Solana News Update: Institutional Shift Toward Bitcoin Diminishes Solana ETF Progress
- Solana's price fell to $182 on Oct. 30, its steepest drop since Oct. 10, after Jump Crypto sold $205M in SOL for Bitcoin. - Despite $199M inflows into new U.S. Solana ETFs, Bitcoin ETFs saw $191.6M outflows, showing institutional capital shifting to Bitcoin. - Jump Crypto's 1.1M SOL-to-BTC conversion highlighted a "flight to safety" amid trade negotiations, while Solana's staked value dropped 29.65% in 30 days. - Grayscale's Solana Trust ETF conversion and Hong Kong's approval signaled growing institutio
On October 30, Solana’s value dropped sharply to $182, experiencing its largest single-day decline since the market crash on October 10. This plunge followed Jump Crypto, a major institutional trading firm, offloading $205 million worth of
Jump Crypto’s decision to swap 1.1 million SOL for 2,455 BTC was described as a “flight to safety” amid increased volatility ahead of U.S.-China trade talks, according to Yahoo Finance. The company, which has 73% of its staked assets in SOL, saw its total staked value fall by 29.65% over the past month, the report noted. Analysts linked the negative outlook to derivatives trading, with Solana futures volume climbing 7% to $32.61 billion and open interest rising 2.28% to $10.32 billion, as per Yahoo Finance. The long/short ratio of 0.93 suggested that short sellers were dominant during Solana’s 6% spot price drop, the report added.
The ETF-driven shift in capital wasn’t limited to institutions. Reliance Global Group increased its digital asset portfolio by purchasing SOL, adding to its existing Bitcoin,
Even with the price drop, institutional interest in Solana continued to grow. Grayscale’s planned conversion of its Solana Trust into an ETF and Hong Kong’s approval of a spot Solana ETF pointed to increasing global recognition, the Kaupr article stated. Kronos Research’s Vincent Liu noted that the popularity of Solana ETFs reflected a search for yield-focused alternatives to Bitcoin and Ethereum, according to Bitget. However, technical signals were mixed: Solana’s price failed to break through the $200 resistance, with crucial support levels at $193 and $177.33 being closely watched, as analyzed in
The market’s current dynamics—shaped by ETF inflows and institutional repositioning—highlight Solana’s dual role as both a growth asset and a speculative arena. As regulatory frameworks become clearer and staking innovations advance, the cryptocurrency sector appears set for an extended period of risk and reward adjustment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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