**Solana** (SOL) has seen a significant rise in price, gaining over 16% in the past week. This surge is attributed to the recent applications for **spot ETFs** tracking Solana's price in the US. **VanEck** and **21Shares** have filed applications with the SEC, following the success of **Bitcoin** (BTC) and **Ethereum** (ETH) spot ETFs. Solana's trading volume has also jumped 50%, making it the third most traded cryptocurrency, excluding stablecoins. The potential for **Solana spot ETFs** in the US market is driving this bullish momentum.

Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin&#039;s spot price in the U.S.
What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).&nbsp;
Solana&#039;s trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> ...</a><a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39567061/solana-soars-16-over-7-days-outpacing-bitcoin-and-ethereum-over-etf-application-momentum-m alt=Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More Applications To Follow?>Full story available on Benzinga.com</a>

Loading...Loading...Solana SOL/USD is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin's spot price in the U.S.What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin BTC/USD and Ethereum ETH/USD. Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Questions Bitcoin ETFs’ Authenticity: ‘ETFs Are Fake Gold, Silver, Or Bitcoin’Solana’s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies. Why It Matters: The latest bullish impetus has been provided by applications for spot ETFs for Solana. After VanEck kicked off the race last week by becoming the first asset manager to file for such an investment avenue in the U.S., 21Shares followed suit with its application with the SEC.Spot cryptocurrency ETFs in the U.S. have been broadly successful, with Bitcoin BTC/USD recording a 36% jump in price after its funds started trading in early January. Ethereum ETH/USD is also days away from getting listed in U.S. exchanges, pending approval from the SEC. Price Action: At the time of writing, SOL was exchanging hands at $147.55, surging 6.4% in the last 24 hours, according to data from Benzinga ProRead Next: SEC Files Lawsuit Against Consensys Over Unregistered Brokerage ActivitiesMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More  Applications To Follow?

Solana Surges 16% on ETF Application Momentum

## Inflation Data Sparks Crypto Rally

Bitcoin and other cryptocurrencies experienced gains on Friday following the release of a key inflation report. The **Consumer Price Index (CPI)** rose 3% in the 12 months through September, slightly below economists' forecast of 3.1%. This data, delayed due to a government shutdown, has boosted market sentiment ahead of the Federal Reserve's upcoming meeting.

### Market Movements

- **Bitcoin** saw a 2% increase, trading around $111,300, recovering from recent declines.
- **Ethereum** and **Solana** also rose, with gains of 2.5% and 2.1%, respectively, though they have lagged behind Bitcoin amid trade tensions.
- On prediction markets, traders favored "Greed" over "Fear," indicating improved optimism after political reassurances.

### Broader Economic Context

This marks the third consecutive month of rising inflation after a low in April. Core inflation, excluding food and energy, softened to 3% annually. The Federal Reserve is widely expected to cut interest rates by a quarter point next week, with traders adjusting expectations for future cuts.

Fed officials remain cautious, balancing inflation control with labor market health, as highlighted by Chair Jerome Powell's recent comments on a "meeting-by-meeting approach."

### Key Insights

Data suggests that large Bitcoin holders continue to accumulate despite market volatility, supporting the long-term bull structure. The ongoing government shutdown, now in its 24th day, delayed the CPI report but has not derailed market momentum.

Bitcoin rises 2% as U.S. inflation cools to 3% in September, slightly below economists' 3.1% forecast, boosting crypto markets ahead of Fed meeting.

Bitcoin and Ethereum Surge as Inflation Cools: What It Means for Crypto Markets

A British Columbia court has ruled that crypto exchange NDAX Canada was not at fault for a customer's C$671,000 (US$480,000) loss to an online scam, despite issuing **repeated fraud warnings**.

## Investor Ignored Escalating Scam Alerts

In a written judgment released Monday, Justice Lindsay LeBlanc of the BC Supreme Court dismissed the claim brought by Victoria resident Yan Li Xu against Calgary-based crypto exchange NDAX Canada. The court found the platform had met its obligations after warning her **four times** that she was likely being defrauded.

