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Galaxy Digital Is Heating Up
PLUS: Solana’s ETF Streak Is Over
Welcome back to The Warmup.
Nothing humbles a trader faster than Thanksgiving relatives asking if you ‘still do internet coins.’
Here’s what we’re watching:
Market Snapshot
Solana’s ETF Streak Just Snapped
Kaizen Black Friday Deal
The Cleanest Public Crypto Play?
Market: Crypto is carrying the momentum this morning, with ETH breaking out and BTC steady as equities inch higher and gold shows surprising strength.
Solana’s ETF Streak Just Snapped
What’s going on:
Solana ETFs posted their first red day after a 21-day inflow streak, recording $8.2M in outflows. The hit came from TSOL, which saw a massive $34M pulled in one session and now sits at $26M in net outflows.
The rest of the Solana lineup held up: BSOL took in $13.3M, GSOL added $10.4M, and FSOL pulled $2.5M.
Altogether, Solana ETFs now hold 6.83M SOL (~$964M), about 1.15% of SOL’s market cap. Analysts suggest some investors are rotating out of high-beta alts into assets with cleaner regulatory setups.
XRP ETFs, meanwhile, remain flawless. All green days, with $643M in cumulative inflows.
Dogecoin ETFs are struggling. Grayscale’s GDOG launched soft with $1.4M in volume and inflows have already dropped 80%, leaving just $6.48M in assets.
What it means:
Solana demand is still strong despite the streak ending, XRP is seeing real institutional traction, and DOGE’s ETF debut shows hype doesn’t always equal flows.
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Galaxy Digital: The Cleanest Public Crypto Play?
What’s going on:
Galaxy Digital is evolving from a volatile trading shop into one of the most complete ways to own the institutional buildout of crypto and the AI compute boom.
Q3 showed its earnings power, printing $505M in net income on $3.2B in equity, with strong contributions from trading, asset management, and mark-to-market gains.
The real upside lies in Helios, its Texas data center project. It’s barely contributing today, but starting in 2026 it’s expected to generate contracted AI infrastructure revenue with CoreWeave as the anchor tenant.
Add GalaxyOne (its new U.S. consumer app) and the company is building multiple durable revenue lines beyond pure trading.
Galaxy even put its stock onchain on Solana, positioning itself at the forefront of tokenized markets.
What it means:
Galaxy remains a high-beta crypto bet, but the business mix is becoming more stable and scalable. You get exposure to institutional crypto flows, strategic holdings, and a call option on AI infrastructure.
A cleaner long-term play than owning a single token.
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What’s the real play with Galaxy Digital? |
Rough week, but markets are finally giving us a breather.
Macro is not in a bear market, yet crypto keeps diverging from both liquidity and equities, which is either a massive opportunity or a sign of deeper stress.
AI is pulling capital away, regulation still limits what is investible, and the October 10 liquidation left a psychological scar that takes time to heal.
Stick to high-quality assets, zoom out, and remember that the onchain trend remains intact even if price action has not caught up yet.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.