Daily News | SOL Broke Through $260 to Reach a Historic High, BTC is Just One Step Away from the $100,000 Mark

2024-11-22, 05:03

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## Crypto Daily Digest: SOL spot ETFs made progress, market continues to be greedy for over 10 days
According to Farside Investor data, US spot <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs had a net inflow of $396 million yesterday. Fidelity FBTC had a net inflow of $300 million, Bitwise BITB had an inflow of $68 million, and BlackRock IBIT data has not been updated yet.

Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs experienced an outflow of $9 million. Fidelity FETH inflow was $16.8 million, Grayscale ETHE outflow was $27.1 million, and BlackRock ETHA data has not been updated yet.

**Sources: Negotiations between SEC and SOL spot ETF issuer “making progress"**

FOX Business reporter Eleanor Terrett posted on social media that negotiations between SEC staff and issuers looking to launch SOL spot ETFs “have made progress,” according to two informed sources.

The SEC is currently processing the S-1 application for the SOL spot ETFs. These insiders stated that it is "highly likely" that the exchange will submit some 19b-4 documents on behalf of potential issuers in the coming days, which is also the next step in the ETF approval process.

ETF issuers stated that based on recent staff involvement and the upcoming government support for cryptocurrencies, new <a  rel="nofollow noopener noreferrer"  href="/price/optimism-op" target="_blank" class="blog_inner_link">optimism</a> is currently being sparked that the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ETF may be approved in 2025.

**Viewpoint: After Trump's election victory, institutions will increasingly lean towards using <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to combat inflation rather than gold**

According to The Block, Maruf Yusupov, co-founder of Deenar, stated that the rapid rise of Bitcoin after Trump's victory in the US election may reshape people's traditional views on inflation hedging. Trump's focus on tax cuts, tariffs, and cryptocurrency drives interest in Bitcoin as a modern alternative to gold. With the acceleration of institutional adoption, there may be a significant shift in capital from gold to digital assets.

Nigel Green, CEO of deVere Group, also stated that Bitcoin is increasingly seen as a tool to hedge against inflation and diversify investment portfolios, institutional interest has reached historic highs, and the infrastructure supporting large-scale adoption is constantly expanding.

Copper.co research director Fadi Aboualfa also expressed the same view, emphasizing that the price trend patterns between spot Bitcoin and gold exchange traded funds (ETFs) are becoming increasingly similar.

**The crypto Fear & Greed Index has risen to 94, and the market has been in an "extremely greedy state" for 11 consecutive days**

According to data from Alternative.me, the crypto Fear & Greed Index rose to 94 today (up from 82 yesterday), and the market has been in an "extremely greedy state" for 11 consecutive days.

Note: The threshold for the fear index is 0-100, including indicators such as volatility (25%)+ market trading volume (25%)+ social media popularity (15%)+ market research (15%)+ Bitcoin's proportion in the entire market (10%)+ Google keyword analysis (10%).

## Market Trends: BTC is just one step away from $100,000, SOL broke through historical highs
### Market Hotspots
SOL surpassed its all-time high of $260, becoming the third token among the top 10 tokens in terms of market cap to break through its all-time high after BTC and <a  rel="nofollow noopener noreferrer"  href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>. Solana's ecosystem JTO, SLERF, and others have surged significantly; According to market news, Cboe has submitted applications to the US SEC for four Solana spot ETFs issued by VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject the aforementioned applications, the final deadline will be around early August next year;

The well-established payment protocol <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> surged 26% within 24 hours, with a cumulative increase of nearly 200% over the past month; Due to the upcoming Trump administration, the market generally expects a more friendly crypto environment, and <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, the Payfi protocol leader troubled by SEC investigations, may regain market favor.

### Mainstream Coins
BTC surged above $98,000, setting a new historical high and just one step away from the psychological barrier of $100,000. BTC ETF inflows exceeded $2 billion in the first three trading days of this week, and BTC's future market remains promising;

ETH surged 10% within the day, breaking through $3,300. After BTC breaks through the $100,000 mark, ETH may have an even more impressive performance;

Altcoins generally rebounded, but no leading tokens have emerged. The Altcoin season still needs to wait for BTC to break through the $100,000 mark.

## Macro news: The three major US stock indices collectively rose, and the Fed may slow down the pace of interest rate cuts
The three major indexes of the US stock market collectively closed higher, with the S&P 500 index rising 0.53% to 5,948.71 points; The Dow Jones Industrial Average rose 1.06% to 43,870.35 points; The Nasdaq index rose 0.03% to 18,972.42 points. The benchmark 10-year Treasury yield is 4.43%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.34%.

Fed's Gulsby stated that slowing down the pace of interest rate cuts may be a wise move as the Fed approaches stable levels of interest rates, and interest rates will "significantly decrease" in the next year. The labor market has cooled down and is approaching full employment; Inflation is decreasing towards 2%. The labor market is approaching a stable state of full employment.

SEI Investment's CIO Jim Smigil stated that the Fed may still cut interest rates, but the number of future rate cuts may be less than in the past. He said, “We believe that a rate cut is possible, but the fact shows that we are closer to the end of the rate cut cycle than the beginning.” Although statements about improving government efficiency and cutting costs are also on President elect Trump's agenda, the likelihood of inflation rising is much greater. “Essentially, the FOMC will be forced to cut interest rates again in December and then pause rate cuts in 2025 to avoid the surface impression of a policy reversal shortly after a 50 basis point rate cut.”

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<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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