BlackRock’s Bitcoin ETF (IBIT) has been the undisputed leader in the US Bitcoin ETF market, attracting significant inflows and driving market sentiment. On Tuesday, November 12th, IBIT recorded inflows exceeding $750 million, bringing its total inflows to nearly $29 billion since its launch just 10 months ago. This impressive growth has solidified IBIT’s position as a major player in the crypto industry, dwarfing its competitors like Fidelity’s FBTC.
The Bitcoin Industrial Complex Heats Up
The influx of capital into IBIT has contributed to the overall surge in trading volumes within the “Bitcoin Industrial Complex,” which encompasses ETFs, stocks like MicroStrategy (MSTR), and Coinbase (COIN), and, of course, Bitcoin itself. On Tuesday, the complex witnessed a staggering $30 billion in trading volume, highlighting the intense interest and activity surrounding Bitcoin and its related assets.
Market analysts are increasingly optimistic about Bitcoin’s price trajectory, with many predicting a potential rally to $100,000 by the end of November. The recent inflows into IBIT, fueled by positive market sentiment and institutional adoption, are seen as a significant catalyst for this bullish outlook.
As Bitcoin ETFs continue to attract institutional investors, they are playing a crucial role in driving the price of Bitcoin higher. With IBIT’s rapid growth and the overall momentum in the market, the $100,000 milestone may be within reach sooner than expected.
BlackRock’s IBIT has not only attracted significant inflows but has also played a pivotal role in accelerating institutional adoption of Bitcoin. By offering a regulated and accessible investment vehicle, IBIT has lowered the barriers for traditional investors to participate in the crypto market. As more institutions recognize the potential of Bitcoin as a store of value and a hedge against inflation, the demand for Bitcoin ETFs is likely to continue to grow, further bolstering the digital asset’s price.
Asset Manager Canary Capital has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to Axelar (AXL).
This marks the first-ever filing for AXL, the native cryptocurrency that powers the Axelar Network, setting the stage for the token’s institutional adoption.
Canary Capital Files for AXL ETF
The filing, which was submitted on March 5, outlines that the fund’s net asset value (NAV) will be calculated based on the price of AXL. However, specifics regarding the exchange where the ETF will be listed, its ticker symbol, and the custodian remain unspecified.
The proposed ETF builds on Canary Capital’s earlier efforts to bring Axelar to institutional investors. On February 19, the firm launched the Canary AXL Trust. The trust was Canary Capital’s first step into structured AXL offerings, and the ETF filing represents an extension of this effort.
“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity,” Canary Capital’s CEO Steven McClurg said.
The news of the filing had an immediate impact on the market. AXL’s price jumped 14.3%, reaching $0.44.
Trading volume also spiked to $35.7 million. This marked a 131.8% increase from the previous day. With a market capitalization of $405.5 million, Axelar currently ranks 174 on CoinGecko.
Crypto ETFs Under Donald Trump: Opportunity or Bubble?
Canary Capital’s filing comes amid a broader surge in cryptocurrency ETF applications in the US, a trend that has accelerated since Donald Trump took office. According to Kaiko Research, more than 45 crypto ETF filings are currently pending SEC approval.
Nonetheless, according to Kaiko Research, market depth, concentration, and trading structure present significant obstacles for non-BTC/ETH ETFs. Many altcoins associated with ETF applications suffer from shallow liquidity, making them more susceptible to price manipulation and volatility.
Additionally, most trading activity for these assets occurs on offshore platforms, creating transparency and regulatory oversight issues. The lack of sufficient USD trading pairs for certain assets further complicates their inclusion in ETFs, as these pairs are essential for accurate ETF valuations. Furthermore, the absence of regulated futures markets for many cryptocurrencies limits available trading strategies.
“All of these factors could limit the demand for more crypto-related ETFs going forward. While approval processes might change, market dynamics still have to catch up,” Kaiko noted.
For now, AXL has been added to a growing list of crypto ETF filings. However, its success—and that of similar ETFs—remains to be seen.
