Chop Chop Chop

Even with the US government reopening, markets have gone nowhere this week. Bitcoin is quite rangebound and has failed to get back over the $105k level since Sunday. Yesterday, BTC ETF’s saw outflows of $278m, putting more pressure on BTC. Volume remains subdued, with market participants waiting to see a clear sign in direction. Funding rates on perpetual futures hover around the 10% annualized range for BTC at the moment, with open interest steadily declining day over day. There is about $67b in OI at this time, and we will see if this figure starts to build once more direction comes to the market. With the White House claiming October payrolls won’t be released, the Fed will have November’s report to work with before the FOMC in December. Polymarket currently has the Fed cutting by 25 bps priced at 56% probability, with 41% of participants saying there will be no change at the December meeting.

Solana is not having a great November, and the HTF views paint an alarming picture for the high speed blockchain. With no cap on total issuance and several new projects competing for the high speed crown, Solana’s competitive moat is in danger. Solana was home to memecoins, and with the advent of pump.fun and the destruction caused by coins sucking out liquidity in January and February of this year, Solana’s reputation is less than ideal. With the slick UI/UX of the blockchain, Solana believers hope that momentum will come back to their project. Solana remains rangebound this week like most other coins, but has been in quite the downward trend since mid summer.