Judge LeBlanc stated that while Xu's losses are "regrettable," **"no liability rests"** with NDAX Canada, which she noted was registered as a money service business with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC).

The crypto exchange's warnings to Xu **"could not have been clearer,"** Judge LeBlanc added.

## How the Scam Unfolded

Court documents revealed that Xu, working as an accountant in Victoria, opened an NDAX account on April 10, 2023, after being persuaded by an online acquaintance to invest in a scheme promising **returns of up to 1% per day**.

To fund the investment, she **remortgaged her home** and borrowed money from a friend, then deposited C$671,000 into her account between April 11 and May 17, 2023, using the money to buy Ethereum.

On April 18, 2023, an NDAX employee contacted Xu seeking further information about the withdrawal and warned that the **"transaction exhibited risk factors"** and would be escalated for review. The call was recorded and later referenced in court.

## Repeated Warnings Ignored

Following the initial warning, Xu sent several emails to NDAX demanding to **"proceed with the withdrawal without delay."** Her tone became increasingly insistent, and she warned that she might pursue legal action if the company did not comply.

When Xu attempted to transfer the crypto to an external wallet, NDAX issued a series of escalating warnings:

- A written risk disclosure
- A secondary confirmation notice
- Two follow-up phone calls

One of these calls came from compliance officer Julia Baranovskaya, who explicitly warned Xu that she was likely **"being scammed."**

NDAX ultimately processed her instructions, and the Ethereum was transferred to the scammer's wallet and lost.

## Canada's Increasing Crypto Scrutiny

Xu's case comes as Canada intensifies enforcement around crypto-related compliance failures.

Earlier this week, the country's financial intelligence agency imposed a **record C$176.9 million fine** on Vancouver-based crypto platform Cryptomus for violating anti-money laundering laws. The penalty cited thousands of unreported suspicious transactions linked to **child exploitation, ransomware, and sanctions evasion**.

This represents the largest penalty ever imposed on a crypto company registered in Canada.

Despite repeated warnings from crypto exchange NDAX Canada, the customer lost her life savings in Ethereum to a scam.

Canadian Court Rules Crypto Exchange Not Liable After Investor Ignores Four Scam Warnings and Loses $480K

## Crypto Markets Rally on Thursday

Crypto markets were in **rally mode** on Thursday, with **Bitcoin (BTC)** climbing to **$111,100** before settling around **$110,700**, marking a **2.7% gain** over the past 24 hours. This follows a sharp decline on Wednesday that pushed BTC below **$107,000**, continuing the **whipsaw pattern** seen throughout the week.

### Key Catalysts for the Advance

- **Presidential Pardon for CZ**: U.S. President Donald Trump pardoned **Binance founder Changpeng 'CZ' Zhao**, boosting sentiment and suggesting a **friendly regulatory environment**.
- **Gains in Traditional Markets**: U.S. stocks, including the **Nasdaq (up 1%)**, contributed to the positive tone.
- **Upcoming Inflation Data**: The **September Consumer Price Index (CPI)** report is set for release on Friday, despite the ongoing government shutdown, and is a critical input for the **Federal Reserve's** rate decisions.

### Broader Crypto Performance

- **Ethereum (ETH)**, **Dogecoin (DOGE)**, and **Cardano (ADA)** all advanced **2%-3%**.
- **Solana (SOL)** and **BNB** were notable outperformers, with gains exceeding **5%**, partly driven by the CZ pardon.
- Crypto-related stocks like **Hut 8 (HUT)**, **Coinbase (COIN)**, and **MicroStrategy (MSTR)** rebounded after Wednesday's selloff.

### Market Expectations and Outlook

Markets are fully expecting the **Fed to cut rates by 25 basis points** at its upcoming meeting and again in December. The **whipsaw action**—where dips are bought and rallies are sold—has made trend-trading challenging, often leading to losses for those attempting to follow short-term movements.

