Wednesday, October 28, 2026 · SOLTRACER daily wrap
SOL posted its strongest gain in days heading into this afternoon’s Fed decision. Underneath the bounce, though, spot ETFs just had their worst day since December, and a former top-five treasury company confirmed it’s done with SOL.
Where prices stand
As of 7:07 AM ET, SOL trades at $102.62, up 2.4% on the day after holding a low just under $100 over the past 24 hours. It's still down 3.5% on the week and 17.6% this year. Bitcoin is at $81,333 (+1.7%) and Ether at $2,362 (+1.9%), so SOL led the majors overnight. The Crypto Fear & Greed Index ticked up to 51 (Neutral).
The Fed announces its decision at 2:00 PM ET. Futures price about a 91% chance of a hold at 3.75–4.00%, per CME FedWatch. The risk is the tone. The 10-year Treasury yield has pushed above 5%, and traders want to know whether Chair Warsh leaves the door open to a December hike.
The money that left
- ETF outflows. U.S. spot SOL ETFs lost $19.2M on Tuesday, all of it from Grayscale's GSOL, per Farside. SoSoValue data cited by BeInCrypto shows it was the biggest daily outflow since Dec. 3, 2025. Two days in, it's already the funds' worst week on record, and October outflows have reached about $99.6M.
- SkyAI is out. SkyAI (Nasdaq: SKYA), once the fifth-largest Solana treasury company, said it sold about 2 million SOL at an average of $107.20 before its buyback offer opened. It now holds roughly $223M in cash and says it "will not be repurchasing SOL." It also settled with activist holder Bastion Trading and extended its $3.00 tender offer to Nov. 12.
The money that came in
- Forest Road, a specialty-credit investment firm, picked Perena to launch sUSD-FR, its first vault on Solana, for eligible non-U.S. investors. It hasn't disclosed a vault size. We've logged it on the Catalyst Tracker at Level 3 (Building).
- Twinstake, the validator operator behind the first North American Solana staking ETFs, joined Jupiter's jupSOL validator set. Institutions holding jupSOL can now delegate through a validator they already use.
DEX Discovery
Solana DEXs did $1.58B on Tuesday (UTC), down 24% from Monday's spike. Solana's share of all-chain DEX volume slipped to about 22% (DefiLlama). Proprietary AMMs handled about a third of Solana's volume, down from 38%, while PumpSwap volume rose 16%. About 25 brand-new pools near the top of the volume charts again showed almost no liquidity and roughly 2,000 buyers against about 30 sellers each, so we exclude them. Two names passed our filters. SPCX, Backpack Securities' tokenized SpaceX exposure, traded about $10.3M against $5.4M of liquidity, though its terms bar U.S. persons. Collector Crypt (CARDS) traded about $4.0M against $6.7M of liquidity, with balanced buyers and sellers ahead of tomorrow's unlock.
Also on the radar
- Solflare: the wallet's external staking provider reported a security incident involving keys for the Solflare validator, so the validator has stopped earning rewards. Solflare says user SOL is safe and plans an in-app migration to a new validator, plus compensation.
- Collector Crypt unlock: about 59.26M CARDS (roughly $18M) unlock on Oct. 29, according to TokenPost. Collector Crypt's own tokenomics page lists about 44.6M in monthly team, advisor and seed vesting.
- Agave v4.4: Anza is asking validators to bring 10% of stake onto the v4.4.0 release candidate by Friday.
- On-chain: stablecoin supply on Solana is $15.70B (−0.9% on the week), DeFi TVL is $5.67B and 68.7% of SOL is staked.
The SOLTRACER take
Tuesday's two big exits came from very different holders. GSOL's redemptions look like allocators trimming risk before a Fed meeting with 10-year yields above 5%. SkyAI's exit is a company-specific unwind. It had already sold its SOL by mid-October, so Tuesday's release added detail, not new selling. Meanwhile, new institutional builders keep showing up in smaller sizes. Today's 2:00 PM decision, and whether the outflows stop on Thursday, will matter more for SOL this week than any single headline. Track the numbers on the Dashboard.
Sources:
- CoinGecko
- Farside
- BeInCrypto: worst ETF day since December
- CNBC: Fed odds
- FXStreet: yields and markets
- SkyAI investor news
- Solana Compass: SkyAI
- Perena: Forest Road
- Chainwire: Twinstake
- Solflare on X
- Anza on X
- DefiLlama DEXs
- GeckoTerminal
- Backpack: SPCX
- TokenPost: unlocks
- Collector Crypt tokenomics
- Alternative.me
Prices as of 7:07 AM ET on Oct 28, 2026. DEX volume is the prior full UTC day.
Not investment advice. See our Disclaimer.
