According to analysts at Sentora, last week saw notable movements in the cryptocurrency market, reflecting both recovery and ongoing volatility. U.S. spot Bitcoin ETFs returned to net inflows, supporting a rebound after the October 10 correction. Investments totaling $477 million helped Bitcoin (BTC) and Ethereum (ETH) stabilize around $108,000 and $3,800, respectively. However, global crypto products (ETPs) experienced a net outflow of $513 million over the week, highlighting the market’s sensitivity to institutional activity.
Solana ETF Breakthrough in Asia
In a major development for institutional investors, the Hong Kong Securities and Futures Commission approved the world’s first spot Solana ETF, issued by ChinaAMC. The listing is scheduled for October 27, with trading in HKD, RMB, and USD. Analysts view this as a gateway for broader institutional access to SOL in the Asian market.
DeFi Moves Toward Traditional Finance
Decentralized finance (DeFi) continues to converge with traditional financial mechanisms. Protocol Aave is integrating Maple’s yield-bearing assets into its Plasma and Core markets. These tokenized credit instruments—syrupUSDT and syrupUSDC—are expected to enhance borrowing demand and attract more institutional capital into the Aave ecosystem.
Simultaneously, Aave Governance has proposed the ARFC program, aiming to repurchase AAVE tokens at an annual volume of $50 million. The buybacks will be funded from protocol revenues and executed weekly in amounts ranging from $250,000 to $1.75 million.
Network Metrics and Activity Trends
Blockchain metrics indicate moderate recovery in activity. Bitcoin network fees fell to $2.22 million (–60.5% week-over-week), while Ethereum L1 fees dropped to $5.82 million (–75.1%), suggesting a migration of activity to Layer 2 solutions. DeFi total value locked (TVL) declined to $131 billion, whereas stablecoin market capitalization increased to $308 billion.
Outlook
Sentora analysts note that the coming week will be pivotal. Market focus will be on the initial trading days of the Solana ETF, community response to Aave’s buyback initiative, and ongoing flows into U.S. spot Bitcoin funds.
