Solana News Today: Investors Abandon Bitcoin ETFs in Favor of Solana's Attractive Staking Returns
- Bitcoin ETFs saw $488M outflows led by BlackRock's IBIT , while Solana ETFs gained $44.48M as investors rotated into staking yields. - Coinbase reported $1.9B Q3 revenue driven by trading volumes and expanded staking services, contrasting ETF volatility. - Zynk secured $5M seed funding to develop stablecoin-based cross-border payment infrastructure, targeting USD/EUR/AED corridors. - Analyst Peter Brandt warned Bitcoin could test $60K support, but IBIT's $88B AUM suggests long-term ETF demand remains str
This past week, the cryptocurrency sector saw varied movements:
Coinbase, on the other hand, posted strong third-quarter results for 2025, beating forecasts with $1.9 billion in revenue. The company credited its performance to a surge in spot trading and the expansion of its services, such as staking and custody. CEO Brian Armstrong pointed to the integration of decentralized exchange protocols, which increased the number of available assets in the U.S. from 300 to over 40,000, according to
At the same time, Solana ETFs bucked the overall outflow trend, attracting $44.48 million in new funds on October 31, marking a fourth straight day of inflows. The Bitwise Solana ETF (BSOL) led with a 4.99% daily price gain, fueled by capital moving from Bitcoin and Ethereum products. Kronos Research analysts attributed this to Solana's high-speed blockchain and staking returns near 7%, which appeal to investors seeking yield and diversification, as reported by
This positive trend is expected to persist as new crypto ETFs launch. Bitwise's Solana Staking ETF, introduced in late October, gathered $222.8 million in assets in just a few days, while Canary's
Elsewhere, fintech company Zynk raised $5 million in seed funding led by Hivemind Capital, with backing from
Veteran trader and technical analyst Peter Brandt offered a pessimistic view for Bitcoin, warning that the cryptocurrency could revisit $60,000 as a support level.
The events of the week underscore the shifting landscape of the crypto industry, where institutional participation and technological progress go hand in hand with market volatility. As ETF flows move between leading cryptocurrencies and altcoins, companies like Zynk and platforms such as Coinbase are positioning themselves to benefit from the increasing need for fast, efficient solutions. Nevertheless, investors and traders remain vigilant, as broader economic factors and regulatory developments are likely to shape the market's direction in the near future.
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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