Trading Desk Insights
Bitcoin slipped under $90k overnight, extending its recent pullback as macro headwinds reemerged. A hawkish tone from the BOJ firmed up the yen and hit risk assets across the board. You can feel sentiment softening, leverage is coming off, implied vol keeps grinding lower, and desks are trimming year-end targets. There’s volatility, sure, but not much conviction behind it. Spot flows were mixed, with some pressure on alts, though BTC still finds dip buyers. Options flow remains skewed toward puts across maturities, signaling traders are hedging downside rather than chasing rallies.
On the ETF side, the rotation into XRP and SOL continues. U.S. spot XRP ETFs have now logged 30 straight days of inflows since launching November 13, pulling in $975 million with total AUM around $1.2 billion. SOL ETFs have seen just three days of outflows since October 28, bringing net inflows to $676 million and total assets near $908 million. In that same stretch, BTC ETFs have shed about $4.2 billion, while ETH ETFs are down $1.4 billion. CME is reportedly lining up spot-quoted XRP and SOL futures, a sign demand is broadening beyond the majors.
Macro traders are watching a loaded U.S. data slate this week. November nonfarm payrolls and October retail sales land Tuesday after delays from the government shutdown, followed by November CPI on Thursday. These prints will shape the short-term rates outlook and could swing sentiment either way heading into year-end.
Elsewhere, JPMorgan is rolling out its first tokenized money-market fund on Ethereum, the My OnChain Net Yield Fund (MONY), seeded with $100 million. Ripple and BCG estimate tokenized real-world assets, including stablecoins, could reach $18.9 trillion by 2033, so it’s not just optics.
And finally, Michael Saylor’s Strategy added 10,645 BTC, a $980 million buy, another statement bet from the most committed buyer in the room.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
Start trading with Secure Digital Markets today by e-mailing:
trading@securedigitalmarkets.com