Wallets tied to Libra scandal pull $4M and bet big on Solana

The likelihood of a Federal Reserve rate cut in December has dropped to 33%, down from 67% at the beginning of November, coinciding with a decline in Bitcoin's price below $89,000. This shift reflects a significant change in investor sentiment and market dynamics.

The 21shares Solana exchange-traded fund (TSOL) has launched with over $100 million in assets under management, indicating strong investor interest despite a challenging market environment. This debut comes at a time when the cryptocurrency sector is experiencing volatility, particularly with Solana's recent price fluctuations.

Libra-linked wallets have withdrawn approximately $4 million from a struggling memecoin and redirected a portion of these funds into Solana, according to on-chain tracking and news reports. This move comes amid ongoing fraud investigations and scrutiny surrounding the token's launch, which had previously seen significant withdrawals that affected investor confidence. The wallets involved purchased around $61.5 million worth of SOL at an average price of approximately $135.

Bitcoin and Ether have experienced significant outflows, while Solana ETFs have seen an inflow of $30 million. This trend indicates a shift in investor sentiment, with many moving away from Bitcoin and Ether amidst declining prices. The overall market sentiment remains negative as investors reassess their positions in the cryptocurrency space.

Bullish reported record revenue and profit for the third quarter; however, this strong performance did not positively impact investor sentiment, as the company's share price continued to decline.

Bitcoin is currently experiencing its largest correction of the bull market, with analysts indicating that the price is nearing a critical capitulation zone. This decline has raised concerns among investors, but some view it as a potential buying opportunity.

Circle has launched xReserve, enabling blockchains to issue $USDC-backed stablecoins that work natively with $USDC, reducing dependence on external bridges. The market cap of $USDC has reached approximately $74 billion in 2025, solidifying its role as a key asset in on-chain finance. Best Wallet Token ($BEST) has garnered $17.1 million in presale, offering governance rights and reduced fees. This development allows chains to use $USDC as native collateral, enhancing liquidity and transaction efficiency.

Solana's price has been on a downward trend since mid-September, with a 45% drop from its September high of $252.78. Currently, it is trading around $130, which is a 52.4% decrease from its all-time high. The decline is attributed to reduced network activity and bearish market sentiment, raising concerns about a potential crash to $120 as it forms a bearish rounded top pattern.