According to data from StakingRewards, Solana (SOL) has overtaken Ethereum (ETH) in staking market capitalization, reaching $53.15 billion compared to Ethereum’s $53.72 billion.
This milestone has sparked heated discussions across the social media platform X, raising the question: Is this a turning point for Solana, or merely a short-lived surge?
Solana Outpaces Ethereum As High Staking Yields Prove Appealing
Recent data reveals that 64.86% of Solana‘s total supply is currently staked, delivering an impressive annual percentage yield (APY) of 8.31%. In contrast, Ethereum has only 28.18% of its supply staked, with an APY of 2.98%.
Staking rewards for Solana and Ethereum. Source: StakingRewards
This disparity highlights Solana’s growing appeal for investors seeking passive income through staking. Staking market capitalization is calculated by multiplying the total number of staked tokens by their current price. With SOL priced at $138.91 as of this writing, Solana has officially surpassed Ethereum in this metric.
However, Solana’s high staking ratio has sparked some controversy. Critics, such as Dankrad Feist on X, argue that Solana’s lack of a slashing mechanism (or penalties for validator violations) undermines the economic security of its staking model. With its slashing mechanism, Ethereum offers greater security, despite its lower staking ratio.
“It’s very ironic to call it ‘staking’ when there is no slashing. What’s at stake? Solana has close to zero economic security at the moment,” Dankrad Feist shared.
Increased Whale Activity Signals Caution
Meanwhile, recent moves by “whales” (large investors) have further fueled interest in Solana. On April 20, 2025, a whale unstaked 37,803 SOL (worth $5.26 million). Similarly, Galaxy Digitalwithdrew 606,000 SOL from exchanges over four days (April 15–19, 2025), concluding with 462,000 SOL.
Additionally, on April 17, 2025, a newly created wallet withdrew approximately $5.15 million worth of SOL from the Binance exchange. In the same tone, Binance whales withdrew over 370,000 SOL tokens valued at $52.78 million.
While some whales withdrew their SOL holdings, other large holders accumulated. Janover, a US-listed company, increased its Solana holdings to 163,651.7 SOL (worth $21.2 million) and partnered with Kraken exchange for staking on April 16, 2025.
These actions signal diverging plays from institutional investors and whales, as the Solana price fluctuates around key levels.
SOL Price Analysis: Opportunities and Challenges
As of this writing, SOL was trading at $140.49, up 3.53% in the past 24 hours. Analysts highlight $129 as crucial support for the Solana price, with $144 presenting the key roadblock to overcome before Solana’s upside potential can be realized. Breaking above the aforementioned roadblock could propel SOL toward new highs.
The most important support for SOL is at $129. Source: Ali/X
Conversely, dropping below the $129 support level could trigger increased selling pressure. Nevertheless, SOL has shown a remarkable recovery, with a 14.34% increase over the past week.
Another factor to consider is the ongoing development of the Solana ecosystem. Key innovations include the QUIC data transfer protocol, the combination of Proof-of-History (PoH) and Proof-of-Stake (PoS), and the diversification of validator clients.
With these, Solana continues to enhance its performance and decentralization. Additionally, the launch of the Solang compiler, compatible with Ethereum’s Solidity, has attracted developers from the Ethereum ecosystem.
BeInCrypto also reported on Solana’s upcoming community conference, otherwise termed Solana Breakpoint. Key announcements from this event could provide further tailwinds for the SOL price.
Nevertheless, despite surpassing Ethereum in staking market capitalization, Solana faces significant challenges. Ethereum benefits from a more mature DeFi ecosystem, greater institutional trust, and enhanced security through its slashing mechanism.
To some, Ethereum’s lower staking ratio (28%) may be a deliberate strategy to reduce network pressure and ensure liquidity for DeFi applications.
In contrast, Solana’s high staking ratio (65%) could limit liquidity within its DeFi ecosystem. This raises the question of whether Solana can strike a balance between staking and the growth of its decentralized applications.
As Solana continues challenging Ethereum’s dominance, the crypto community remains divided. Is Solana’s rise a sustainable breakthrough, or just another wave of hype?
