day. On Upbit's won market, it is trading at 162,421,000 won, down 1.33% from the previous day. Ethereum (ETH) is also trading at 3,859.38 dollars on CoinMarketCap, down 3.92% in a day, and XRP (XRP) has widened losses to 4.73%, trading at 2.5 dollars. Solana (SOL) recorded 191.25 dollars, down 1.67% from the previous day.

Private aerospace company SpaceX, led by Elon Musk, transferred Bitcoins worth $31.28 million to a new wallet. On the 30th (local time), LookonChain reported that SpaceX moved about 281 BTC (about $31.28 million) to a new wallet. SpaceX has moved bitcoin assets three times over the past 10 days. This transfer is also presumed to be an address reorganization for custody (asset storage) purposes. Earlier, it was reported that SpaceX held 6,970 BTC (about $770 million) 10 days ago, and it is analyzed that they are moving some of them to new wallets to improve security and management efficiency.

More than 80 million dollars flowed out of U.S. Ethereum (ETH) spot exchange-traded funds (ETFs) in a single day. On the 30th (local time), TraderT reported a net outflow of 81.07 million dollars (about 116.8 billion won). Fidelity's FETH led the outflows with 69.49 million dollars leaving. Following that, Grayscale's ETHE had a net outflow of 12.83 million dollars, Grayscale Mini ETH had 16.18 million dollars, and VanEck's ETHV had a net outflow of 4.31 million dollars. Meanwhile, BlackRock's ETHA recorded a net inflow of 21.74 million dollars, with some demand remaining. The other products had no inflows or outflows.

The U.S. Bitcoin (BTC) spot exchange-traded fund (ETF) market saw net outflows of more than about $400 million in a single day. On the 30th (local time), according to TraderT, the previous day U.S. Bitcoin spot ETFs experienced net outflows of $473.11 million (about KRW 673.3 billion). On that day, $90.48 million exited BlackRock's IBIT, $164.36 million exited Fidelity's FBTC, and $143.80 million exited ARK Invest's ARKB, each leading the outflow trend. In addition, $6.03 million was withdrawn from Bitwise's BITB, $65.01 million from Grayscale's GBTC, and $3.43 million from Mini GBTC. There were no net inflows or outflows for the remaining products.

Global asset manager BlackRock's reluctance to enter the spot altcoin ETF market excluding Bitcoin (BTC) has raised questions in the industry. On the 30th (local time) Naiteu Jerasi Novadiusuwelseu chairman said on his X, "I still don't understand that BlackRock is ceding spot altcoin ETFs including Solana (SOL) to competitors," adding, "I find it hard to find a rational reason from a business perspective." He added, "As a result, it has become an opportunity for crypto-native ETF issuers." Meanwhile, Bitwise and Fidelity are each pushing to launch a staking-enabled Solana spot ETF and are competing to secure market position.