In cryptocurrencies today, the European Central Bank president touted CBDCs as a symbol of “trust” and the Spot Solana ETF continues to attract investor interest amid “capital rotation” from Bitcoin and Ether funds, while Bitcoin ended October with its first monthly decline of 3.69% in seven years.
European Central Bank president touts CBDC as symbol of ‘trust’
European Central Bank (ECB) President Lagarde said on Friday that the digital euro, a central bank digital currency (CBDC), is a “symbol of trust” and that the ECB aims to introduce it “as soon as possible.”
Lagarde said traditional “banknotes” will continue to be in circulation and the digital Euro CBDC will function like cash, except for online payments. She continued:
“This is a big project, because the euro is our currency and your currency. The euro unites us. It is a symbol of faith in our common destiny. Therefore, in the next and final stage of preparation, we will embark on a digital euro.”
The announcement sparked a huge backlash from the crypto community, which sees CBDCs as antithetical to the core ethos of cryptocurrencies and permissionless decentralized finance (DeFi).
Amid “capital rotation” from Bitcoin and Ether funds, Solana ETF is expected to receive capital inflows for the fourth consecutive day
The Spot Solana exchange-traded fund (ETF) continues to attract investor interest, posting a fourth consecutive day of inflows amid “capital rotation” from Bitcoin and Ether funds.
The Spot Solana (SOL) ETF added $44.48 million on Friday, bringing total inflows to $199.2 million and total assets to more than $502 million, according to SoSoValue data. The Bitwise Solana ETF (BSOL) led the way, accounting for the bulk of the new money with a daily gain of 4.99%.
In contrast, the Spot Bitcoin (BTC) ETF recorded net outflows of $191.6 million per day on the same day, continuing its trend of profit taking for a week. The fund had outflows of $488.43 million on Thursday and $470.71 million the previous day.
The Spot Ether (ETH) ETF also recorded outflows of $98.2 million, reducing cumulative inflows to $14.37 billion. The funding decreased by $184.3 million on Thursday and $81.4 million on Wednesday.
Bitcoin ends October in the red, but enters its biggest month of gains
Bitcoin entered November as its strongest month of gains in history, with an average gain of 42.51% since 2013. So, if history is anything to go by, Bitcoin could top $160,000 this month.
However, one cryptocurrency analyst pointed out that several macroeconomic factors are also at play.
“I think seasonal charts are very important, but they have to be combined with many other factors,” said Markus Thielen, crypto analyst at 10x Research.
Looking ahead, there are expectations that the US Federal Reserve will further lower interest rates, and the US and China are working on a trade deal. Both developments could be advantageous for Bitcoin.
But the government shutdown and U.S. tariffs have added to the economic uncertainty.