Gold Flipper

Chart of the Day



The price of Bitcoin has rebounded to trade at a narrow range above the $64k level, and is now showing signs of stability after such an abrupt pullback on Thursday. In view of the imminent Taproot upgrade, analysts are also expecting greater upside momentum for BTC despite upticks in volatility and its recent muted trading volumes across centralized exchanges. However, Bitcoin is not the only bullish news story in the crypto space. In looking at decentralized exchanges, the Solana ecosystem has just become the fastest-growing perpetual protocol in the sector. In early October, Solana accounted for only 5% of the total, non-dYdX, perpetual volume. However, and in a mere matter of weeks, its 7-day market share has surged to just a little under 30%. This rapid growth can likely be attributed to SOL's parabolic price discovery in October that was fueled by bullish news on the Solana network's funding and development fronts. 

Talk of the Town

Digital asset manager Grayscale now has more assets under management (AUM) than the largest and most liquid gold exchange-traded fund (ETF) in the world. According to Grayscale's update on Nov. 10, the firm's AUM has topped $60.8 billion, with its Bitcoin Trust (GBTC) accounting for 70% of the total assets. Despite being a major player in Grayscale's family of products, GBTC has been trading at a discount since February, with its discount rate rising as high as 20% during the May sell-off. Grayscale has long been trying to convert GBTC into a BTC spot ETF in an attempt to salvage the dismal performance of its top fund. However, this process may take longer than they have expected.