![Seesaw action in crypto continues](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F2c1a0623f7bb35f894eaff8c8d97e878386804b9-1919x1080.jpg%3Fauto%3Dformat&w=3840&q=75)

The trend has most definitely not been your friend this week as dips get bought and rallies get sold.

Bitcoin Soars to $111K Amid Whipsaw Action: What's Driving the Volatility?

![Bitcoin News](https://stat.theblock.co/cdn-cgi/image/format=webp,q=50/wp/uploads/2025/06/20250603_Bitcoin_News-1200x675.jpg)

## Quick Take

- Analysts say **Bitcoin** is in a **proof-of-conviction phase**, with rallies fragile and **long-term holders taking profits** below key resistance at **$113,000**.
- **Macro risk** looms as Friday’s **CPI print** becomes the only major U.S. data release amid the **government shutdown**, per QCP Capital experts.

![Bitcoin News](https://stat.theblock.co/cdn-cgi/image/format=webp,q=50/wp/uploads/2025/06/20250603_Bitcoin_News-1200x675.jpg)

Bitcoin's recent narrow price action is **testing patience below the short-term cost basis**, as **options open interest** remained near the highs and **put demand** rose, Timothy Misir, head of research at BRN, said in a market note Thursday.

According to The Block’s price page, **BTC** changed hands at around **$109,000** on Oct. 23, down over 3% in the last month. Misir put the intraday band at roughly **$109,500** on the upside and **$107,200** on the downside.

The **options market** has also moved to the forefront. Aggregated **open interest** for bitcoin options has climbed to new records, and dealers are increasingly facing concentrated **put exposure**. It’s a setup that often widens intraday ranges since **short gamma positions** force aggressive hedging on relatively modest delta moves. That dynamic, BRN warned, makes price action more susceptible to sudden **squeezes** and violent **retracements** around key strikes.

Repeated failures to reclaim the **$113,000** level have left **weaker hands** as the marginal sellers. Losing the **$108,000** band would risk larger drawdowns toward roughly **$104,500** and possibly the **$97,000** area.

Daily flows on Wall Street have reflected this mixed investor sentiment and market volatility. The Block’s data dashboard shows that **spot bitcoin ETFs** logged a **$101 million outflow** and **Ethereum ETFs** posted a **$19 million outflow** yesterday, signaling **wavering institutional demand** after recent liquidity events.

**Macro and event risk** are also in play. QCP Capital noted that the **U.S. government shutdown** has kept many economic data flows dark, focusing markets on Friday’s **CPI release**, which the BLS made an exception to publish. The print that could re-anchor the **soft-landing narrative** and tilt BTC’s skew if it surprises to the upside or downside. QCP said a soft CPI around **0.2%** would support BTC’s upside momentum, while a hotter print could quicken further **de-risking**.

Analysts are not unanimous on the near term. Standard Chartered this week warned a dip below **$100,000** "seems inevitable" by the weekend, though the bank suggested any such pullback could be **short-lived**.

That view mirrors the downside scenarios Misir flagged, where renewed **ETF outflows** or a fresh **macro shock** could amplify **long-holder distribution** and force a deeper consolidation.

"Bitcoin is in a **proof-of-conviction phase**." BRN’s expert said. "The market is **rangebound** and **message-driven**. ETFs and treasuries are buying paper, while **long-term holders are taking profits**. That tug keeps BTC stuck below the **short-term holders’ cost basis** and makes rallies fragile."

Bitcoin has stayed rangebound under $110,000 as options open interest neared records and ETF outflows deepen ahead of U.S. inflation data.

Bitcoin's $110,000 Standoff: Will Options and ETF Outflows Spark a Major Move?

## Good Morning, Asia: Markets in Holding Pattern

Crypto markets have entered midweek in a **holding pattern**, with **Bitcoin** and **Ethereum** trading in a narrow range as traders await key economic data and geopolitical developments.

