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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
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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.
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