Solana News: Spot ETFs Cook, but SOL Sinks

Core Insights - Solana's spot ETFs are showing resilience despite a broader market decline, with net inflows recorded for two consecutive weeks [6] - The overall market for cryptocurrencies, including Bitcoin and altcoins, is experiencing significant downward pressure, raising questions about the market's future direction [2][5] - Solana's ecosystem tokens have faced losses, with the total market cap dropping 15% to $189.3 billion, although a few tokens like Meteora and Surge have shown gains [3][5] Market Overview - Bitcoin briefly fell below $90K, leading to a 13% decline over the week, but has since recovered to $91,200 [2] - Altcoins are also suffering, with significant sell-offs from large investors [2] Solana's Performance - Solana's price decreased by 16% to $138, marking its lowest level in five months, influenced by the unlocking of 193,000 SOL tokens by Alameda Research and the FTX estate [5] - The total value locked (TVL) in Solana's DeFi ecosystem dropped 11% to $9.3 billion, indicating a challenging environment for decentralized finance [7] ETF Developments - VanEck's Solana ETF has launched, becoming the third U.S. fund to offer staking rewards, with initial fee waivers to attract inflows [4] - SOL Strategies has been appointed as the staking provider for the VanEck Solana ETF, enhancing the competitive landscape for Solana exposure [4] Trading Activity - Solana's decentralized exchange (DEX) volume fell by 35%, reflecting a broader trend of reduced trading activity [7] - In contrast, Solana derivatives reached a new all-time high with $65 billion in volume in October, indicating strong interest in derivative trading [8]