Quick Take

• US spot SOL ETFs’ recent net inflows outperformed BTC and ETH ETFs; Crypto.com and Hollywood.com partnered to launch an entertainment-focused prediction market; Crypto.com and MyPrize partnered to launch MyPrize Markets.
• US spot BTC ETFs had a net outflow of US$1.2 billion, higher than the net outflow of $799 million the week before. Spot ETH ETFs saw a net outflow of $508 million in the same period, compared to a net inflow of $16 million the week before.
• On the macro side, US job cuts in October reached 153,074, the highest October level since 2003, as companies reorganised and reacted to disruptive technologies such as artificial intelligence. China announced that it will suspend its additional 24% tariff on US goods for one year but retain the 10% levies. China’s outbound shipments in October declined 1.1% in USD terms from a year earlier, below the 3% growth expected by economists. The latest CME FedWatch Tool indicated a 67% probability of a December rate cut, same as the week prior. Both the Bank of England and Reserve Bank of Australia kept their interest rates unchanged. 
• Notable updates: Ripple launched a US digital asset prime brokerage service and raised $500 million. FTSE Russell and Chainlink partnered to bring its equity and digital asset indices on-chain.
• Notable events in the coming week: China Industrial Production and Retail Sales.

Research Dashboard

According to our research dashboard, the price index fell by -6.42% last week, while volatility and volume indices were up by +32.65%, and +13.94%, respectively. BTC decreased by -5.4%, dropping below $100,000 for the first time since May, while ETH decreased by -8.5%. This coincided with a stronger US dollar and net outflows from US spot ETFs. Investor sentiment was further impacted by concerns over the US government shutdown and the US Federal Reserve’s comments on a potential cooling of rate cuts. However, crypto prices went up over the weekend, coinciding with Trump’s announcement of a plan to distribute dividends of at least $2,000 to most Americans, funded by tariff revenue. 

Most tokens in the index decreased in price, led by IMX (-13.30%). Meanwhile, FIL (+66.55%) and NEAR (+38.36%) led the increase. This coincided with broader strength across the AI and decentralised physical infrastructure (DePIN) sectors, alongside anticipation ahead of the Filecoin Developer Summit this week. 

Additionally, 208 public companies have collectively acquired over 1 million BTC (around US$108 billion), accounting for more than 5% of BTC’s total supply.

Chart of the Week

US spot SOL ETFs’ recent net inflows outperformed BTC and ETH ETFs.

Since the first US spot SOL ETF was launched on 28 October, SOL ETFs accumulated a total net inflow of $336 million (excluding seed capital of $326 million) with nine consecutive days of net inflows through to 7 November, according to Farside Investors. This excludes the REX-Osprey SOL ETF, which is not a pure spot ETF as it combines direct spot holdings with staking rewards and some exposure to other exchange-traded products that themselves stake SOL. This hybrid approach means it does not fit the standard definition of a spot ETF, which typically holds only the underlying asset directly.

In comparison, US spot BTC and ETH ETFs saw net outflows of -$2.2 billion and -$626 million in the same period, respectively. This potentially highlights institutional demand for Solana exposure, although steady state net flows would need to be monitored for longer term trends.

Weekly Performance

Top-cap tokens mostly decreased in prices last week. BTC and ETH decreased by -5.4% and -8.5%, respectively. Both US spot BTC and ETH ETFs saw net outflows last week, along with a rising US dollar, while investor sentiment continued to be impacted by concerns over the US government shutdown and US Federal Reserve’s comments on a potential cooling of its rate cuts.

FIL and NEAR’s increase coincided with broader strength across the AI and decentralised physical infrastructure (DePIN) sectors.

All key categories decreased in market capitalisation in the last seven days except AI. Gaming and Meme led the decrease.

News Highlights

Company News

• Crypto.com and Hollywood.com partnered to launch a new entertainment-focused prediction market, allowing users to trade on event contracts related to movies, shows, awards, and more. The contracts will be offered by Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange, and will provide a secure, federally compliant platform for entertainment fans to express and trade their opinions.
• Crypto.com partnered with MyPrize, the fastest growing social gaming business in the US, to launch MyPrize markets, allowing users to access social gaming and prediction markets for the first time in one unified platform. The partnership is with Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange, which will provide enterprise-grade infrastructure to support an engaging prediction market experience. 
• Crypto.com partnered with Canadian investment firm Universal Digital (CSE: LFG) to support its digital treasury strategy. The transaction was executed via Crypto.com’s OTC desk.

Adoption

• Japan’s Financial Services Agency (FSA) expressed support for a joint yen-backed stablecoin issuance by the country’s largest banks, and noted that the companies will start issuing payment stablecoins this month. The FSA launched a Payment Innovation Project which involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and MUFG’s stablecoin issuance platform Progmat.
• Pakistan is exploring the launch of a rupee-backed stablecoin to improve financial access, estimating approximately $20-25 billion in crypto-related growth. The country is already developing a central bank digital currency (CBDC) prototype with World Bank and International Monetary Fund (IMF).
• Kazakhstan’s government is reportedly considering a $500 million to $1 billion crypto reserve. It will consist of a portion of the country’s National Fund assets, gold and foreign exchange reserves.
• Brazilian bank Banco Inter, the Central Bank of Brazil, Hong Kong Monetary Authority (HKMA) and Chainlink completed an international trade finance pilot on the blockchain. This was completed under Phase 2 of Brazil’s Drex CBDC project, simulating transactions between the Drex network and Hong Kong’s Ensemble platform.
• Global index and benchmark analytics provider FTSE Russell and Chainlink partnered to bring its equity and digital asset indexes on-chain. This collaboration makes data for the Russell 1000, Russell 2000, Russell 3000 small-cap indexes, FTSE 100 Index, and other benchmarks accessible across multiple blockchains.

Regulation

• Bank of England is on track to unveil its consultation on stablecoin regulation on 10 November to keep pace with the US. It is expected to include temporary caps on stablecoin holdings for individuals and businesses.
• Canadian government mentioned that it is focused on setting clear standards and legislation for stablecoins, and the Bank of Canada will be key in administering the effort. The expected legislation will require issuers to maintain and manage adequate asset reserves and establish risk management frameworks.

Investment Vehicles

• Franklin Templeton launched Franklin OnChain US Government Money Fund, a tokenised USD money-market fund in Hong Kong. The product will initially be available to institutional and professional investors, and uses the company’s proprietary blockchain recordkeeping system.

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