Solana ETFs See Strong Monday Inflows

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• Premia x Block Scholes: Introducing Kyan

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

• Metaplanet Is Selling Vol, Who Is Next?

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Market Snapshot: Overnight Moves

Daily Updates:

• BTC briefly climbed to $88K yesterday, but has since eased back to around $87K and down 1.40% on the day. ETH similarly approached the $3,000 mark before retreating to the $2,900 area, a daily decline of 2.23%.

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• U.S. spot Solana ETFs have now logged 20 straight sessions of net inflows, adding $58M on Monday alone.
• Since launch on 28 October, the six products have accumulated $568M of net inflows and now oversee around $844M in assets, representing roughly 1.1% of SOL’s market capitalisation.
• Regardless, Solana is down 1.70% after nearly touching $140 yesterday.
• Flows were also strong in XRP, where spot ETFs saw $164M of net inflows on Monday, their second-highest day on record, while Grayscale’s new spot Dogecoin ETF, GDOG, debuted on the NYSE with modest first-day trading volumes of $1.41M.

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• Expectations of a Fed rate cut continue to rise, with Fedwatch probabilities now at over 80% for a 25bps cut. Despite this change, investors in risk on assets remain cautious with S&P only up 0.96% and BTC up 0.55% in the past 5 days.

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• Trump held consecutive phone calls with China’s Xi Jinping and Japan’s Sanae Takaichi as he sought to manage rising tensions over Taiwan while preserving trade progress with both nations. His discussion with Xi, their first since the recent trade truce, focused on economic issues, fentanyl cooperation, and historical views on Taiwan, while the later call with Takaichi reaffirmed US-Japan ties amid the China-Japan dispute. The rapid diplomacy highlights Washington’s attempt to avoid being caught between its key Asian ally and China, even as rare-earth negotiations, military posturing, and Taiwan-related friction continue to complicate relations

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• CME Group’s crypto derivatives  product suite has set a new all-time daily volume record, with 794,903 futures and options contracts traded on Friday, 21 November, surpassing the previous high set in August.
• The exchange reports that average daily crypto volumes have climbed 132% year-on-year to around $12B, while open interest has risen 82% to roughly $26.6B. 

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• Several of Japan’s largest asset managers, including Daiwa Asset Management, Asset Management One, Amova, Mitsubishi UFJ Asset Management and SBI Global Asset Management, are preparing crypto-based investment products as the country advances a major overhaul of its digital asset rules.
• The Financial Services Agency is considering reclassifying crypto under the Financial Instruments and Exchange Act and cutting tax on digital asset gains to a flat 20%, with legal changes targeted for the 2026 parliamentary session. The reforms would, for the first time, allow crypto to be included in investment trusts.
• SBI is reportedly planning bitcoin and ether ETFs plus diversified crypto trusts with an ambition to manage around $32B within three years, while firms such as Nomura Asset Management have already built internal infrastructure to enable a rapid rollout once the new regime is in place.

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• Galaxy Digital is in talks to act as a liquidity provider for leading prediction markets Polymarket and CFTC-regulated Kalshi, as part of a broader push into the fast-growing sector.
• CEO Mike Novogratz said the firm is currently running small-scale market-making experiments with the goal of supplying deeper liquidity over time, targeting a market that has already seen about $42.4B in cumulative volume.

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• Naver Financial, the fintech arm of South Korea’s Naver, is preparing to launch a stablecoin wallet next month to support Busan’s regional currency “Dongbaek-jeon” in digital form, in partnership with Hashed and the Busan Digital Asset Exchange.
• The wallet will enable residents and tourists to convert multiple fiat currencies into a Busan-pegged stablecoin, leveraging Naver’s existing payments infrastructure and ultimately integrating with Naver Pay Wallet, although full functionality will depend on forthcoming local stablecoin regulations.

This Week’s Calendar:

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Charts of the Day:

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