Solana (SOL) price is down 7% since May 23 after falling from a weekly high of $186 to trade at $172 at press time as bulls face resistance at $174. Despite bearish headwinds, Solana’s open interest continues to rise and currently sits at a four-month high. As futures positions surge, can Solana price break out above resistance, or will the decline continue? Solana Price Targets $180 Amid Headwinds SOL value today is bearish as bulls face headwinds in attempting to break SOL price past the key resistance level of $180. The RSI on the daily price chart shows that the momentum is currently bearish. Besides having a reading of 46, the RSI has flattened, an indication that traders are not willing to accumulate at the current price. The DMI indicator shows a similar bearish outlook as the -DI line (blue) oscillates below the +DI line, a sign that sellers are… Read More at Coingape.com
On Wednesday, Bitcoin spot ETFs recorded their first net outflow since April 16, halting an eight-day streak of consistent inflows.
The outflow marked a notable reversal after the funds collectively attracted over $2 billion in net inflows during the prior eight trading sessions.
Bitcoin ETFs Face $56 Million Exit Amid Sideways Price Action
Yesterday, the total net outflow from BTC spot ETFs came to $56.23 million. This sudden shift in funds flow suggests a potential cooldown in institutional demand following a sustained period of accumulation.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue
BTC’s price consolidation since April 25 may have prompted this pullback. An assessment of the BTC/USD one-day chart reveals that the leading coin has traded within a narrow range since then, facing resistance at $95,427 and finding support at $93,749.
With BTC consolidating tightly and failing to break key levels, some key investors are opting to de-risk their positions by temporarily withdrawing capital from BTC-backed funds. An extended period of sideways price action comes with uncertainty around short-term momentum, making it harder to sustain the aggressive inflows into BTC ETFs.
On Wednesday, BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund to buck the trend, recording a net inflow of $267.02 million, bringing its total historical net inflow to $42.65 billion.
Fidelity’s FBTC saw a $137.49 million exit from the fund in a single day. Despite the drawdown, FBTC’s total historical net inflow stands at $11.63 billion.
BTC Derivatives Market Shows Mixed Sentiment
Meanwhile, despite the recent price consolidation, derivatives market data reflect a mixed sentiment among traders. Open interest in BTC futures has declined slightly over the past day, signaling reduced activity.
At press time, this stands at $61.50 billion, noting a 1% dip over the past day. A drop in open interest like this suggests that traders are closing out positions rather than opening new ones. This trend reflects uncertainty or waning conviction in BTC’s short-term price direction.
However, the coin’s funding rate remains positive, indicating that long traders are still dominant. As of this writing, this stands at 0.0039%, confirming the preference for long positions over short ones.
This bullish sign indicates that despite BTC’s price stagnancy, many of its futures traders are still opening bets in favour of a price rally.
Additionally, the options market shows a higher volume of call contracts than puts, a sign that some market participants will continue to bet on an upward breakout in the near term.
The pullback in ETF inflows may reflect profit-taking after a strong April performance, but data from both futures and options markets suggest investors are not turning bearish just yet.
Five-time UFC champion Conor McGregor has signaled a growing interest in XRP and other leading altcoins, broadening his focus beyond Bitcoin. Known for his earlier advocacy of a Strategic Bitcoin Reserve, McGregor is now delving into the decentralization claims of various blockchains. Conor McGregor Exploring XRP In a recent post on X, Conor McGregor revealed his interest in understanding XRP. According to the post, the five-time UFC champion is exploring the decentralization claims of various blockchains, such as Cardano and XRP. McGregor noted that he was initially informed that only Bitcoin and Ethereum were “truly decentralized” networks. However, the U.S. government’s decision to build a digital stockpile that includes XRP, Solana (SOL), and Cardano (ADA) has piqued his curiosity. In light of this development, he sought input from the crypto community about these networks, which the government appears interested in despite claims of centralization. I have learned from the events… Read More at Coingape.com
President Donald Trump’s supportive stance on cryptocurrencies has ignited excitement throughout the industry, but it also raises concerns about the potential disruption to traditional finance. As the Trump administration welcomes cryptocurrencies, Silicon Valley is poised to play a more significant role in finance, which could profoundly impact Wall Street.
Notably, the members of Congress are proposing to establish a regulatory framework for stablecoins. This move could lead to stablecoins competing with bank deposits, potentially disrupting traditional finance. Let’s unveil the impact of these possible developments on the Wall Street giants.
Trump’s Crypto Push Risks Wall Street
According to a recent Financial Times report, President Donald Trump’s pro-crypto stance may pose a significant risk to Wall Street, primarily due to the potential growth of stablecoins. This growth could lead to the expansion of Silicon Valley, potentially disrupting traditional finance.
Notably, the push for solid regulatory framework for stablecoins could significantly influence their growth. If stablecoins exhibit a stronger existence, it could lead to increased competition with bank deposits, making them a more attractive option for investors seeking alternatives to traditional banking.
Silicon Valley’s Expanded Role in Finance Challenges Wall Street
Significantly, the Congress-proposed legislation may pave the way for tech giants to issue their own stablecoins, revolutionizing the financial landscape. This development could enable social media networks and e-commerce platforms to accept deposit equivalents, transforming them into “everything apps.” This is creates an opportunity for them to compete directly with Wall Street’s business.
The Trump government’s other recent actions are also facilitating Silicon Valley’s further development. For instance, the Consumer Financial Protection Bureau (CFPB), a key regulator, has been weakened by significant job cuts. This hinders its ability to enforce new rules on Silicon Valley’s use of payment data and protect consumers from blockchain-related threats. The report stated,
Although Wall Street may not yet have woken up to the stablecoin challenge, it should be very worried about becoming another casualty of Silicon Valley disruption. Frankly, a lot of people believe traditional finance should be “disrupted”.
Previously, amid Trump’s memecoin frenzy, Wall Street giants were analyzing his crypto policies. While they anticipated Trump’s policies to bolster crypto investments, they also hoped to reap benefits from the growth.
Donald Trump Embraces Crypto: Global Impact
Since his 2024 election campaigns, Donald Trump has been actively supporting cryptocurrencies. This has created a positive sentiment across the global crypto market. His administration’s crypto-friendly stance and the recent announcement of a US Crypto Strategic Reserve have positioned the US to take the lead in the global crypto space.
However, the Congress’ stablecoin regulation proposal has sparked concerns over the destruction of traditional finance. As reported by Financial Times, Donald Trump’s crypto push may risk Wall Street.
