Bitcoin News Today: Bitcoin Defies Redemptions as Solana ETFs Fuel Bullish Bets

Bitcoin hovers above $100,000 as whale buying and ETF inflows lift sentiment: analysts

Bitcoin's price remains above $100,000 despite a wave of redemptions from U.S. spot Bitcoin exchange-traded funds (ETFs), with analysts pointing to institutional whale activity and sustained inflows into Solana-based products as key drivers of market optimism.

The divergence in ETF performance between Solana and Bitcoin/Ethereum highlights shifting institutional preferences amid volatile macroeconomic conditions, according to a CoinEdition analysis.

Solana ETFs have attracted $421 million in net inflows over the past week, extending their positive flow streak to five consecutive days, according to a CoinCentral report. Bitwise's BSOL ETF, which launched with $223 million in seed capital, dominated the market, pulling in $199 million in its first week—surpassing even BlackRock's iShares Bitcoin Trust (IBIT) in performance. This outperformed the broader crypto market, where Bitcoin and Ethereum ETFs recorded cumulative outflows exceeding $799 million and $363.8 million, respectively, over the same period.

The contrast in flows has sparked debate among analysts. "The success of Solana ETFs in a weak market environment underscores institutional confidence in the asset class," said Vetle Lunde, head of research at K33. Meanwhile, BlackRock's IBIT and ETHA products led redemptions, with the former recording a $186.5 million outflow on November 3 alone.

Bitcoin's price action remains decoupled from ETF flows, falling nearly 6% to below $100,000 in the past week despite whale accumulation of nearly 50,000 BTC over the last 30 days, according to a Yahoo Finance report. Shawn Young, Chief Analyst at MEXC Research, attributed the recent volatility to macroeconomic uncertainty and historical seasonal patterns. "November is historically strong for crypto, and institutional inflows—despite redemptions—suggest continued position building," he said. Key resistance levels between $111,000 and $113,000 could trigger a retest of Bitcoin's all-time high if bullish momentum resumes, Young added.

Ethereum ETFs mirrored Bitcoin's struggles, with BlackRock's ETHA accounting for $81.7 million of the $135.7 million in weekly redemptions. Analysts note that the outflows reflect profit-taking amid uncertainty around interest rate expectations and broader market corrections.

The market's resilience is further underscored by Grayscale's lower-fee GSOL ETF, which converted from a closed-end product and entered the market with $102 million in assets under management. While its $2.2 million in inflows paled compared to Bitwise's performance, the product's structure highlights growing institutional demand for cost-efficient exposure to Solana.

Long-term optimism persists despite short-term turbulence. Plan C, a prominent crypto analyst, emphasized that institutional adoption has fundamentally altered Bitcoin's risk profile. "With a market cap comfortably above $1 trillion, the 'it could go to zero' narrative is obsolete," he said. He projected a floor of $80,000–$90,000 in a bear scenario, with a more likely recovery to $117,000 if macroeconomic conditions stabilize.