Q9 Weekly | Satisfy My SOL

3 min readNov 16, 2023

16 November 2023

· Solana surge continues, up 650% this year
· New SOL price may help make FTX creditors whole
· Yearly crypto fund inflows cross $1bn mark

Solana’s SOL jumped 51.7% to lead the charge among crypto majors in an otherwise range-bound market this week. The most recent spike comes a day after Ark Invest CEO Cathie Wood applauded its performance this year on CNBC.

Solana has nearly tripled in price in the past month and is up about 650% this year, becoming one of the best performing cryptocurrencies of 2023. By comparison, BTC and ETH have gained 129% and 72%, respectively.

Activity on Solana has been growing all year, particularly in liquid staking protocols like Jito, according to data provider Kaiko. The token has topped the list of the most traded altcoins on US-available exchanges this year

Solana Rally Dramatically Intensifies from October

Source: TradingView

SOL has now crossed $63, reaching a level previously seen in May 2022. Daily trading volumes also spiked to over $3.5 billion, up more than 70% from average levels of $2 billion at the start of November.

Cathie Wood interview on CNBC

SOL’s price jump could prove to be a win for the many creditors of FTX. The asset is now trading in a range that will make customers of the crypto exchange whole, according to Thomas Braziel, the CEO of 117 Partners, a company that closely follows the distressed asset markets.

Fund Flows
Crypto fund inflows to asset managers such as CoinShares, 21Shares, Bitwise, Grayscale and ProShares broke past $1bn billion for the year, adding $293mn to a seven-week run of inflows, according to CoinShares’ latest report.

YTD inflows now stand at $1.14bn (marking it as the third-highest yearly inflow on record) with total assets under management up 9.6% over the last week and 99% since the beginning of the year. Total investment product AUM now stands at $44.3bn, the highest since the major crypto fund failures in May 2022.

Source: CoinShares

Bitcoin ETPs also made up nearly 20% of total Bitcoin trading volume last week, suggesting ETP investors are participating much more in this rally compared to 2020/21.

During a week where BlackRock filed to register an Ethereum Trust entity in Delaware and Nasdaq filed for BlackRock’s proposed spot Ether ETF, Ether-based products saw their largest inflows since August 2022 — adding $49mn.

Solana-based funds also witnessed significant inflows of $12.4mn in a week where the crypto asset continued its price surge.