### Key Market Movements

- **Bitcoin** is trading around **$108,164**, up slightly from Monday but still down 2% on the week.
- **Ethereum** is changing hands near **$3,815**, with volume up 33% as traders accumulate ahead of U.S. inflation data.
- **Gold** continues to experience a record-setting sell-off, with futures down 0.3% to $4,097.80 an ounce after Tuesday’s 5.7% plunge.
- **Asia-Pacific markets** fell Thursday, with Japan’s **Nikkei 225** down 1.5%, amid renewed U.S.-China trade tensions.

### Awaiting CPI and Trade Developments

Investors are in **wait-and-see mode** as the **U.S. shutdown stalls data releases** and **China signals restraint on export controls**, keeping markets range-bound ahead of Friday’s **CPI report**.

- **QCP Capital** described the current state as a **“narrow-range equilibrium”**, noting that CPI is the **“singular anchor”** for policy expectations and risk sentiment.
- A softer **0.2% CPI print** could **“re-anchor the soft-landing trade”** and support **Bitcoin’s upside skew** as liquidity expectations improve.
- **Polymarket traders** now assign a **77% probability** that Washington and Beijing will reach a **tariff agreement by Nov. 10**, while the odds of **Trump’s promised 100% tariffs** on China taking effect have fallen to 16%.

### Analyst Insights

- **Standard Chartered** analysts say a dip below **$100,000** for Bitcoin could be a **“last chance to buy”** before the next leg higher.
- For Ethereum, a **$650 million transfer by the Ethereum Foundation** triggered **$700 million in profit-taking and long liquidations**, leaving analysts divided between a potential breakout toward **$5,000** or a slide toward **$2,850** if support at **$3,470** fails.
- The relative calm in both crypto and equities reflects a **détente narrative**, with Trump’s softer weekend remarks that **“the USA wants to help China, not hurt it”** reinforcing expectations of a pragmatic approach.

### Broader Context

Last week’s **$20 billion liquidation flush** and **Binance’s collateral mispricing** have largely run their course, setting a cleaner slate for macro traders heading into the CPI event.

Whether the current calm holds will depend on whether Friday’s inflation print keeps the **“soft landing”** story alive or revives the volatility that markets have only just begun to shake off.

![China. (Excellentcc/Pixabay/Modified by CoinDesk)](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F8699ac1dd16fc73c72e581f7b737aeda1a59de3d-1920x1080.jpg%3Fauto%3Dformat&w=3840&q=75)

Investors are in wait-and-see mode as the U.S. shutdown stalls data releases and China signals restraint on export controls, keeping markets range-bound ahead of Friday’s CPI report.


Solana Surges 16% on ETF Application Momentum

Summary:

Solana (SOL) has risen over 16% in the past week.

The surge is driven by applications for Solana spot ETFs in the US.

VanEck and 21Shares have filed applications with the SEC.

Solana's trading volume has increased by 50%, making it the third most traded cryptocurrency, excluding stablecoins.

The potential for Solana spot ETFs is fueling this bullish trend.

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Bitcoin and Ethereum Surge as Inflation Cools: What It Means for Crypto Markets

Canadian Court Rules Crypto Exchange Not Liable After Investor Ignores Four Scam Warnings and Loses $480K

Bitcoin Soars to $111K Amid Whipsaw Action: What's Driving the Volatility?

Bitcoin's $110,000 Standoff: Will Options and ETF Outflows Spark a Major Move?

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Other Latest News

Bitcoin and Ethereum Surge as Inflation Cools: What It Means for Crypto Markets

Canadian Court Rules Crypto Exchange Not Liable After Investor Ignores Four Scam Warnings and Loses $480K

Bitcoin Soars to $111K Amid Whipsaw Action: What's Driving the Volatility?

Bitcoin's $110,000 Standoff: Will Options and ETF Outflows Spark a Major Move?

Bitcoin and Ethereum Hold Steady as CPI and China-U.S. Trade Talks Loom – What’s Next for Crypto?