Is Solana Non-Consensus Now?

Discussed in today’s video:

• Coinbase-Binance spread flipped to discount, signaling strong U.S. spot selling. Markets expect Powell to lean hawkish Friday despite Fed Funds futures still implying a September cut. Much of this weakness looks like it’s getting priced in ahead of time.
• Today’s tech-led sell-off hit momentum strategies hard, with Bitcoin likely caught in the crossfire. Still, the VIX and high-yield credit remain steady, pointing more to profit-taking than panic.
• Option skews have shifted bearish across all tenors, even with BTC only ~10% below ATHs. Fear is being priced into options ahead of Friday’s event.
• SOLBTC held firm (-50 bps) vs ETHBTC (-250 bps) today. Solana feels under-owned despite being a past cycle favorite. Bullish’s IPO proceeds ($1.15B in stablecoins, largely minted on Solana) could help pull SOL into the stablecoin/RWA fight.

Tickers in this video: BTC 1.28% SOL -0.23% ETH