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Today in crypto, spot Bitcoin exchange-traded funds (ETF) continued their upward momentum last week, posting another successful week as cryptocurrency markets surged, a Solana memecoin resurgence boosted revenue and fees for Solana-based apps to record levels, and United States Senator Cynthia Lummis proposed the US government convert a portion of its gold holdings to Bitcoin.
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Spot Bitcoin ETFs hit $1.7 billion weekly inflows, marking six-week streak
Spot Bitcoin BTC$91,929 ETFs recorded net inflows of $1.67 billion in the trading week of Nov. 11–15, marking six consecutive weeks of positive flows, according to data from the crypto tracking platform SoSoValue.
BlackRock’s iShares Bitcoin Trust (IBIT) now leads cumulative historic inflows with $29.3 billion, while the Grayscale Bitcoin Trust ETF has seen outflows of $20.3 billion since spot BTC ETFs began trading in January.
In line with a positive trend on the spot BTC ETF market, other markets like spot Ether (ETH) ETFs also experienced growth, hitting $515 million in weekly inflows and marking a three-week streak of positive flows. In total, Ether ETFs have attracted $682 million in net inflows over the past three weeks.
Since Oct. 11, spot Bitcoin ETFs have recorded six straight weeks of inflows, totaling $8.95 billion, according to SoSoValue.
These inflows have brought the total assets under management for spot Bitcoin ETFs to $95.4 billion, equivalent to 5.27% of Bitcoin’s $1.8 trillion market capitalization.
Solana-based DApps rake in record fees as memecoin frenzy returns
Solana-based apps notched record fees and revenue activity in the last 24 hours amid an apparent return of memecoin mania.
According to a Nov. 18 X post from decentralized finance commentator Patrick Scott, who cited DefiLlama data, five out of the top ten protocols by fees in the last 24 hours were on Solana.
Solana-based automatic market maker Raydium notched a record $11.31 million in fees on Nov. 17, while the liquid staking protocol Jito saw its third-highest day of fees at $9.87 million on the same day, per DefiLlama data.
Meanwhile, the memecoin launchpad pump.fun saw its seventh-highest day of earnings, netting $1.65 million in fees.
Photon, a Telegram trading bot for Solana memecoins, came in as the seventh highest earning product, generating its fifth highest day of fees on record at $2.36 million.
The record fees for several Solana protocols come amid a frenzy of speculation on memecoins and a major price move for the native Solana token SOL$241.40 itself, which pushed to $242 — its highest since November 2021.
Senator Lummis wants the United States Treasury to buy BTC with gold holdings
Wyoming Senator Cynthia Lummis wants the United States Treasury to convert a portion of its gold holdings to Bitcoin to establish the highly-anticipated Bitcoin strategic reserve outlined in a July 2024 bill.
Lummis argued that by converting a portion of the Treasury’s precious metal, the government’s balance sheet would remain neutral — meaning that no change would occur to the government’s total assets immediately following the conversion.
Senator Lummis’ Bitcoin Strategic Reserve bill stipulates that the US government should accumulate 1% of Bitcoin’s total supply, or 1 million BTC, and hold the supply-capped digital asset for 20 years to shore up the US dollar in the face of currency devaluation.
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